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February 2024 - The Tax Adviser

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  2. February 2024
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TAX CLINIC

expenses & deductions

A $10.7 million compensation deduction miss

FOREIGN INCOME & TAXPAYERS

Short-term relief for foreign tax credit woes

LLCs & LLPs

IRS rules that conversion of LLC not a debt modification

partners & partnerships

A look at revised Form 8308

IRS scrutinizes use of the SECA limited partner exception

STATE & LOCAL TAXES

State responses to federal changes to Sec. 174

TAX ACCOUNTING

Increased U.S. transfer-pricing enforcement: What’s at stake?

COLUMNS

TAX PRACTICE RESPONSIBILITIES

Tax ethics and use of generative AI systems

CAMPUS TO CLIENTS

Teaching tax ethics: Resources for educators

CASE STUDY

Converting a sole proprietorship to an LLC

TAX TRENDS

Recapture of foreign loss does not exempt other gain from tax

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