The Tax Adviser—the magazine of planning, trends, and techniques—reports and explains federal tax issues to tax practitioners.

The IRS issued final regulations increasing the cost of an estate tax closing letter to $76 from $56, adopting without change proposed regulations issued in June. The final regulations target ...

Drake Tax and Lacerte swapped places in that order compared to last year’s survey, with Drake Tax dropping 2 percentage points and Lacerte gaining nearly a point. Also notable was CCH Axcess Tax’s ...

This first part of a two–part series on taxpayer rights and Internal Revenue Manual (IRM) procedures addresses questions including whether an anticipated liability can be part of an installment ...

An S corporation can use a planning strategy to defer gain recognition through the use of a qualifying installment obligation and a covenant not to compete. The examples below illustrate this strategy ...

ASC Topic 740 formerly had one set of reporting requirements for public entities and another for nonpublic entities. In its update, FASB removed reference to public entities throughout and replaced it ...

To follow ethical behavior in the accounting profession, CPAs must observe the AICPA Code of Professional Conduct (the AICPA Code). CPAs who perform tax services must also follow the AICPA Statements ...

The IRS may apply the step-transaction doctrine, a rule of substance over form, in a variety of taxpayer circumstances to deny tax benefits derived from a series of transactions that should more ...

The deductibility of state and local (SALT) taxes has been at the center of tax debates since the original $10,000 cap on the individual deduction was introduced by 2017’s Tax Cuts and Jobs Act (TCJA) ...

Editor: Rochelle Hodes, J.D., LL.M. Many real estate transactions, such as the sale of a large apartment complex, involve real property with a substantial personal-property component. Regs. Sec.

The basic rule for when a partner recognizes gain as a result of a distribution is found in Sec. 731(a)(1), which applies to both current distributions (from current income and activities) and ...

Each year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be deducted as a repair expense or capitalized. Of all the ...