Understanding the interrelationship of transfer pricing and tariffs is key to mitigating the effect of those levies on ...

Under Regs. Sec. 1.987-15, the 2024 final regulations generally apply to tax years beginning after Dec. 31, 2024, as ...

Taxpayers generally must capitalize amounts paid to improve a unit of property. A unit of property is improved if the cost is made for (1) a betterment to the unit of property; (2) a restoration of ...

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. It ...

Planning with revocable trusts has become increasingly popular in recent years. In many instances, the motives for using a revocable trust are nontax and include avoiding probate, asset protection ...

The federal income taxation of gains (and losses) from the disposition of investments in collectible assets (collectibles) is relatively unfamiliar to many practitioners for several reasons. First, ...

Editor: Rochelle Hodes, J.D., LL.M. Expatriation is a major life decision with big tax implications for anybody thinking about giving up their U.S. citizenship or long-term permanent resident status.

Determining when energy property is eligible for a tax credit or deduction hinges on when it is first placed in service, which can be controversial.

Each year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be deducted as a repair expense or capitalized. Of all the ...

This article covers recent significant developments affecting taxation of individuals, including legislative changes, cases, regulations, and other IRS guidance.The items are arranged in Code section ...

A corporate liquidation generally is treated as a sale of the corporation’s assets at fair market value (FMV), and gain or loss is recognized at the corporate level. C corporation liquidation gain is ...

An S corporation, unlike a C corporation, generally escapes income tax at the corporate level; instead, its items of income, deduction, credit, etc., flow through to its shareholders, who calculate ...