The most outrageous tax deductions of 2017

Monday, January 30, 2017

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The most outrageous tax deductions of 2017

There are a number of reasons taxpayers hire professionals to prepare their returns – and one of the best is to prevent them from trying to claim truly ridiculous things in their filings.

With that in mind, the Minnesota Society of CPAs surveys its members every year to find out the strangest tax deductions their clients have tried to claim over the past year – and here are the most recent results.

(Original source: link)

Distribution by former S corporation is part dividend

May 10, 2019

In Rev. Rul. 2019-13, the IRS ruled that a distribution to the sole shareholder of a C corporation was partly a recovery of the former S corporation’s accumulated adjustments account (AAA) and a taxable dividend for the remaining distribution. The company involved was originally a C c…

IRS changes maximum-vehicle-value rule

May 09, 2019

The IRS intends to revise its regulations to make them consistent with the recent statutory changes to the automobile price inflation adjustment in Sec. 280F(d)(7), which affect the vehicle value that applies when valuing employees’ personal use of employer-provided vehicles (Notice 20…

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