The Tax Adviser
TAX PRACTICE MANAGEMENT. 2024 tax software survey. To get through the rigors of tax season, CPAs depend on their tax preparation software. Here's how they rate the leading …
Employer-provided and company-owned vehicles - The Tax Adviser
For 2022, the limit is $56,100 for a passenger automobile, van, or truck (Notice 2022-3). The cents-per-mile valuation includes insurance, maintenance, and fuel. If fuel is not provided by …
Summary of tax rules for liquidating corporations - The Tax Adviser
Oct 1, 2020 · Editor: Mark Heroux, J.D. Domestic corporations, either S corporations or C corporations, are liquidated by applying Secs. 331-346. This discussion provides a review of …
Capitalized improvements vs. deductible repairs - The Tax Adviser
October 1, 2021. Taxpayers generally must capitalize amounts paid to improve a unit of property. A unit of property is improved if the cost is made for (1) a betterment to the unit of property; (2) …
Navigating around limits on meals and entertainment - The Tax …
Nov 1, 2023 · Entertainment expenses (meaning those of a type generally considered to be entertainment, amusement, or recreation) are fully nondeductible even if there is a business …
SECURE 2.0 developments and guidance for 2024 - The Tax Adviser
Jan 1, 2024 · The SECURE 2.0 Act 1 is an extensive piece of retirement plan legislation passed on Dec. 29, 2022. Its stated goals are to expand and increase retirement savings and to …
Guidance on Late Entity Classification Elections - The Tax Adviser
On September 3, the IRS released Rev. Proc. 2009-41, which gives eligible entities guidance on how to obtain relief when they make a late entity classification election. The relief is available …
Partnership distributions: Rules and exceptions - The Tax Adviser
Aug 1, 2024 · The general formula is: Adjusted basis = [contributions (including increases to the partner’s share of liabilities) + taxable income + tax-exempt income] – [distributions (including …
Guide to expensing HVAC costs - The Tax Adviser
Apr 15, 2021 · Insight: The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, makes HVAC costs eligible for expensing under Sec. 179. To be eligible, the HVAC costs must be for …
Like-kind exchanges of real estate: Back to basics - The Tax Adviser
Sep 1, 2024 · Sec. 1031 (a) (1) provides that, in general: [n]o gain. or loss shall be recognized on the exchange of real property held for productive use in a trade or business or for investment if …