A common cross-border reorganization can doom eligibility for the valuable gain exclusion without thoughtful planning.

John Sapp, CPA, vice president, brand ambassador, Drake Software, discusses how artificial intelligence (AI) can be a powerful tool in the tax and accounting profession.

Disregarded-payment-loss rules: How multinationals should prepare New final regulations pose significant implications for possible income inclusions by U.S. corporations with foreign disregarded ...

The Fifth Circuit’s decision in Grigsby, 86 F.4th 602 (5th Cir. 2023), emphasizes the need for taxpayers to clearly define business components when preparing and documenting their Sec. 41 credit.

Potentially costly and far-reaching tax liabilities of covered expatriates should give individuals pause before renouncing U.S. citizenship or permanent resident status.

Editor: Rochelle Hodes, J.D., LL.M. The ability to defer taxes on exchanges of like-kind property dates back to the Revenue Act of 1921, P.L. 67-98. Sec. 1031, the current statutory authority relating ...

A Sec. 645 election can streamline tax reporting and offer other tax advantages when a client with a living revocable trust dies. Read about the requirements for making a Sec. 645 election, the tax ...

Sample de minimis expensing policy 1. Purpose This accounting policy establishes the minimum cost (capitalization amount) that shall be used to determine the capital assets to be recorded in our books ...

Qualified small business stock: Gray areas in estate planning Gain exclusion under Sec. 1202 can be an attractive wealth-transfer strategy, but it is marked by a dearth of IRS guidance and consequent ...

It is important to know which provisions are expiring so taxpayers can be prepared to maximize their tax savings in case the provisions sunset as currently scheduled.

Deductions may be claimed for business-related meals and entertainment if taxpayers heed these rules and limitations.

Examples illustrate how to apply the revised AICPA Statements on Standards for Tax Services, which go into effect in January 2024.