IRS denies dental business deductions lacking substantiation. Two married dentists were largely denied deductions above amounts the IRS allowed for office and marketing expenses related to their dental practice. The couple claimed that ink on receipts had faded due to age or water damage, and instead offered credit card statements to substantiate the disputed items. […]
Final versions of Form 6765, “Credit for Increasing Research Activities,” and its instructions have recently been issued. The form contains new lines and directions on the following rules applying to tax years beginning after Dec. 31, 2015: the rules allowing an eligible small business to have the research credit offset alternative minimum tax liability and […]
In a private letter ruling, the IRS determined that a member-based organization that conducts rodeo events and seeks to “raise the standards of cowboy contests” doesn’t qualify for tax-exempt status under Internal Revenue Code Section 501(c)(3). Notably, the organization wasn’t a “qualified amateur sports organization” but rather was a professional rodeo organization, and the group […]
Republicans in the U.S. House of Representatives outline their Affordable Care Act replacement. The proposal introduces a new advanceable, refundable tax credit that would assist with buying health insurance on the individual insurance market. The portable, age-rated credit would be available to those not offered other qualifying insurance and to dependent children up to age […]
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