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Key Lessons From the Financial Fallout of the ‘Brexit’ Vote
It’s fair to say that the recent ‘Brexit’ vote by Britons to exit the European Union (EU) has shaken global financial markets to their core, at least in the short-term....
Smart Strategies to Handle the “Downfall” Problem 1 in 4 New Businesses Experience
One of the most (if not the most) important indicators of business health is its cash flow. Even if your business is profitable and growing, if you don’t have a consistent stream...
IRS Fights Scammers – Instructs Staff to Initiate All Future Audits by Mail; Never by Telephone
With a rise in IRS phone scams, the Agency changed its policy on contacting taxpayers whose tax records are subject to an audit. The new policy instructs IRS agents to...
Welcome to Our Blog!
This is the home of our new blog. Check back often for updates! Richard Camp, CPA, PA blogs and all other multimedia content is provided for informational and educational purposes...
Proposed Regs Address Deductibility of Entertainment and Food or Beverage Expenses
The IRS issued proposed regulations which (1) address the elimination of the deduction under Code Sec. 274 for expenditures relating to entertainment, amusement, or recreation activities, and (2) provide guidance...
Qualified Business Income
Section 199A Qualified Business Income Deduction The Code Sec. 199A qualified business income (QBI) deduction is another potentially big deduction for clients with a qualified trade or business. The deduction...
No Casualty Loss Deduction for Stigmatization Resulting From Flood Damage
The Tax Court held that a taxpayer was not entitled to a casualty loss deduction under Code Sec. 165 for damage the taxpayer’s home sustained as the result of a...
Changes to Luxury Autos: New Depreciation Schedule and Lease Inclusion
IRS Provides Luxury Auto Depreciation Limits and Lease Inclusion Amounts for Autos Placed in Service in 2019 The IRS issued its annual guidance providing (1) tables of limitations on depreciation...
Penalty Relief for Underpayment of 2018 Estimated Taxes
The IRS modified previous guidance, which had waived the penalty under Code Sec. 6654 for the underpayment of 2018 estimated individual income tax. Notice 2019-25 supersedes Notice 2019-11and (1) reduces...
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