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, ...
The M&A market is poised to regain its pre-COVID-19 activity levels as many business owners seek to exit closely held businesses or explore alternatives. One popular transaction that could emerge is ...
Many practitioners who counsel business clients, both small and large, are familiar with the difficult challenges that quickly arise when taxes are withheld from employee wages but not turned over to ...
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 ...
The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes. The IRS said it ...
The 2016 regulations put partners on notice that Sec. 987 principles generally apply to partnership assets and liabilities. The Tax Court held that the owners of the Boston Bruins could deduct the ...
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 ...
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and ...
Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the ...
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 ...
The Tax Court held that the taxpayers could not report the portion of a sale of a partnership interest that was attributable to unrealized receivables using the installment method. The IRS issued ...
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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