Is your client the subject of an FBAR examination?
This article discusses a few key things practitioners should know about FBAR cases.
Newsletter Articles
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Divorce post-TCJA: unexpected consequences
This article discusses changes that might affect clients that are divorced, are in the process of divorcing, or that have prenuptial or post-nuptial agreements.
The TCJA’s effect on future R&D tax credit planning
This article discusses the modifications made to Sec. 174 and Sec. 41, which will affect taxpayers’ R&D tax credit claims for tax years after Dec. 31, 2021.
Capital contribution of reduced basis S corporation debt
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.
Avoiding a transfer-pricing audit: 3 best practices for multinationals
Effectively navigating transfer-pricing regulations may be less about avoiding taxes and more about making smart decisions.
Offshore account holders should beware: The IRS is still coming
Taxpayers with undisclosed offshore accounts would be wise to take advantage of the lesser known IRS voluntary disclosure process.
Small businesses and related-party transactions
A recent Tax Court case highlights pitfalls frequently encountered by small businesses that engage in related-party transactions without appropriate planning.
Regulatory fatigue? FATCA inaction may risk noncompliance
Financial institutions need to remain vigilant and periodically update their compliance systems to ensure they remain fully compliant with the law.
Researchers and scholars claim tax treaty benefits
Three recent cases provide tips to decide if it’s worth the time and effort to appeal to the Tax Court.
New form may simplify tax compliance for seniors
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).
Income taxation of trusts in California
The California Superior Court determined that all income, including California-source income, is subject to the apportionment formula.
Why small business owners should have a qualified retirement plan
Increasing contributions can qualify some business owners for additional tax deductions.
Coping with the new entertainment expense and transportation fringe benefit rules
This article addresses two common business expenses whose tax rules changed beginning Jan. 1, 2018.
Failure to abandon U.S. residency leads to tax liability
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.
Does an early retirement distribution qualify for the medical expense exemption?
This article examines three Tax Court cases where the petitioners attempted to use medical hardship to avoid rules on early withdrawals.
Reporting life settlement sales after the Tax Cuts and Jobs Act
Find out about a new requirement for life insurance companies to report sales of life insurance policies.
Navigating the tax return signature maze
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 Offshore Voluntary Disclosure Program and cryptocurrency
The IRS is ending the Offshore Voluntary Disclosure Program just as its enforcement of cryptocurrency compliance increases.
Bunching charitable donations after the new tax law
A potential side effect of fewer taxpayers itemizing their deductions is that these taxpayers may choose to reduce or eliminate charitable contributions.
