The IRS is providing relief from penalties imposed solely for failure to furnish Part IV of Form 8308 for partnerships by Jan. 31, 2025, if a partnership meets certain requirements.

Businesses can explore several options to mitigate the interest deduction limitation under the Tax Cuts and Jobs Act.

To get through the rigors of tax season, CPAs depend on their tax preparation software. Here's how they rate the leading professional products.

The IRS issued final, temporary, and proposed regulations intended to prevent abusive corporate inversion transactions.

The Supreme Court held that a corporation’s stock redemption obligation was not a liability that reduced the corporation’s value for estate tax purposes. The IRS issued guidance for recipients of ...

In Musselwhite, T.C. Memo. 2022-57, the Tax Court held that a taxpayer’s losses from the sale of four lots (real property) were ordinary in nature, as opposed to capital.

Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA.

Restructuring an existing QSub in an attempt to qualify for an ordinary deduction is prohibited and might result in an unfavorable deferral of loss. The potential effect of the built-in-gain tax is ...