CEOs need to understand the arm’s-length rules for transactions between commonly controlled entities because of the enormous ...

Reconsidering its earlier holding in the case, the court again held the IRS lacks statutory authority to assess the penalties for failing to file information returns disclosing ownership in foreign ...

Form 7217, Partner’s Report of Property Distributed by a Partnership, debuted for 2024, intended to apprise the IRS of factors in a partner’s basis computation.

The AICPA said Treasury is "headed in the right direction" by suspending enforcement of beneficial ownership information (BOI) reporting requirements and urged it to extend reporting deadlines to at ...

A recent Chief Counsel Advice memo determined that the deductions were disallowed as fines or penalties under Sec. 162(f).

In response to federal changes to net operating losses (NOLs) and fluctuating fiscal conditions, several states have recently enacted noteworthy legislation that changes the amount of state NOL ...

The plain language of Sec. 245A disallowed a dividends-received deduction for a controlled foreign corporation, the IRS ...

The partnership-level adjustment may be required for a substantial built-in loss, except for electing investment partnerships and securitization partnerships.

The Tax Court focused on the taxpayer’s role as president and managing director of the company in which he invested, along with his failure to prove a theft occurred.

Investors holding less than 10% of a controlled foreign corporation (CFC) are generally no longer shielded from double taxation under both the passive foreign investment company and CFC rules.

Students role playing tax preparers and clients can thereby apply their tax knowledge interactively, inculcating critical real-world interpersonal skills.