The highway use tax applies to highway motor vehicles with a taxable gross weight of 55,000 pounds or more. This generally includes large trucks, truck tractors and buses. The tax is based on the weight of the vehicle and a variety of special rules apply.
The Tax Cuts and Jobs Act made several changes to bonus depreciation. For example, the additional first year depreciation deduction percentage was increased from 50 to 100 percent. The property eligible for the additional first year depreciation ...
The report says that poor taxpayer service remains the biggest challenge taxpayers face in dealing with the IRS. For example, during this tax filing season IRS telephone assistors answered just 25% of taxpayer calls enterprise-wide.
California Gov. Gavin Newsom has signed a bill into law that requires presidential and gubernatorial candidates to release five years of federal tax returns as a condition for appearing on the state’s primary ballot.
In the past, a company could generally deduct all of its business interest expenses, subject to certain restrictions. But the Tax Cuts and Jobs Act (TCJA) placed a brand-new limit on business interest deductions for tax years beginning after 2017. Fortunately, however, many small business owners, including some of your clients, will qualify for a […]
The Internal Revenue Service has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions or did not report their transactions properly.
The Internal Revenue Service will conduct a webinar Aug. 1 for employers and tax professionals focusing on employment and payroll taxes.
While the AICPA agrees with Treasury on several points in the Notice, our recommendations are offered in an effort to gain additional guidance and clarification of the rules. Included in the comment letter are recommendations on ...