Where’s the proof? Taxpayers engaged in business may be able to deduct reasonable business-related expenses from their gross income, if they provide adequate proof. The IRS denied most of the deductions claimed by one married couple, citing a lack of substantiation. This included utility costs, which weren’t proven to be business related, and mileage logs, […]
A new IRS pilot program will allow taxpayers to obtain rulings on tax-free stock distributions. In Revenue Procedure 2017-52, the IRS introduced a pilot program expanding the scope of available letter rulings for an 18-month period to include requests for rulings on the tax consequences of a distribution of stock, or stock and securities, of […]
The U.S. House-passed appropriations bill would fund the IRS below 2008 levels. On September 14, the U.S. House of Representatives passed a bill that includes 2018 appropriations for the IRS. The bill would provide $1.1 billion in funding for the IRS. This is a cut of $149 million from the fiscal year 2017 enacted level […]
With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for succession planning. How ESOPs work To implement an ESOP, you establish a […]
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