Gains & Losses

Sec. 1234A and Termination Fees

This item provides a brief history of existing tax law in this area and IRS guidance and a summary of the recent developments.

Statute of Limitation for Tax Carryovers

It is not unusual for a taxpayer to make an error on a return that results in a misstatement of a net operating loss or a credit that is then carried forward. These mistakes might not be noticed until after the statute of limitation is closed.

IRS Finalizes Rules on Relief From Failure to File GRAs

The IRS finalized proposed regulations to update the rules that apply to U.S. taxpayers that fail to file gain recognition agreements when they transfer certain property to foreign corporations in nonrecognition transactions.

Newsletter Articles

PRACTICE MANAGEMENT

Tax software survey

Results of the annual survey are in, as more than 3,800 CPA tax preparers tell how their return preparation software worked for them during this year’s busy season.

PRACTICE MANAGEMENT

CPAs contend with tax ID theft

Tax-related identity theft fraud remains a widespread problem that is often difficult for victims and their tax preparers to correct.