On January 5, 2021, the Treasury and IRS released a second set of final business interest expense deduction regulations (the 2021 Final Regulations) that provide additional rules to...
A spouse is said to be injured if, after filing jointly with the partner, the refunds were seized due to a debt collected by either Uncle Sam or BFS (Bureau of Fiscal Services).Most...
Posted by Accurate Books And Tax on 01/22/2021
In a situation when the allowable deductions of a company are more than the taxable income in a given tax period, it brings about a net operating loss for income tax. The idea behind...
Your basis in a business asset is essentially the cost of that asset. The term applies to all types of assets held by your business, including real estate, land, equipment, and investments...
Selling your property or other assets can be a lucrative endeavor. Sellers should be aware that there could be tax implications from the gains on the sale of these assets. Unifirst...
What is the 1099-PATR form?The forms in the IRS 1099 Series helps taxpayers report money received from various lesser-known sources. Form 1099-PATR is the IRS form sent to taxpayers...
When allowable deductions exceed gross income in a fiscal year, you end up with a net operating loss. To calculate your business's net operating loss, you must deduct the tax deductions...
One of the more intricate provisions of the Tax Cuts and Jobs Act (TCJA) is the new limitation of business interest expenses. At first glance, this limitation seems simple, but the...
Getting your taxable income is not a straightforward process. You have to sum all your income from various sources and remove your allowable deductions. For people that want to avoid...