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 ...

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 ...

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 ...

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 an S corporation, employee fringe benefits paid on behalf of a 2% shareholder are subject to special rules.

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 ...

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 ...

Proposed regulations would extend to PFICs the aggregate treatment of U.S. partnerships and S corporations for Subpart F income.

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.