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January 2023 - The Tax Adviser

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  2. January 2023
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ESTATES, TRUSTS & GIFTS

Recent developments in estate planning: Part 3

In this third installment of an annual update on trust, estate, and gift taxation, the topics include generation-skipping transfer tax, trusts, private foundations, selected inflation-adjusted amounts, and the president’s and Treasury’s proposed law changes affecting trusts, estates, and gifts.

TAX CLINIC

corporations & shareholders

Inflation Reduction Act includes 15% corporate minimum tax on book income

exempt organizations

Private foundations’ distributions to and from nonpublic charities

Supporting organization loses tax-exempt status

FOREIGN INCOME & TAXPAYERS

Sec. 987 foreign currency regulations applicability date extended again

LEGISLATION

The Inflation Reduction Act’s energy- and climate-related tax provisions

procedure & administration

Proposed regs. address IRS Appeals’ review of tax controversies

COLUMNS

DIXON AWARD

2022 Arthur J. Dixon Memorial Award

TAX PRACTICE & PROCEDURES

Memo removes IRS procedural requirements for economic substance arguments

Chief Counsel memo clarifies the assessment period in multiyear Sec. 332 liquidations

DC CURRENTS

Working remotely: A tax practitioner’s checklist

CASE STUDY

Establishing a SIMPLE IRA plan for a company with only a few employees

TAX TRENDS

Taxpayer’s argument for $1.5 million refund fails on several grounds

28 years after assessment, IRS collection suit is still timely

TAX PRACTICE MANAGEMENT

Image of happy, sad and neutral smiley faces.

2025 tax software survey

AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.

Tax Clinic

IRS generally eliminates 5% safe harbor for determining beginning of construction for wind and solar projects

IRS proposes using NAICS to determine lines of business for certain fringe benefit exclusions

IRS rules that community trust and affiliated nonprofit corporation can file a single Form 990

Prop. regs. issued on new qualified tips deduction

IRS rules for first time that REIT’s income from markup on electricity from EV charging stations is rents from real property