The Tax Adviser

Digital asset transactions: Broker reporting, amount realized, and basis

Final regulations provide comprehensive guidance for tax reporting of transactions involving these increasingly common assets, and the IRS has granted transition relief in key areas.
The Tax Adviser

IRS approves medical deduction for IVF, denies it for surrogacy

Under Sec. 213(a), taxpayers may deduct expenses paid during the tax year for medical care, provided these expenses are not compensated by insurance or otherwise. The deduction is available for ...
The Tax Adviser

The ongoing fight against frivolous tax arguments

Sec. 6673(a)(1) authorizes the Tax Court to impose a penalty not in excess of $25,000 whenever it appears that (1) the taxpayer has instituted or maintained proceedings primarily for delay; (2) the ...
The Tax Adviser

IRS Practice & Procedure

In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations. The IRS released initial details on Trump accounts, a new type of IRA ...
The Tax Adviser

C Corporation Income Taxation

The notice provides an optional interim simplified method of determining whether a corporation is an applicable corporation for purposes of the corporate AMT and relief from the Sec. 6655 penalty for ...
The Tax Adviser

S Corporation Income Taxation

In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations. The IRS may grant a reasonable extension if the taxpayer provides ...
The Tax Adviser

Partnership and LLC Taxation

In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations. In Soroban Capital Partners, the Tax Court analyzed the roles, ...
The Tax Adviser

S Corporation, Partnership & LLC Taxation

In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations. In Soroban Capital Partners, the Tax Court analyzed the roles, ...
The Tax Adviser

Election, Termination & Conversion

Problems with S elections frequently cause them to be invalid when made or to terminate. This article discusses four of the most common ones and three revenue procedures that may enable S corporations ...
The Tax Adviser

Engagement letters

A well-drafted engagement letter provides essential protection and important benefits to CPAs in tax practice and in other engagements and to their clients. This article discuss how and why to use ...
The Tax Adviser

How a CPA and wealth adviser partnership can guide families through transition

A It’s more prevalent and often emerges earlier than many realize. According to the U.S. Census Bureau, the average age of ...