This article outlines a five-step process for calculating a corporate partner’s distributive share related to the application of the corporate alternative minimum tax imposed on an applicable ...

The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.

The new safe-harbor guidance for digital asset transaction reporting in Rev. Proc. 2024-28 goes into effect Jan. 1, 2025. This article explains how taxpayers may rely on the safe harbor to allocate ...

A single-member limited liability company can adopt a variety of tax classifications to fulfill desired business purposes, besides conferring limited liability protection on its owner. This item ...

The limited partner exception does not apply to a partner in a state-law limited partnership that is limited in name only, the Tax Court holds.

In addition to the guidance on the plan, the letter recommends that Treasury and the IRS continue pursuing tax simplification. IRS commissioner Danny Werfel promised “marked improvement” for the ...

Sales and use tax compliance has been complicated by nexus expansion. In this sponsored report we provide an overview of this issue and include a handy state-by-state summary of click-through nexus or ...

S corporation stock was not subject to a substantial risk of forfeiture because the stock forfeiture provision was unlikely to be enforced.

The IRS issued final regulations on the rules that apply when an election under Sec. 336(e) is made. The IRS announced changes in the filing requirements for Schedule M-3, Net Income (Loss) ...