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IRS grants partnerships additional time to furnish complete Forms 8308
The IRS said Friday that it is providing relief from certain penalties imposed solely for failure of a partnership with unrealized receivables or inventory items to furnish Part IV of Form 8308, ...
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Taxation of Estates & Trusts
Proceeds from life insurance on decedent not includible in his estate. The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and ...
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S Corporation Income Taxation
An understanding of S corporation basis rules enables practitioners to assist clients in taking advantage of planning opportunities aimed at maximizing deductible passthrough losses. The QSST may be ...
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About The Tax Adviser
The Tax Adviser is a monthly publication of the American Institute of CPAs, providing tax practitioners with timely, in-depth, practical, and comprehensive information on federal and state tax ...
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To get through the rigors of tax season, CPAs depend on their tax preparation software. Here's how they rate the leading professional products.
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S Corporation Income Taxation
In an S corporation, employee fringe benefits paid on behalf of a 2% shareholder are subject to special rules.
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The preeminent, authoritative, professional tax journal for CPAs, providing them with timely, in-depth, practical, and comprehensive information that helps CPAs maintain their identification with and ...
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Tax Planning; Tax Minimization
In addition to the guidance on the plan, the letter recommends that Treasury and the IRS continue pursuing tax simplification. IRS commissioner Danny Werfel promised “marked improvement” for the ...
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Partnership and LLC Taxation
Factors potentially causing taxable gain (or loss) from a liquidating distribution include the member’s outside basis and the nature of any property the member contributed to the LLC. Clients should ...
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C Corporation Income Taxation
In a letter ruling, the IRS ruled that the investment advisory fees paid by an annuity contract would not be considered an amount received in gross income by a contract’s owner. Taxpayers engaging in ...
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S Corporation, Partnership & LLC Taxation
When LLC members receive payments for services performed for the LLC, the tax treatment depends on whether the member is performing the services in the capacity as a member. Approval of an S election ...