The Tax Professionals Blog
Tax Filing Extension Precautions
Posted by Lee Reams Sr. on
Many practitioners take filing extensions far too lightly and are unaware of, or ignore, the nuances of properly completing an extension and the potential penalties.
Once-a-Year IRA Rollover Limit
Posted by Lee Reams Sr. on
Business Meals Under the Tax Cuts & Jobs Act
Posted by Lee Reams Sr. on
It is unclear whether or not business meals, those where a bona-fide business discussion takes place during the meal, are considered entertainment under the Tax Cuts & Jobs Act or whether they are classified as food or beverage expenses associated with operating their trade or business.
1041 Allocation Of Estimated Payments & Withholding
Posted by Lee Reams Sr. on
In the final year of a 1041 the income is passed through to the beneficiaries and there is no tax assessed on the 1041. So when this occurs how are tax pre-payments dealt with?Suspended Losses of Former Passive Activities
Posted by Lee Reams Sr. on
Former passive activities are not too common, but can cause confusion. There are several ways in which a tax return can include an item which is not passive on the current return, but which was passive at some time in the past. For example, tax-deferred exchanges can pass losses from one activity to another, transfers in a divorce, a change in business format and the conversion of a property from rental to personal use are a few possibilities that can cause this.