You might be a tax shelter if …
Journal of Accountancy Podcast
English - December 18, 2019 12:17 - 20 minutes - 14.1 MB - ★★★★ - 68 ratingsBusiness tax accounting finance financialreporting Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
The Tax Cuts and Jobs Act made tax accounting easier for many businesses with average annual gross receipts of $25 million or less (inflation-adjusted to $26 million for 2019). The benefits include the cash method of accounting, exemption from UNICAP rules, exemption from some inventory accounting requirements, and more. But an “exception to the exceptions” denies these advantages to tax shelters, including “syndicates.” Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie.
The Tax Cuts and Jobs Act made tax accounting easier for many businesses with average annual gross receipts of $25 million or less (inflation-adjusted to $26 million for 2019). The benefits include the cash method of accounting, exemption from UNICAP rules, exemption from some inventory accounting requirements, and more. But an “exception to the exceptions” denies these advantages to tax shelters, including “syndicates.” Chris Hesse, chair of the AICPA’s Tax Executive Committee, reveals where the traps lie.