The SBA has finally issued a formal updated Q&A regarding gross income for sole proprietors and partnerships. In a March 12, 2021 release, they specify that only Schedule F’s filed on Form 1040 will ...

For individuals, your gross income is the total amount of earned income that you can find on your paycheque before any taxes and deductions are taken off. It considers all sources of income from your ...

The American Institute of CPAs (AICPA) has submitted additional clarification and feedback on sourcing rules for partnership income to the Multistate Tax Commission (MTC) and its working group ...

he claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money. When there are restrictions—as when ...

Taxable income is the portion of your income that the IRS considers subject to federal income tax. It includes both earned income, such as wages and self-employment earnings, and unearned income, such ...

The discussion in this Quick Study Supplement outlines select federal income tax issues partnership borrowers may face in debt restructurings. 1 As noted in our debt restructuring overview Quick Study ...