The Tax Professionals Blog
Lavish and Extravagant
Navigating the intricacies of tax deductions can be complex, especially when it comes to determining what constitutes "lavish and extravagant" expenses. These terms often arise in discussions about business expenses,...
Read More
Component Depreciation
Component depreciation is a method that allows businesses to separate individual components or systems within a property and depreciate them over their specific useful lives, rather than depreciating the entire...
Read More
Qualified Joint Venture
Spouses running a business together may qualify to elect out of partnership rules. This article explains requirements, reporting, and self-employment tax impacts.
Read More
Highlights of Internal Revenue Bulletin 2025-51...
This week’s Internal Revenue Bulletin includes updates on PTIN rules, pension rate guidance, estate tax user fees, stock repurchase excise tax rules, and OBBBA-related income tax notices.
Read More
Expenses of a Failed Business
Learn how Rev. Rul. 67-12 allows certain expenses of a discontinued business to be deducted when paid, and how to report them correctly.
Read More
Highlights of Internal Revenue Bulletin 2025-50...
Internal Revenue Bulletin 2025-50 includes OPR disciplinary actions, guidance on new OBBBA tip and overtime deductions, advanced energy credits, and updated federal tax rates.
Read More