Tax code

The American Institute of CPAs’ Professional Ethics Executive Committee has decided to postpone the effective dates for three of its ethics interpretations in its Code of Professional Conduct for one year, due to the impact of the novel coronavirus pandemic.

Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.

The U.S. Treasury Department is considering extending the 2019 tax-filing deadline beyond April 15 to provide relief from economic disruption caused by the coronavirus outbreak, according to two people familiar with the matter.

One way for C corporations to reduce taxable income is to utilize an interest charge – domestic international sales corporation (IC-DISC). However, when dealing with C corps, it is imperative the IC-DISC’s ownership structure is correctly established at the onset.

Organizations need to get serious about following government rules from the very beginning.

Grant Thornton compares the contenders’ proposals in four categories.

Comparing the tax platforms of the Democratic candidates.

Several recent tax law changes promise to help religious groups, houses of worship, charities, private foundations, utilities and other tax-exempt organizations, according to the Internal Revenue Service.

A drafting error in the Tax Cuts and Jobs Act inadvertently removed Qualified Improvement Property from bonus eligible property. This was a mistake and a technical correction was expected. However, none was ever made.

The two appropriations bills extend government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes.

The Global Intangible Low Taxed Income has created a lot of challenges for taxpayers, since it was instituted by the Tax Cuts and Jobs Act of 2017.

Section 1031 exchanges involving related parties present some of the most complex problems in tax law.

The country's ranking improved somewhat, thanks to the Tax Cuts and Jobs Act.

The legislation would remove language like “husband” and “wife” from the tax code to accommodate same-sex couples and let them claim pre-2013 tax refunds.

The Top 100 Firm based in New York recently began focusing on the burgeoning industry as more states legalize medical and recreational marijuana.

The House Ways and Means Committee unanimously approved a bill to allow same-sex couples who married before the Defense of Marriage Act was struck down by the Supreme Court to claim tax refunds.

A federal appeals court reversed a district court’s judgment, holding that taxpayers could not rely on the common law mailbox rule to show that an amended return had been timely filed in order to claim a tax refund.

It’s tax time for everyone, but for entrepreneurs in the rapidly growing cannabis business, it’s a particular challenge.

The Internal Revenue Service is working on a new study analyzing the 62-year-old rules for corporate spinoffs.

Like-kind exchanges can vary greatly in their complexity. Basic transactions may require little mental horsepower to conduct, but some can be extremely tricky.