The Tax Adviser

Trust distributions in kind and the Sec. 643(e)(3) election

To understand the implications of in–kind distributions and the Sec. 643(e)(3) election, it helps to first review how income is taxed at the trust and beneficiary levels. One of the unique features of ...
The Tax Adviser

White House makes recommendations on digital asset transactions

Editor: Susan M. Grais, CPA, J.D., LL.M. The presidential report notes that “the IRS does not have authority to require digital asset exchanges to report on controlling persons of many shell companies ...
The Tax Adviser

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

In December 2022, Treasury and the IRS stated that they intended to implement the Infrastructure Act amendments to the Code by issuing new regulations and providing forms and instructions for broker ...
The Tax Adviser

R&D tax credits: A new era of disclosure and documentation

Editor: Jessica L. Jeane, J.D. While Harper ultimately prevailed, the case underscored a broader issue: Taxpayers cannot expect IRS audit action to validate claims that are procedurally weak at filing ...
The Tax Adviser

Planning with charitable remainder trusts

First, ordinary income and such undistributed income of the trust for prior years; Second, capital gain (including unrecaptured Sec. 1250 gain and gain on collectibles taxed at 28%) and such ...
The Tax Adviser

AI’s role in complex tax decisions

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 ...
The Tax Adviser

The role of REITs for foreign investors in US real estate

Editor: Robert Venables, CPA, J.D., LL.M. Foreign persons investing in U.S. real estate face unique tax complexities under the Internal Revenue Code. Navigating these complexities is crucial to ...
The Tax Adviser

Current developments in S corporations

Sec. 1361 sets forth the basic qualifications for S corporation status. Among the most important are the limitation on types of shareholders and restrictions to a single class of stock. Tax Court ...
The Tax Adviser

Complying with ACA tax-exempt hospital requirements

The following items are required by Sec. 501(r) for hospital facilities to maintain their Sec. 501(c)(3) tax–exempt status: Christine M. Turgeon, CPA, is a partner with PwC US Tax LLP, Washington ...
The Tax Adviser

Global expansion of e-invoicing and digital reporting obligations for nonresidents

Editor: Mary Van Leuven, J.D., LL.M. Mary Van Leuven, J.D., LL.M., is a director, Washington National Tax, at KPMG LLP in Washington, D.C. For additional information ...
The Tax Adviser

Adequate disclosure on gift tax returns: A requirement for more than gifts

Taxpayers may be subject to the risk that an IRS examination could increase (or create) a gift tax or estate tax liability many years after a gift is made. Practitioners can help clients limit this ...
The Tax Adviser

Taxation of undocumented immigrants

Undocumented immigrants venture to the United States from all parts of the world and endure enormous challenges in their new life, ranging from cultural ones to those that are language–oriented in ...