The passthrough of S corporation losses to the extent of the shareholder’s basis in his or her stock and debt can be beneficial, but the resulting reduced basis debt may lead to taxable income on repayment of the debt.
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Effectively navigating transfer-pricing regulations may be less about avoiding taxes and more about making smart decisions.
Taxpayers with undisclosed offshore accounts would be wise to take advantage of the lesser known IRS voluntary disclosure process.
A recent Tax Court case highlights pitfalls frequently encountered by small businesses that engage in related-party transactions without appropriate planning.
Financial institutions need to remain vigilant and periodically update their compliance systems to ensure they remain fully compliant with the law.
Three recent cases provide tips to decide if it’s worth the time and effort to appeal to the Tax Court.
Form 1040SR would be similar to Form 1040EZ, except that anybody age 65 and older may use it.
Foreign-derived intangible income deduction: Tax reform’s overlooked new benefit for U.S. corporate exporters
One new opportunity created by the TCJA is the foreign-derived intangible income deduction in Sec. 250(a).
The California Superior Court determined that all income, including California-source income, is subject to the apportionment formula.
Increasing contributions can qualify some business owners for additional tax deductions.
This article addresses two common business expenses whose tax rules changed beginning Jan. 1, 2018.
A German citizen’s failure to establish that he was a resident of Germany meant he was a “covered expatriate” liable for tax on stock sale gains.
This article examines three Tax Court cases where the petitioners attempted to use medical hardship to avoid rules on early withdrawals.
Find out about a new requirement for life insurance companies to report sales of life insurance policies.
Stepped-up security to deter and prevent fraud means legitimate taxpayers and their tax professionals must overcome extra hurdles to comply with their tax obligations.
The IRS is ending the Offshore Voluntary Disclosure Program just as its enforcement of cryptocurrency compliance increases.
A potential side effect of fewer taxpayers itemizing their deductions is that these taxpayers may choose to reduce or eliminate charitable contributions.
Editor's note: Thank you for your interest in this article. The deductibility of business meals is an evolving issue under P.L. 115-97, known as the Tax Cuts and Jobs Act, and this article is no longer available.
The IRS identified transactions that improperly avoid limits on contributions to Roth IRAs.
Under Sec. 911, a U.S. citizen whose tax home is in one or more foreign countries, who spends enough there, can exclude a certain amount of foreign earned income.