Requested guidance can be provided through modifications to Rev. Proc. 2025-28 and/or other published guidance.

The convergence of accelerating inflation and heightened tariff costs creates optimal conditions for adopting LIFO, but taxpayers need to understand the benefits and act promptly.

Early termination of the clean energy investment credits for solar and wind under the law known as the One Big Beautiful Bill Act means projects must start construction by July 4, 2026.

The notice provides an optional interim simplified method of determining whether a corporation is an applicable corporation for purposes of the corporate AMT and relief from the Sec. 6655 penalty for ...

Every fall, students all over the country set off to attend various colleges and universities. With the rising cost of higher education, many of these students are looking forward to receiving some ...

Only certain types of trusts are permitted to hold an interest in an S corporation. Two of these are an electing small business trust, or ESBT, and a qualified Subchapter S trust, or QSST. An ESBT is ...

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 ...

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 ...

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 Internal Revenue Code is a labyrinth — you might think that you have visited every room only to discover an opening that leads to yet another maze to explore. Rental real estate activities are ...

Planning with revocable trusts has become increasingly popular in recent years. In many instances, the motives for using a revocable trust are nontax and include avoiding probate, asset protection ...