The AICPA praised the Senate passage of the bill, saying it will enhance IRS operations and improve the taxpayer experience. The AICPA said taxpayers and tax professionals need certainty about how to ...
On occasion, taxpayers holding investments in foreign financial assets or with foreign financial institutions may find themselves in the uncomfortable position of realizing that they have failed to ...
Whether a taxpayer is subject to an accuracy-related penalty due to an understatement of tax is the most-litigated tax issue in recent years. Although the IRS wins a large majority of cases on this ...
Planning with revocable trusts has become increasingly popular in recent years. In many instances, the motives for using a revocable trust are nontax and include avoiding probate, asset protection ...
Taxpayers may be subject to the risk that an IRS examination could increase (or create) a gift tax or estate tax liability many years after a gift is made. Practitioners can help clients limit this ...
The impact of community property laws on a client’s tax situation can be unexpected and diverse. The fact that a tax adviser practices in one of the 41 common law (non–community property law) states ...
Individuals are subject to two income tax systems: the regular income tax and the alternative minimum tax (AMT). Taxpayers must compute their tax under each system and pay the greater of the two ...
Annually, millions of Americans are granted stock options by their employer. The majority of recipients are high-net-worth individuals (or soon will be). The positive impact of this wealth-creation ...
Sec. 1361 sets forth the basic qualifications for S corporation status. Among the most important are the limitation on types of shareholders and restrictions to a single class of stock. Tax Court ...
The federal income taxation of gains (and losses) from the disposition of investments in collectible assets (collectibles) is relatively unfamiliar to many practitioners for several reasons. First, ...
Hurricane Sandy had a devastating effect on many employees throughout the Northeast, causing them to miss work for a prolonged period. The days needed by some of these employees to focus on their ...
Editor: Valrie Chambers, CPA, Ph.D. Congress reduced the highest rate of income tax on corporations from 35% to 21% in the law known as the Tax Cuts and Jobs Act, P.L. 115-97. At the same time, the ...
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