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Courtney, Larson Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations
Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling...
IRS: Several tax law changes may affect bottom line of many business owners
The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, the IRS is highlighting important information for small...
DRS Now Accepting Online Permit Applications for Tax Preparers/Facilitators
Beginning January 1, 2019, certain tax preparers and facilitators of refund anticipation loans and refund anticipation checks cannot engage in the business of, solicit business as, present themselves as tax preparers or facilitators, or provide...
IRS Extends Operating Loss Period For Homeowners With Crumbling Foundations
Homeowners with crumbling foundations will be able to carry back two years and forward 20 years their “net operating loss” from repairing their foundations, according to new IRS guidance. Simply put it means homeowners who...
Meals continue to be deductible under new IRS guidance
The IRS has issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and e
IRS to Host Crumbling Foundations Webinar Oct. 24
At 10 a.m. on Wednesday, October 24, the IRS will host a free one-hour web conference on "Claiming Casualty Losses on Deteriorating Concrete Foundations Caused by the Mineral Pyrrhotite." The web conference will include a discussion of the...
3 Revenue Opportunities for CPAs From the TCJA
As CPAs’ understanding of the Tax Cuts and Jobs Act (TCJA) begins to grow, so too do opinions on how to best take advantage of the revenue opportunities it provides.
Deadline for new depreciation deduction fast approaching
IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment
The Internal Revenue Service issued guidance today on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to...
How to Reap Rewards From the New Tax Law
To borrow an old proverb from the farming community, it’s time for tax practitioners to “make hay while the sun shines.” What’s responsible for the favorable climate? The answer: the Tax Cuts and Jobs Act (TCJA). This monumental new tax...

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