§471(c) Archives | EA Journal

Tax Planning

Navigating Cannabis Tax Planning

Navigating the murky waters of cannabis tax planning has always been complex when you consider the ambiguity around the tax code and the regulations impacting the marijuana industry. So how do enrolled agents who chose t... Amorette D. Mason, EA

Winter 2024, Tax Planning, TCJA, Tax Cuts and Jobs Act, §199A, cannabis, marijuana, §280E, COGS, §10.22, §10.35, small business, §10.34, §471(c), social justice, Schedule I, Schedule II, Drug Enforcement Administration, DEA, chief financial officer, CFO, cost of goods sold, §IRC 471-11(c)(2)(i), §IRC 471-11(c)(2)(ii), §6694, §6700

Feature Article

Small Business Inventory Rules Under the Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act (TCJA) made a significant change to the rules for eligible small business taxpayers that were previously required to maintain inventories and utilize the accrual method of account... Patrick D. Dimmitt

Winter 2023, Feature Article, TCJA, Tax Cuts and Jobs Act, s corporation, Schedule C, NIMS, §274, inventory, Form 3115, §471(c), §1.471-1(b), §52(a), §52(b), §414(m), §414(o), nonincidental materials and supplies, applicable financial statement, AFS, §1.162-3, first-in, first-out, FIFO, §461, §1.451-3(a)(5), U.S. Securities and Exchange Commission, SEC, Form 10-K, Financial Industry Regulatory Authority, §1.446-1(c)(2), §5.01(1)(f), §22.18(6)(b), Rev. Proc. 2015-13, §22.18(6)(a), designated automatic accounting change number, DCN, §22.18(17), Rev. Proc. 2023-15

ICYMI

A Roundup of Recent Discussions from the NAEA WebBoard.i

QUESTION #1: I have a new client, an S corporation with two shareholders (married couple) who moved to Texas last year, that have hired me to prepare their 2022 tax return. The corporation purchases aircraft... Patrick D. Dimmitt, EA

Winter 2023, ICYMI, s corporation, partnership, NIMS, §263A, LLC, Form 1065, Rev. Proc. 2013-30, §4.03(1), §732(b), §168(i)(7), §358(a), §5.03, §752(b), §731(a)(1), Reg. §1.357-2(a), §357(c), Reg. §301.7701-3(g)(1)(i), Reg. §1.351-3(b), Reg. §1.351-3(a), §731, §351, Reg. §301.7701-3(c)(1)(v)(C), Form 2553, Reg. §301.6109-1(h)(1), EIN, Internal Revenue Manual 21.13.4.3.1, Rev. Rul. 99-5, Reg. §301.6109-1(h)(2)(ii), §735(a), Rev. Rul. 77-412, §732(c), Rev. Rul. 67-65, §708(b)(1), National Incident Management System, inventory, Form 3115, Reg. §1.417-1(b)(6)(iii)(E), Reg. §1.471-1(b)(3), §471(c), Form 1125-A