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.

Q How can CPAs add value to business owner clients? A CPAs are often the primary adviser to business clients. While it can be easy for a CPA to fall into a pattern of tax compliance and related ...

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 ...

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

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 ...

The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget 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.

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.

Many factors must be considered when electing S status for a new corporation or converting an existing C corporation to ensure a timely election. This item discusses how a back-to-back loan is a ...