Investment interest generally is deductible for both regular tax and alternative minimum tax purposes. But special rules apply.

In H. Alan Rosenberg v. Douglas J. Macginnittie, Commissioner, Georgia Department of Revenue, No.1414626 (GA Nov. 25, 2014), the Georgia Tax Tribunal held that a Georgia resident who owned an interest in a LLC can reduce his Georgia adjustable gross income by income that was subject to Texas franchise taxes when computing his Georgia individual taxable income.

Lower energy prices are forcing Permian Basin oil and gas companies to identify areas of cost savings and efficiencies. While companies may have previously lacked the time to evaluate accounting concerns, the current energy environment provides reason to address such concerns now.

Keeping up with changing accounting standards is critical to every public company’s well-being. That’s why you need to consider two recent developments affecting pushdown accounting and extraordinary items.

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high, but your child might.

The IRS has issued comprehensive and complex regulations on the tax treatment of amounts paid to acquire, produce, or improve tangible property. The regulations explain when those payments can be deducted, which confers an immediate tax benefit, and when they must be capitalized.

The Financial Accounting Standards Board’s (FASB’s) plan to amend inventory accounting should have been a quick fix to clear up confusion about how businesses value their stockpiles of raw materials, supplies and finished goods.

The IRS has released the 2014 version of Form 8941, which can be used by eligible small employers to calculate the health care tax credit. The instructions for calculating the credit have also been updated.

The manufacturers’ deduction, also called the “Section 199” or “domestic production activities” deduction, is available to traditional manufacturers as well as other specific businesses.

As seen in the Texas Senate’s recorded session, Larry Edgerton, Weaver CPA and partner in tax and strategic business services, was specifically acknowledged by Senator Kel Seliger for his leadership and role within the TSCPA.