The Internal Revenue Service has provided temporary relief from certain requirements of the Internal Revenue Code to allow owners and operators of low-income housing projects located anywhere in the United States and its territories to provide ...
The tax law permits the donor of a “conservation easement” to claim a charitable deduction for protecting or preserving land. Because these are “big-ticket items,” the IRS often challenges such deductions … and usually prevails in court.
The upgraded EIN Finder provides users with the ability to append and verify EIN data instantly. EIN Finder allows individuals to verify business identities or complete various tax forms (1099s, 1040, and 990s). Since the API can be connected to ...
When the Tax Cuts and Jobs Act (TCJA) was signed into law in December 2017, the tax and accounting community was abuzz with speculation on how the new law would impact not only tax year 2018, but tax practices in general. Today, we’re almost one year into discussing and analyzing the new law and discovering […]
Top 10 Signs of Tax Data Theft By Isaac M. O’Bannon, Managing Editor Tax professionals need be be alert to the subtle signs of data theft. Cybercriminals often leave few signs of their burglary until the fraudulent tax returns are filed and clients are harmed. This is one more reason tax professionals should use strong […]
A business using the accrual method reports income when all events fixing the right to the income have occurred and the amount can be determined with reasonable accuracy. (Reg §1.451-1(a)) The first part of this test (the all events test) is met on ...
Hurricane Michael victims in parts of Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced on Friday, Oct. 12, 2018.
Accrual basis taxpayers have traditionally used the “all-events test” to determine the inclusion of taxable income for federal tax purposes. Under this test, income is taxable in the tax year in which all the events have occurred that fix a right to ...