Employer-provided and company-owned vehicles - The Tax Adviser
Nov 1, 2022 · Learn how to report and file the income tax consequences of personal use of employer-provided or company-owned autos. Compare different valuation methods, such as ALV, special commuting value, and cents-per-mile, and their advantages and limitations.
The Tax Adviser
The time value of capital losses. Capital gains in the forecast? Stockpiling losses may make sense. For certain investors, systematically harvesting capital losses in a portfolio in anticipation of future capital gains can be a beneficial strategy, significantly increasing the quantity of gains that can eventually be offset, as this article illustrates using historical market data.
Capitalized improvements vs. deductible repairs - The Tax Adviser
Oct 1, 2021 · Learn how to distinguish between capitalized improvements and deductible repairs for tax purposes, with examples of roofing and HVAC systems. Find out about the small taxpayer exception and the rules for betterments, restorations, and adaptations.
Summary of tax rules for liquidating corporations - The Tax Adviser
Oct 1, 2020 · Learn how Secs. 331-346 apply to domestic corporations that partially or completely liquidate through a plan or a series of distributions. Find out the tax consequences, exceptions, filings and basis adjustments for shareholders and corporations.
Navigating around limits on meals and entertainment - The Tax …
Nov 1, 2023 · Learn how to deduct business meals and entertainment expenses under Sec. 274, which limits the deduction to 50% of the cost. Find out the conditions and exceptions for different types of events, such as skybox rentals, food and beverages, and entertainment facilities.
SECURE 2.0 developments and guidance for 2024 - The Tax Adviser
Jan 1, 2024 · The SECURE 2.0 Act, passed in 2022, affects SIMPLE plans in several ways, including allowing employer contributions up to 10% of compensation and Roth contributions. It also expands penalty-free withdrawals for emergencies, domestic abuse, and terminal illness.
Sec. 163(j) business interest limitation: New rules for 2022
Dec 1, 2022 · Learn how the TCJA and the CARES Act changed the Sec. 163 (j) rules for calculating the deductibility limit of business interest expense. See an example of how the expiration of the add-back rule for depreciation, amortization, and depletion affects the interest limitation for a C corporation.
Avoiding the hobby loss trap after the TCJA - The Tax Adviser
Nov 1, 2018 · Learn how to apply the Sec. 183 safe harbor and election to establish a profit motive for your activities after the Tax Cuts and Jobs Act (TCJA) suspended miscellaneous itemized deductions. See examples, rules, and tips for horse racing, breeding, or …
Earnings and Profits Computation Case Study - The Tax Adviser
Learn how to calculate a corporation's earnings and profits (E&P), the measure of its economic ability to pay dividends to shareholders. This article explains the basic E&P concept, the relevant authorities, and the adjustments to taxable income for E&P purposes.
Deducting Losses on Worthless Investment Securities - The Tax …
Learn the rules and restrictions for claiming a tax deduction under Sec. 165 (g) for losses on capital assets that become worthless during the tax year. See examples of how to determine worthlessness, abandonment, and registration requirements for different types of securities.