Despite a lack of promissory notes, interest, or repayment terms, the Tax Court treats an owner's advances to his business as loans and its payment of his personal expenses as repayments.
Form 990, which is publicly available, provides an opportunity to attract donors and appeal to other stakeholders by compellingly describing an organization’s purpose and accomplishments.
Bifurcation offers a hedge against outliving retirement benefits.
Print out this quick guide PDF for use during tax season, and look for our quick guide for individual taxpayers in the January 2017 issue.
Forthcoming rules will target separation of related income from foreign-initiated tax adjustments.
Residency and signature authority are key factors.
Clients renting out their properties need to know a few key rules.
Per-diem rates issued for 2016–2017 travel The IRS issued its annual update (Notice 2016-58) of per-diem rates for substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1, 2016. The per-diem rate for the incidental-expenses-only deduction remains unchanged at $5 per day for any
As part of its latest efforts to prevent cybercrime, the IRS said it will begin sending letters to currently registered e-Services users asking them to re-register within 30 days of the date of the letter or risk being shut out of the system.
In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.
IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.
The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.
It can take months to get a nonfiler back into compliance with the IRS.
The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.
The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.
Forming interest charge domestic international sales corporations can save U.S. exporters a great deal of taxes, but many qualifying taxpayers don’t know about them.
Federal and state credits and employer-provided care may help reduce the high cost of child care.
The IRS aims to close a 'loophole' of lapsing rights and restrictions in transfers of family-owned businesses.
A new procedure for claiming a waiver of the 60-day deadline enables an account trustee to accept the rollover.
Know the tax and other requirements for this option to manage risk.