Our business is in a disaster area, but the owner lives elsewhere. Can filing relief still apply?
A business can qualify as an affected taxpayer based on its principal business location even when its owner lives elsewhere.
Tax Strategy Blog: Page 3
1236 articles for business owners and real estate investors. Page 3 of 35.
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Showing articles 73–108 of 1236.
We sold damaged property instead of repairing it. Do we combine the casualty and sale into one loss?
A casualty followed by a sale generally requires separate steps: calculate the casualty consequences and basis adjustment, then determine gain or loss on…
We already extended our return before the disaster. Does the disaster announcement automatically extend payment too?
An existing filing extension and a disaster postponement cover different acts and dates.
Our office is outside the disaster area, but our tax records were with an affected accountant. Can we request relief?
A taxpayer outside the disaster area may qualify for relief when records necessary to meet a covered deadline are located in the affected area, under the…
The IRS postponed our business return deadline after a disaster. Are all payroll deposits postponed too?
Disaster-related return postponement does not automatically postpone every employment-tax deposit.
We received crop-insurance proceeds this year. Can we defer them just because we prefer next year's tax rate?
Crop-insurance proceeds may qualify for a specific deferral election when the statutory conditions are met, including the taxpayer's accounting method and…
Our C corp substantially overpaid estimates. Must we wait for the completed income-tax return to seek a refund?
Form 4466 can permit a qualifying corporation to request a quick refund of overpaid estimated tax before filing its income-tax return.
Our C corp made a small charitable gift in 2026. Can we use the old deduction rules without checking the new floor?
For tax years beginning after 2025, the ordinary C-corporation charitable-deduction framework includes a 1% taxable-income floor as well as the 10%…
Can our new C corporation choose its tax year just by changing the bookkeeping software year-end?
A new C corporation generally adopts a tax year by filing its first income-tax return using that year, subject to applicable restrictions.
Our C corp became a large corporation. Can we use last year's tax for every estimated installment?
A large corporation has restricted use of prior-year tax for estimated installments.
Our corporation had no tax last year. Does that eliminate all current estimated-tax requirements?
A C corporation cannot automatically use a zero prior-year tax amount to eliminate current estimated-tax obligations.
Our C corp sold a major asset in June. Can annualized estimated tax spread the gain evenly across the year?
Annualized corporate estimated-tax calculations generally use the income and deductions assigned to the prescribed periods, with specific rules for…
I sent a corporate estimated-tax payment under my SSN. Can the corporation claim it without fixing the account?
A payment made under an owner's SSN does not automatically become a corporate estimated-tax credit.
Our corporation bought charity gala tickets. Is the entire payment a charitable deduction?
A payment to charity that includes gala admission or other benefits is not automatically deductible in full as a contribution.
Our business donation must be refunded if a charity cancels its project. Is the deduction complete now?
A transferred payment subject to a meaningful condition or right of return is not automatically a completed deductible charitable gift.
Are Commodity Credit Corporation loan proceeds always excluded from farm income like an ordinary business loan?
Commodity Credit Corporation loans have a special election that can include loan proceeds in income, unlike the ordinary treatment of borrowing.
A charity quickly sold equipment we donated for its use. Can that affect our earlier deduction?
A charity's early disposition of donated tangible personal property can affect a deduction previously based on the charity's related use.
Can we claim a full casualty loss if we choose not to submit the available insurance claim?
A casualty deduction must account for insurance coverage and reasonable prospects of recovery.
The IRS returned our business offer in compromise. Do we have the same appeal rights as a rejection?
An offer returned by the IRS is procedurally different from a rejected offer.
The IRS removed our business penalty. Does that automatically remove all related interest?
Penalty relief does not automatically eliminate interest on the underlying unpaid tax.
Our business received a federal tax lien notice. Does that mean the IRS already took the bank balance?
A federal tax lien and a levy are different collection tools.
Our business assets are fully depreciated. Can we show zero value on an IRS collection financial statement?
An asset's zero tax basis does not establish zero value on a collection financial statement.
Can our business ignore small foreign-currency gains under the personal currency transaction exception?
The small personal foreign-currency gain exception is not a general exclusion for a company's operating transactions.
Can my business deduct the value of the professional work we donated to a charity?
A business generally cannot deduct the value of donated professional services or the owner's time as a charitable contribution.
Our flood repairs cost more than the asset's basis. Is the repair bill the casualty deduction?
A business casualty loss is not automatically equal to repair spending.
Our business wants to dispute an IRS collection notice. Is calling the revenue officer enough to request a hearing?
A phone call to a revenue officer does not automatically constitute a timely request for a Collection Due Process hearing.
Our C corp approved a charitable pledge before year-end but paid later. Is approval enough for a deduction?
Board approval alone does not complete the special accrual-basis corporate charitable-contribution election.
Can our business use a 52–53-week tax year simply because our inventory system closes on Sundays?
A 52–53-week tax year requires compliance with specific annual-period and election rules.
An employee's 401(k) loan defaulted. Is that the same as a plan loan offset eligible for rollover?
A deemed distribution from a plan-loan default is not generally rollover-eligible, while an actual plan loan offset can be an eligible distribution subject…
The seller reduced what we owe on equipment we bought. Is that canceled-debt income?
Vendor Reduces Debt on a Financed Asset Purchase. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
We recovered money from a vendor after deducting the original cost. Is the recovery taxable?
Recovering a Vendor Payment Deducted Years Ago. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
A supplier credit and its cash refund were both posted. How do we avoid counting the recovery twice?
Vendor Credit and Refund Both Recorded as Income. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
Can we write an old payment-clearing balance to miscellaneous expense to finish the tax return?
Old Clearing Balances Before Filing the Tax Return. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
We are closing with uncashed employee paychecks. Can we reverse the payroll expense?
Uncashed Employee Checks During Business Wind-Down. A specific owner scenario, the facts that change the answer, and the records needed for a tax review.
We pay a travel allowance and reimburse hotel receipts. Are we reimbursing the same lodging twice?
A travel allowance and hotel reimbursement can coexist when the allowance covers meals and incidental expenses only.