The IRS's new Business Aircraft Campaign will focus on airplane usage by large corporations, large partnerships and high-income taxpayers, emphasizing the amount of business versus personal use, income reporting and fringe benefit inclusion. Read More
On January 24, two Tennessee House Republicans introduced House Bill (HB) 1893. As introduced, HB 1893 deletes the provision requiring that the measure of the franchise tax must not be less than the actual value of the real or tangible property owned or used by a taxpayer in Tennessee. Read More
The House passed the $1.75 trillion Build Back Better Act on November 19, 2021, and the legislation is now under Senate consideration. Known as H.R. 5376, the legislation is the second prong of President Biden’s social and economic policy program.... Read More
The $3.5 trillion infrastructure bill has cleared the House tax writing committee and now is the subject of intense negotiations to move it forward. Read More
The IRS has resolved some of the issues left open under proposed passthrough deduction regulations issued last year. Final regulations under Sec. 199A provide guidance on the treatment of previously suspended losses included in qualified business income (QBI) and on... Read More
When it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,... Read More
In December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not... Read More
The IRS has completed its guidance on the implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department. The final rules provide clarity... Read More
Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few... Read More
Congress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865. Among the many changes are the return of some popular tax... Read More
