It is important for businesses organized and taxed as regular corporations to maintain a current, accurate accounting of their earnings and profits (E&P).

This article discusses the step-transaction doctrine, the three tests used to determine if it applies, and advice for taxpayers to help avoid an IRS challenge of the tax treatment of a series of ...

The distinctions among betterments, improvements, routine maintenance, and the effects of normal wear and tear are key to determining whether building expenditures are currently deductible or must be ...

Tax advisers can help divorcing couples reach an agreement that divides marital property equitably with respect to taxes and each party’s financial goals.

Today’s low interest rates make charitable lead trusts a more powerful option for tax-efficient estate planning.

Guide to expensing HVAC costs Heating, ventilation, and air conditioning (HVAC) replacement costs can be significant expenses for businesses that own or lease real estate. Find out about how to ...

Qualified small business stock: Gray areas in estate planning Gain exclusion under Sec. 1202 can be an attractive wealth-transfer strategy, but it is marked by a dearth of IRS guidance and consequent ...

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 ...

This two-part article provides a comprehensive review of the rules for determining the taxability of an S corporation’s distributions to its recipient shareholders. Part I provides an overview of the ...

Approval of an S election by the IRS and/or a state jurisdiction does not mean that S corporation status remains safe and sound forever.

The Fifth Circuit’s decision in Grigsby, 86 F.4th 602 (5th Cir. 2023), emphasizes the need for taxpayers to clearly define business components when preparing and documenting their Sec. 41 credit.

This article looks at recent court decisions regarding S corporation shareholder reasonable compensation that provide helpful guidance on how an adviser can determine what is reasonable compensation.