Limitations on transactions between related parties include restrictions on installment sales of property and potential reallocation of tax benefits of certain personal services corporations.
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Specialized Issues
New legislation seeks to address disaster relief refund claim discrepancies
The TAS Act may ultimately clarify conflicting IRS lookback guidance for taxpayers affected by disasters.
Tax strategies for highly appreciated undeveloped land
Entity choice, timing, and sale structuring can help real estate investors minimize taxes on a sale of raw land.
Seller beware: Repossessions in real estate installment transactions
Sellers financing a sale of real property are subject to gain recognition under Sec. 1038 if they repossess the property upon the buyer’s default.
FinCEN offers storm and terrorist attack relief for FBAR filings
The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.
Converting a rental or vacation home into a primary residence
Individuals relocating to another dwelling they own may face tax issues including periods of nonqualified use and, for previous rental units, depreciation recapture.
Real estate dealer or investor? A recent Tax Court case
This dispute in this tax case was whether the land was a capital asset or inventory.
Tax consequences of real property foreclosures
Real property foreclosures can produce various tax consequences depending on whether the debt is recourse or nonrecourse.
Importance of purchase price allocation in real estate transactions
In a year when real estate prices are soaring in many areas of the country, these easily overlooked allocations can have a significant tax impact.
Investors are (legally) shielding crypto gains in opportunity zones
The opportunity zone program offers a solution for deferring gains and allows investors to diversify into real estate or operating businesses.
Assuming the role of the reviewer with a professor-prepared tax return
Professor-prepared returns with intentional errors give students practice applying reviewing skills that will benefit them in professional interactions once they enter the accounting workforce.
IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
Commercial real estate: Debt restructuring and planning
As many companies continue to work remotely and demand for office space dries up, landlords and banks may be forced to renegotiate debt agreements or foreclose on assets, which could have significant tax consequences.
Supreme Court lets health care law stand
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
Debt workouts involving commercial real estate
As short-term agreements that borrowers and creditors reached at the beginning of the pandemic start to expire, real estate companies and others
will need to find long-term solutions to their insolvency problem.
The role of family CPAs in IRS tax controversies
This article focuses on the role of family CPAs in IRS collection matters.
Using Instagram to connect with the social media generation
Accounting programs can adapt the social media platform Instagram to promote learning outside the
physical classroom.
Practitioners can benefit from academic tax research
The findings of four recent research papers are distilled in this column.
Helping young professionals build a foundation for success
Build up young professionals by encouraging continuing education, mentorships, and volunteering opportunities with professional and charitable organizations.
Promoting integrity in the classroom
Academic integrity of colleges and universities depends on developing and enforcing a comprehensive policy that sets a framework for responding judiciously and transparently to academic dishonesty, such as cheating and plagiarism.
TAX PRACTICE MANAGEMENT
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.
