Members of Congress have introduced a bill that would provide a de minimis exemption for personal transactions where the gains are less than or equal to $200.
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This article will help practitioners understand how to maximize accelerated deductions by examining Sec. 1031 exchange rules and how they are affected by cost segregation studies.
Filing rules for businesses owned by spouses contain several exceptions to the partnership filing rules, and this article discusses when the exceptions apply, how to implement them, and if they are worth the effort to elect.
Here’s what may happen when a foreign gift has not been disclosed.
The act contains changes to existing law, mostly designed to encourage retirement savings and to make it easier for employers to offer retirement plans.
The Forms 990-T prepared by the accountant hired by the broker may be wrong, and not usually in the client’s favor.
This article discusses ways taxpayers can structure transactions according to the form that has the most beneficial tax result.
The QOZ program will generally require year-end action on the part of the fund managers.
How much do you know about the IRS? Take this pop quiz to find out.
This article examines the calculation of the UBIA of qualified property; offers guidance on special situations such as like-kind exchanges and the Sec. 754 election; and presents planning opportunities to maximize the UBIA of qualified property.
Are gifts to clergy taxable income for federal income tax purposes? The answer involves a careful consideration of the surrounding circumstances.
Combined with higher standard deductions under the TCJA, most people do not have enough medical expenses and other qualifying itemized deductions to exceed the standard deduction.
To determine the IRS’s likely treatment, an analysis is necessary of two Code sections that address energy credits: Sec. 25D and Sec. 48.
This article provides an overview of the rules for determining the 180-day period to qualify for the full benefits of a qualified opportunity zone investment.
This article focuses on two resources often used in financing medical care: home equity loans and distributions from retirement plans and IRAs.
Because of the considerable tax consequences, the new law will encourage plaintiffs and defendants to refrain from including a nondisclosure agreement in their sexual harassment settlements.
Similar to a Rube Goldberg contraption, the Internal Revenue Code is needlessly complex. Here are a few ideas for simplification and a request for readers to suggest others.
The disparate tax treatment between trusts and individuals has grown even more pronounced than it was before the TCJA was enacted.
This article provides an overview of the rules defining a dependent and addresses the issue of a child’s receipt of Supplemental Security Income.
Proper advance planning is imperative to maximize the benefits of the TCJA provisions.