Category Archives: Business Deductions
The Qualified Business Income Deduction: Interim Guidance
April 18, 2018
On March 7, 2018, David J. Kautter announced that official guidance on the qualified business income deduction will not be available until the late summer or early fall. Mr. Kautter was responding to a letter dated February 21, 2018 from the American Institute of CPA’s (“AICPA”) requesting immediate guidance to resolve the many ambiguities in the qualified business income deduction (Section 199A).
Smith v. Comm’r: Before You Take that Business-Related Tax Loss, Ask “Does My Business Have a Bona Fide Purpose?”
January 19, 2018
Last fall, the U.S. Tax Court decided the case of Smith v. Comm’r.[1] It’s not a pivotal case, but it stands as a good reminder of the adage “you don’t get something for nothing.” At the heart of the case was a complicated tax planning strategy using an ...
International Tax Issues Are A Major Focus of Newest Launch of IRS Compliance Campaigns in 2017
November 15, 2017
Earlier this year, the IRS Large Business and International division (LB&I) rolled out 13 compliance campaigns[1] to target both individual taxpayers and corporations for examinations on certain tax compliance issues. On November 3, 2017, IRS announced the identification of an additional 11 compliance campaigns to be conducted by ...
SCORE! for the Boston Bruins – Jacobs v. Commissioner
July 28, 2017
Like Napolean recognizing that an army marches on its stomach, the owners of the Boston Bruins know a hockey team needs to be well-fed to ensure optimal performance on game day. So, when the Bruins go on the road to play away-games, management plans ahead. With half of the Bruins’ ...