The IRS said it used feedback from tax advisers to write the proposed regulations, which include new multiyear tax reporting requirements.

The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C). In a letter ruling, the IRS ruled that the investment advisory fees paid ...

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. The IRS issued ...

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.

The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago. The IRS issued guidance for recipients of property from decedents on ...

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

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 ...