The Tax Professionals Blog
Accountable Plans: Key Rules and Tax Benefits
Accountable Plans can cut taxes for employers and employees by allowing non-taxable reimbursements. Learn the rules, IRS requirements, and what must be included in a compliant plan.
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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,...
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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...
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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.
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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.
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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.
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