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 ...

This article discusses the rules governing safe-harbor allocations, the rules governing targeted allocations, and reasons for the use of targeted allocations. The IRS announced changes in the filing ...

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 ...

States vary in their treatment of partnership adjustments made under the centralized partnership audit regime instituted by the Bipartisan Budget Act of 2015.

Payments to ex-wife and divorce lawyer do not increase taxpayer’s basis in an LLC. A number of issues must be considered when reviewing the organizational documents for a limited liability company, ...