Eight common tax time mistakes to avoid

Monday, February 6, 2017

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Eight common tax time mistakes to avoid

Forget the complexity of the Tax Code – some of the most common problems with tax returns result from simple mistakes like goofs in arithmetic, misspelled names and transposed numbers.
With that in mind, the Illinois CPA Society put together this list of these easy-to-make mistakes for taxpayers and tax preparers to double-check for.

(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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