Because the IRS had offset a taxpayer’s liability from subsequent refunds, it was no longer pursuing a levy, and a petition was properly dismissed under Sec. 6330, the high court held.

AICPA members in tax practice must adhere to the updated Statements on Standards for Tax Services, including in their use of such emerging resources as artificial intelligence.

Sec. 1031 like-kind exchanges enable tax deferral in complex real estate deals, including multi-property, reverse, and straddle exchanges.

Prior to the law change, an Illinois investment partnership was a partnership under federal income tax law that met the following tests: Under the prior law, qualifying investment securities were ...

The Tax Court held that a company properly treated as an ordinary deduction (and not a capital loss under Sec. 1234A) a $1.6 billion termination fee payment it made to another company pursuant to a ...

The TAS Act is bipartisan proposed legislation that undertakes the ambitious goals of modernizing the IRS and improving taxpayers’ experience when interacting with the IRS. The TAS Act includes ...

Limitations on transactions between related parties include restrictions on installment sales of property and potential reallocation of tax benefits of certain personal services corporations.

Editor: Rochelle Hodes, J.D., LL.M. DII equals the corporation’s DEI minus its deemed tangible income return (DTIR). DTIR is 10% of the corporation’s qualified business asset investment (QBAI), ...

Editor: Rochelle Hodes, J.D., LL.M. Most lenders are understandably wary of holding operating assets or taking an equity position in a business; after all, they are lenders and have a different risk ...

Architecture and engineering firms often face challenges when seeking to claim the Sec. 41 research-and-development tax credit for their work on building and construction projects, as two recent court ...

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending April 2025.

John has served as an integral part of Drake Software since 1995 in roles including CFO and CRO. A CPA since 1989, he holds degrees from Oral Roberts University and the University of Tennessee, with ...