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Taxation

  • Tax Court Denies Marijuana Sellers' Deductions for Non-Marijuana Goods, Citing Poor Record-Keeping

    By:
    Ruth Singleton
    |
    Jul 5, 2018
    The U.S. Tax Court recently ruled against two Colorado medical marijuana retailers who claimed deductions for the administrative expenses of selling non-marijuana merchandise. The court found that the couple did not provide adequate evidence that the non-marijuana goods were sold as part of a separate business.
  • Society Helps Resolve Refund Notice Mix-Up at NYS Dept. of Taxation

    By:
    Chris Gaetano
    |
    Jun 5, 2018

    The NYSSCPA, through its New York, Multistate and Local Taxation Committee, has helped resolve an issue involving taxpayers who received notices saying that their New York state tax refunds had been adjusted, without an explanation. The problem stemmed primarily from a processing issue at the New York State Department of Taxation and Finance (NYSDTF), whereby taxpayers received inquiry letter after they received adjustment letters. It will be resolved through a reversal of the timing of the letters, along with better communication.

  • IRS Warns of Scammers Posing as Accounting or Professional Organizations

    By:
    Ruth Singleton
    |
    May 24, 2018
    The IRS has issued an alert to tax professionals about phishing emails that appear to come from accounting or professional organizations. The scammers behind these emails targeted, in particular, tax practitioners in Iowa, Illinois, New Jersey and North Carolina.
  • NY Proposals Seek to Ease Burden of SALT Caps, Other Limits

    By:
    Chris Gaetano
    |
    May 14, 2018
    While the Tax Cuts and Jobs Act (TCJA) concerns only federal policies, the size and scope of its provisions are having complicating effects on state-level tax planning, as well.
  • TCJA Changes Incentives for Corporate Behavior

    By:
    Chris Gaetano
    |
    May 8, 2018
    The Tax Cuts and Jobs Act presents domestic and international corporations with a wave of new opportunities—and challenges—as the law’s changes call old tactics into question while bringing new ones to the fore.
  • For Some Individuals, the TCJA Has Led to More Complicated Planning, but Also More Opportunities

    By:
    Chris Gaetano
    |
    Apr 24, 2018

    The new federal tax law has dramatically shifted the individual taxation landscape, leading CPAs to rethink old assumptions about how best to plan for their clients. The process is becoming simpler for some and more complicated for others, and with these changes come opportunities.

  • IRS Individual Audits Drop to Lowest Rate Since 2002

    By:
    Ruth Singleton
    |
    Mar 30, 2018
    In the fiscal year ending Sept. 30, 2017, the IRS audited roughly 1 in 160 individual tax returns. As reported in the Wall Street Journal, that represents the lowest rate--0.62 percent--since 2002, and it follows the sixth consecutive year of a decline in the percentage of individual audits.