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This is the code section in its entirety: No deduction or credit shall be allowed for any amount paid or incurred during the taxable year in carrying on any trade or business if such trade or business (or the activities which comprise such trade or business) consists of trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act) which is prohibited by Federal law or the law of any State in which such trade or business is conducted.
The IRS provided some relief to business taxpayers this week with a 16-page revenue procedure (Revenue Procedure 2015-20).
Here’s the beginning of the explanation of the change: This revenue procedure modifies Rev. Proc. 2015-14, 2015-5 I.R.B 450, to permit a small business taxpayer, defined as a business with total assets of less than $10 million or average annual gross receipts of $10 million or less for the prior three taxable years, to make certain tangible property changes in methods of accounting with an adjustment under §481(a) of the Internal Revenue Code (the Code) that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014.
The IRS released news articles about the 2015 “Dirty Dozen” tax scams from January 23 through February 6.
The IRS launched a new searchable online public directory this month.
The IRS designated January 30, 2015 as a day to spotlight a federal income tax credit.
The National Taxpayer Advocate’s 2014 annual report to congress analyzed the most litigated tax issues in federal courts from June 1, 2013 through May 31, 2014.