Keys Accounting and Reporting Considerations Currently, there is no specific guidance in the U.S. GAAP that addresses the accounting by an entity that obtains a forgivable loan from a government entity. However, due to overwhelming demand for some form of guidance for accounting for PPP loans, the American Institute of Certified Public Accountants, in consultation…
The Qualified Opportunity (QO) Zone program, created by the 2017 Tax Cuts and Jobs Act, incentivizes long-term investment in low income and economically distressed communities by deferring capital gains tax when taxpayers invest those gains into QO Funds.
With the 2021 tax filing season around the corner, here are four new items to consider that could impact your 2020 tax return.
The Internal Revenue Service today urged taxpayers to act now to avoid a tax-time surprise and ensure smooth processing of their 2019 federal tax return.
Here’s what you need to know about tax reform right now: Your take-home probably changed, even slightly. You might need to see if you’re withholding the right amount for taxes. Your ability to itemize deductions and write off job-related expenses might change. Big changes to the tax laws for large and businesses. You may be…
The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, may have unforeseen indirect consequences for taxpayers with dwellings used for both short-term rental and personal purposes, often referred to as mixed-use vacation homes. The TCJA’s increase in the standard deduction and limitations on itemized deductions for state and local taxes (SALT) and home mortgage interest may affect the vacation home rental expense allocation under Sec. 280A(c)(5)(B) between personal and rental use, particularly for a dwelling that is unused for significant periods.
The IRS released its updated 2018 list of the top 12, or “Dirty Dozen,” tax scams on Tuesday. Like last year’s list, the biggest story this tax season was phishing attempts, with all types of taxpayers, businesses, and tax preparers being targeted. Another one of the Dirty Dozen that has been in the news frequently…
The Consolidated Appropriations Act, 2018, H.R. 1625, which is the $1.3 trillion spending bill that Congress passed on Friday, contains a few tax-related provisions, including funding for the IRS and technical corrections to various recent pieces of tax legislation. It also amends the centralized partnership audit regime and changes the Sec. 199A deduction for farmers who…
The Tax Cuts and Jobs Act, P.L. 115-97, which President Donald Trump signed into law on Dec. 22, enacted a large overhaul of many parts of the Internal Revenue Code. Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses.
(Text and featured image courtesy of Journal of Accounting)
