Taxes November 25, 2025
With an S corporation, the owners are of the business essentially taxed like partners in a partnership. In contrast, C corporation owners must cope with “double taxation” where income is first taxable to the corporation and then distributions are taxed to the owners.
Taxes June 10, 2025
A company that sells automobiles through an auction house claimed a software glitch outside of its control led to the non-filing of Form 8300. Did the Tax Court give the company a pass?
Taxes May 16, 2025
In a new case, an office mix-up authorizing the wrong FedEx service resulted in a missed tax deadline. The Tax Court addressed whether the “equitable tolling” doctrine grants the taxpayer a reprieve.
Taxes May 7, 2025
Along with casualty losses, deductions for personal theft losses remain suspended at least through the end of the year, although there are certain exceptions.
Taxes April 28, 2025
Tax Court judges are notoriously a no-nonsense bunch. They consistently deny claims by taxpayers that are considered to be “frivolous” in nature.
Payroll March 31, 2025
If a taxpayer is in dire need, the taxpayer may choose to take a “hardship distribution” from a qualified retirement plan. However, as shown in a new case, Campana, TC Memo 2025-23, 3/19/25, this doesn’t absolve any tax liability.
Taxes March 7, 2025
Even though the Tax Court is commonly thought of as the forum of last resort for appealing tax bills and other IRS issues, there is a way to appeal a Tax Court ruling. However, the chances of success of these appeals are often relatively low.
Taxes February 25, 2025
Generally, self-employed individuals are required to pay annual self-employment tax, the equivalent of FICA tax for employees, on most business earnings.
Taxes February 15, 2025
The CPA Practice Advisor Weekly Tax News Roundup is a weekly recap of tax-related news from the past week. From IRS news and tax court cases, to state, SALT, legislation and other related areas, the roundup can help you catch-up on recent changes. === Let us know if you like this new feature using the...…
Small Business February 7, 2025
If you’re a self-employed individual, you can deduct your “ordinary and necessary” business expenses, just like the corporate giants do. However, you’re also held to the same strict substantiation rules.
Taxes February 4, 2025
In a new private letter ruling, the IRS said that in vitro fertilization (IVF) expenses for a surrogate on behalf of a married couple are not deductible by the couple as a medical expense under the tax code.