Income Tax
Latest News
Trump Vows 25% Tariffs on Canada and Mexico, and 10% More on China on ‘Day One’
IRS to Host Virtual Focus Groups on the Business Tax Account Online Tool
GASB Proposes Guidance on Subsequent Events
FASB Issues Post-Implementation Review Report for Its Revenue Recognition Standard
Up to 45 Percent of Americans Have a Side Hustle
73% of workers with a side hustle are actively thinking about quitting their job. 60% of workers said that they would rather quit their job than return to the office five days a week.
5 Tips for Achieving Work-Life Harmony During Busy Season
From tight deadlines to too much work, achieving work-life harmony during the busy season can be challenging.
Tax Court Disallows Mortgage Interest Deduction
The new case involves a complex series of transactions where three brothers intermingled their business and personal interests.
IRS and State Move Spring Tax Deadline to Oct. 16 for Most Californians
The new deadline of Oct. 16 applies to California and federal individual and business tax returns and payments.
How the Inflation Reduction Act Impacts Corporate AMT and Bonus Depreciation
The Inflation Reduction Act reintroduces the corporate AMT, but with major changes, and it only applies to certain corporations, but a company only needs to pass the book income test once to be subject to AMT.
Milestones for S Corporation Election
Although the most significant advantage is the limited liability protection it provides its shareholders, the S Corp election also avoids the double taxation incurred by C Corps.
AICPA Comments on Changes to Section 162(m) of American Rescue Plan Act of 202
Beginning in 2027, for calendar year taxpayers, a public company’s covered employees will include Current Law Covered Employees as well as the next five highest paid employees.
Senate Committee Approves Werfel Nomination to Head IRS
His nomination was approved by the committee on a 17-9 bipartisan vote. The full senate will now vote on his confirmation.