Many investors in qualified opportunity zones face a large upcoming tax hit when their QOZ deferral ends. They should consider harvesting stock market losses in advance of it.

The Inflation Reduction Act extended and revised the Sec. 30D new clean vehicle credit and created a tax credit opportunity for used vehicles as well under Sec. 25E. For both credits, eligibility ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. Sec. 280G was enacted to address the potential for “golden parachutes” paid in connection with a corporate transaction that ...

President Donald Trump issued an executive order on his first day back in office, rejecting an international initiative to reform how multinational enterprises (MNEs) are taxed. He also left open the ...

Individuals are subject to two income tax systems: the regular income tax and the alternative minimum tax (AMT). Taxpayers must compute their tax under each system and pay the greater of the two ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. The taxation of the grant of a partnership interest exchanged for services is not a new topic. Partnership interests have been ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. Generally, taxpayers with a foreign tax redetermination (FTR) must file amended returns to notify the IRS of changes to their ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. The rise of benchmark interest rates (e.g., the Secured Overnight Financing Rate, SOFR) in recent years has led to higher ...

The Tax Court held that Sec. 6511(b)(2) and Sec. 6512(b)(3) are not subject to equitable tolling, so a taxpayer was not entitled to refunds of overpayments of income tax for his 2014 and 2015 tax ...

Chevron deference has historically carried great weight in the tax world, given that many aspects of tax law are largely administrative law. At the state level, state tax agencies have amassed and ...

Public accounting is a field where challenge meets opportunity, where every day brings the chance to solve problems, forge meaningful relationships, and make a lasting impact. It is a profession that ...

In February 2024, the IRS announced it would be significantly increasing scrutiny of the use of noncommercial business aircraft by corporations, partnerships, and high–income taxpayers (e.g., business ...