The Tax Adviser18h
Universal accounting for digital assets concludes, but safe harbor available
The new safe-harbor guidance for digital asset transaction reporting in Rev. Proc. 2024-28 goes into effect Jan. 1, 2025. This article explains how taxpayers may rely on the safe harbor to allocate ...
The Tax Adviser29d
Corporate Transparency Act
Q Are CPAs offering Corporate Transparency Act filing services? A Many CPA firms now offer Corporate Transparency Act filing services. Initially, in early 2024, there was hesitation due to practice-of ...
The Tax Adviser6mon
C Corporation Income Taxation
A recent Tax Court case sheds light on the uncertainty test for qualified research activities and its relation to the adaptation exclusion of expenditures eligible for the Sec. 41 research credit.
The Tax Adviser3mon
S Corporation Income Taxation
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred ...
The Tax Adviser12y
S Corporation Income Taxation
In the typical closely held business context, the TCJA’s reduction of corporate tax rates to a flat 21% is far from a panacea. Individuals, partnerships, or other noncorporate entities that could not ...
The Tax Adviser2y
S Corporation, Partnership & LLC Taxation
A number of disqualifying events can terminate a corporation’s S status, and not all of those events are listed in the statute or immediately obvious.
The Tax Adviser17y
C Corporation Income Taxation
Editor: Albert B. Ellentuck, Esq. Under Sec. 119(a), meals provided by an employer—including a C corporation employer—can be excluded from an employee’s gross income if they are furnished on the ...
The Tax Adviser6mon
Taxation of Estates & Trusts
The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements. The IRS said that crowdfunding ...
The Tax Adviser2y
Partnership and LLC Taxation
Twenty-nine states have enacted a passthrough entity tax as a possible workaround to the federal state and local tax deduction cap.
The Tax Adviser2y
Specialized Issues
The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is ...
The Tax Adviser3y
C Corporation Income Taxation
The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various ...
The Tax Adviser11mon
C Corporation Income Taxation
The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.