Iryna Stepanchuk, CPA

2,164 Flips | 2 Magazines | 7 Likes | 8 Following | 574 Followers | @irynastepanchuk | Iryna Stepanchuk, CPA offers tax preparation and planning, accounting and consulting services to small and mid-sized domestic and international businesses and individual taxpayers | Read more: stepanchukcpa.com

Tax Reform Law Makes Changes to the Meals & Entertainment Deduction

Tax Reform

Failure to abandon U.S. residency leads to tax liability

A German citizen's failure to establish that he was a resident of Germany meant that he was a "covered expatriate" for Sec. 877A purposes and …

Income Tax

Supreme Court overturns Quill’s physical presence requirement

The U.S. Supreme Court held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.

South Dakota

A new playing field for business

The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual …

eCommerce

Tax overhaul may fuel life settlement industry

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, approximately doubled the individual exemption from estate and gift tax, which …

Retirement

Knowledge of tax-related proceeding necessary for obstruction conviction

The Supreme Court held that to convict a taxpayer who was indicted for violating Sec. 7212(a) for corruptly obstructing or impeding the due …

The intersection of new Sec. 451 and revenue recognition

<i>Editor: Mary Van Leuven, J.D., LL.M.</i><p>The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, fundamentally changed how accrual-method …

Finance

Tax Strategy: Uncertainties continue in tax planning for 2018

While the Tax Cuts and Jobs Act, enacted at the end of 2017, promises on the whole good news for taxpayers for 2018, tax planning to take maximum …

Finance

The Taxability of Cryptocurrency When Used in A Business

For a cash basis taxpayer, each time he or she earns cryptocurrency through mining or providing goods or services, the U.S. fair market dollar value …

Bitcoin

Section 529 Plans Can Now Be Used for Private Elementary and High Schools

High School

IRS Offers Guidance on Vehicle Expenses

Topic • IRS<br>Tags • CPA <br>• Expenses <br>• Tax preparation

Child tax credit now higher, more widely available

As tax practitioners prepare to counsel clients about the loss of dependency exemptions on 2018 tax returns, there is good news to offer in the form …

AICPA recommends IRS FAQs on virtual currency taxation

The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first …

How the 2017 tax overhaul changed Sec. 162(m)

<b><br>Expanded definition of publicly traded corporation</b><p>Before 2018, Sec. 162(m) applied only to corporations that issued common equity securities required …

Practitioners unit can help IRS put taxpayers first

In steering the effort, House Ways and Means Oversight Subcommittee Chairman Rep. Lynn Jenkins (R-Kan.) said “[a]s a CPA, I’ve seen first-hand …

Captive insurance: Avoiding the risks

Captive insurance entities offer a vehicle to self-insure that can be especially cost- and tax-effective. Although their implementation and legal …

Federal tax reform: Not so encouraging for state and local incentives

<i>Editor: Mary Van Leuven, J.D., LL.M.</i><p>State and local governments have long used a variety of incentives to entice corporations to relocate or expand …

Scam prevention; IRS sets out how it does and does not contact taxpayers

Thomson Reuters Tax & Accounting NewsFeaturing content from Checkpoint<i></i> Back to Thomson Reuters Tax & Accounting News<i></i> Subscribe below to the …

The Tax Advantages for Home Improvements

Topic • Clients<br>Tags • CPA <br>• Deductions <br>• Tax preparation

Free Tickets. Money. College Savings Plans Try to Stir Up Interest.

Prizes! Drawings! Free tickets!<p>A promotion for a carnival, or a used car blowout sale? Nope. It’s the sponsors of 529 college savings plans running contests in hopes of driving up participation.<p>May 29 is the annual “529” National College Savings Day, when the state-sponsored, tax-advantaged savings …

Personal Finance

6 ways you might get taxed in retirement

Seniors aren't exempt from taxes. Here's how the IRS can get you when you're older.<p>One common retirement misconception is that your tax burden will be negligible compared to what it was during your working years.<p>But that may not come to be the case. Depending on the income sources you have …

Retirement

The 3 Most Important Things to Know about the Tax Cuts and Jobs Act

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) into law. This law provides sweeping changes to the tax …

Taxpayer had profit motive for entertainment company but failed to substantiate losses

Thomson Reuters Tax & Accounting NewsFeaturing content from Checkpoint<i></i> Back to Thomson Reuters Tax & Accounting News<i></i> Subscribe below to the …

How Tax Code Changes Hurt Home Owners

Topic • Individuals<br>Tags • CPA <br>• CPA advanced <br>• Property tax

6 Groups of Taxpayers Most Affected by Tax Reform

Due to the tax reform passed in December, many taxpayers will be seeing tax changes in their 2018 tax return. Some changes are positive and some …

4 Things New Freelancers Need to Do ASAP

The idea of freelancing is sexy, but there are many non-sexy things you need to cross off of your to-do list to run a legitimate freelance business. …

With New Tax Law, I.R.S. Urges Taxpayers to Review Withholdings

The Internal Revenue Service is urging taxpayers to do a “paycheck checkup” to make sure they are having their employers withhold the correct amount of taxes.<p>It’s generally advisable to check your withholding from year to year, or when you have a significant life change, like getting married or …

NAEA Advice for Small Businesses

Topic • Clients<br>Tags • Small business <br>• Tax planning <br>• Tips and tutorials

Mother's Day and Sales Taxes

Tax reform law may give freelancers a boost

The 20 percent pass-through deduction in the new tax law could provide a major benefit for freelancers and gig economy workers, but there are also …