The Tax Adviser8d
Final regs. issued on consistent-basis and basis-reporting rules
The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements.
The Tax Adviser24d
Protecting taxpayer data (and where to even begin)
Q I’m not a cybersecurity expert. Is there a place I can go to learn more about my responsibilities to protect taxpayer data as a tax practitioner? A IRS Publications 4557, 1345, and 5709 are ...
The Tax Adviser2mon
C Corporation Income Taxation
The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the ...
The Tax Adviser2mon
Partnership and LLC Taxation
U.S. persons owning an interest in a foreign partnership may be required to file Form 8865, and the partnership may also face additional U.S. filings. Although the general rules for how partners are ...
The Tax Adviser4mon
Taxation of Estates & Trusts
The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions. The value on an estate ...
The Tax Adviser5mon
C Corporation Income Taxation
An interesting issue can arise when a corporation must recapture dual consolidated losses on the sale of a foreign entity.
The Tax Adviser7mon
Reporting & Filing Requirements
The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.
The Tax Adviser8mon
Reporting & Filing Requirements
The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file. FinCEN, which oversees ...
The Tax Adviser1y
S Corporation, Partnership & LLC Taxation
Entities such as S corporations and partnerships, as well as sole proprietorships, should carefully consider the U.S. tax treatment of foreign subsidiaries. The regulations under Secs. 481(a) and 706 ...
The Tax Adviser2y
C Corporation Income Taxation
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021. Determining the best way to ...
The Tax Adviser2y
Taxation of Estates & Trusts
The IRS released Rev. Proc. 2022-32, which updates and expands the simplified method for estates to obtain an extension of time to make a portability election under Sec. 2010(c) (5)(A).