By Keith A. Wood This is the first of two installments of this article. Find the second installment here. I. Audit Statistics: What Are Your Chances of Being Audited? The 2017 Internal Revenue Service Data Book (Publication 558) contains audit statistics for the fiscal year ended September 30, 2017. Below are the audit statistics for […]
By John G. Hodnette On June 8, the North Carolina Supreme Court affirmed the 2016 decision of the North Carolina Court of Appeals in Kimberly Rice Kaestner Family Trust v. North Carolina Department of Revenue holding that N.C.G.S. § 105-160.2 is unconstitutional under the due process clauses of both the U.S. Constitution and the North […]
By Herman Spence III On October 19 the IRS issued proposed regulations and a revenue ruling about opportunity zones, which are an important tax incentive program in the major tax legislation enacted late last year. Although the guidance addresses many important issues, the IRS intends to issue further guidance on additional issues. The opportunity zone […]
By Herman Spence III The IRS recently issued Notice 2018-76 to provide transitional guidance on the deductibility of certain business meal expenses. Taxpayers may rely on the Notice until regulations are issued. 1. Interim guidance. Under the Notice, taxpayers may deduct 50% of an otherwise allowable business meal expense if (a) the expense is ordinary […]