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.
The opportunity zone program offers a solution for deferring gains and allows investors to diversify into real estate or operating businesses.
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.
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.
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.
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.
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.
This article focuses on the role of family CPAs in IRS collection matters.
Accounting programs can adapt the social media platform Instagram to promote learning outside the physical classroom.
The findings of four recent research papers are distilled in this column.
Build up young professionals by encouraging continuing education, mentorships, and volunteering opportunities with professional and charitable organizations.
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.
This semiannual update of recent developments in the area of individual taxation includes cases on hobby losses, innocent-spouse relief, material participation in a business, discharge of indebtedness, and self-employment tax, as well as IRS guidance on charitable deductions, cryptocurrency, and other topics.
The growth of emerging technologies is forcing educators to consider how to implement training in these vital tools across the accounting and business curriculum.
The Fifth Circuit held that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero.
An exercise helps students grasp the interplay of earned taxable income and net unearned income in calculating the kiddie tax as revised by the TCJA.
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.
This article is a semiannual review of recent developments in individual federal taxation, covering cases, rulings, and guidance on a variety of topics.
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
A lesson helps students develop the skills necessary to spot book-tax differences that affect corporations’ effective tax rates.