The Tax Cuts and Jobs Act of 2017 (TCJA) will have broad-ranging effects on all kinds of individuals. Taxpayers with a personal connection to gambling…
To Reset or Not to Reset AAA?
A Tricky Question for Newly Reelected S Corporations
In 2014, the IRS's Office of Chief Counsel (OCC) addressed what happens to a taxpayer's beginning accumulated adjustments account (AAA) if a prior S corporation…