This article discusses the step-transaction doctrine, the three tests used to determine if it applies, and advice for taxpayers to help avoid an IRS challenge of the tax treatment of a series of transactions based on the doctrine.
Tax Planning; Tax Minimization
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.
A personal service corporation must generally use a calendar year, but it can choose a fiscal year in certain circumstances.
This item discusses how businesses can qualify for incentives in the housing and construction industries and how tax preparers can assist them in claiming these tax benefits.