Mechanics of the new Sec. 199A deduction for qualified business …
WEBMay 1, 2018 · One of the more important provisions in P.L. 115-97, known as the Tax Cuts and Jobs Act, enacted Dec. 22, 2017, is new Sec. 199A, the deduction for qualified business income (QBI).Sec. 199A allows a deduction for up to 20% of QBI from partnerships, limited liability companies (LLCs), S corporations, trusts, estates, and sole proprietorships.. Sec. 199A creates a deduction based on an ...
IRS explains which meals qualify for temporary 100% expense …
WEBApr 8, 2021 · The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes (Notice 2021-25).Under Sec. 274(n)(1), a deduction for any expense for food or beverages is generally limited to 50% of the amount that would otherwise be deductible.
4 strategies for efficient, effective audit documentation
WEBNov 1, 2017 · 4 strategies for efficient, effective audit documentation. Smart planning and standardized procedures can aid in compliance. By Mark Koziel, CPA, CGMA. November 1, 2017. Photo by Radachynskyi/iStock. Documenting the nature, timing, extent, and results of your procedures may seem as if it will break your …
Fraud is suspected: Now what? - Journal of Accountancy
WEBAug 1, 2022 · As AU - C Section 240 states: "Although the auditor may suspect or, in rare cases, identify the occurrence of fraud, the auditor does not make legal determinations of whether fraud has actually occurred" (¶ .3). The legal determination of whether fraud has occurred is made by a judge or jury, not by management and not by the auditor.
Audit documentation: Tips for getting it right
WEBJun 1, 2017 · AICPA resources. Articles "AICPA Issues New Going Concern Auditing Standard," JofA, Feb. 22, 2017 "Professional Liability Spotlight: Professional Liability Risk Resolutions for 2017," JofA, Jan. 2017 "Maintaining Independence With Nonattest Services," JofA, Nov. 2016 "11 Tips for Success With Single Audits," JofA, Nov. 2016 CPE self-study. Audit Workpapers: Documenting Field Work (#163222 ...
Medicare’s tricky rules on HSAs after age 65
WEBJul 1, 2021 · A high-level overview of the Medicare enrollment rules is in order. According to Medicare.gov: 1. Taxpayers already receiving Social Security at their 65th birthday will automatically be signed up for Medicare. Taxpayers who aren't yet collecting Social Security and are still covered by an employer's group health plan because they are actively ...
A new take on ethics and independence - Journal of Accountancy
WEBDec 1, 2018 · Professional accountants are required to apply the conceptual framework to identify, evaluate, and address threats to independence. Independence "of mind" and "in appearance" requires adherence to the fundamental principles of integrity and objectivity. New and improved provisions help accountants …
Carry your losses (further) forward - Journal of Accountancy
WEBMay 1, 2018 · Under current law, assuming each of the tax years takes place after Dec. 31, 2017, and using the same taxable income or (losses) as above, the $500 of loss in year 2 must be carried forward to year 3 and can only be utilized to the extent of 80% of taxable income, or $80. Total federal income tax paid (after taking into account the carryforward ...
Deducting home office expenses - Journal of Accountancy
WEBWith a home office, taxpayers claim a business deduction for expenses arising in a qualifying use of all or part of a residence. However, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners ...
Full disclosure: When tax transactions must be reported
WEBFeb 1, 2022 · Businesses and individuals may structure their transactions in a tax-efficient manner, but when a transaction's expected tax results eclipse its economic substance, the IRS may deny those benefits. With President Joe Biden's administration wanting to reduce the tax gap — the estimated annual amount of taxes owed but unpaid — of as much as $1 trillion and to provide the IRS with $80 billion ...
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