Bookkeeping tips from Vernoia, Enterline + Brewer, CPA LLC.
A partnership may elect to expense property under IRC §179 only if the partnership uses the property predominantly (more than 50%) in the active conduct of a trade or business.
Partnership Section 179 Expensing and the Active Trade or Business Requirement Read More »
The Internal Revenue Service issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff-member contract or a draft pick.
Safe Harbor for Trades of Player and Staff-member Contracts and Draft Picks Read More »
Generally, if a taxpayer exchanges business or investment property solely for business or investment property of a like or similar kind, they don’t need to recognize a gain or loss.
Like-Kind Exchanges of Real Property Read More »
Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
Qualified Business Income Deductions Read More »
The Internal Revenue Service reminds business owners that tax reform legislation passed last December affects nearly every business.
Tax law changes may affect business owners Read More »
The Internal Revenue Service issued guidance on new tax law changes that allow small business taxpayers with average annual gross earnings of $25 million or less in the prior three-year period to use the cash method of accounting.
Small business accounting method changes under TCJA Read More »
Around this time of year, many people have filed and forgotten about their 2017 tax returns. But you could get an abrupt reminder in the form of an IRS penalty.
Three Common Types of IRS Tax Penalties Read More »
The Internal Revenue Service today encouraged taxpayers who work seasonal jobs or are employed part of the year to visit the Withholding Calculator and perform a “paycheck checkup.”
Seasonal, Part-year Workers Urged to Check Tax Withholding Amount Read More »
Years and years ago, the notion of having a company cafeteria or regularly catered meals was generally feasible for only the biggest of businesses. But, more recently, employers providing meals to employees has become somewhat common for many midsize to large companies. A recent tax law change, however, may curtail the practice.
The New Deal on Employee Meals and Entertainment Read More »