A question all CPAs and financial advisers need to be asking their clients is: “If you were to need long–term care (LTC), either at home or in a facility, how would you pay for it?” Many people ...

Trusts and estates may benefit from the “unlimited” charitable income tax deduction under Sec. 642(c), which may be especially attractive to a philanthropic grantor seeking to completely eliminate ...

The midyear change follows an increase in gasoline prices, according to the IRS. It is the first such midyear adjustment since 2022. The final regulations target arrangements that the IRS says ...

A signing tax return preparer may not rely on advice given by third parties who lack appropriate credentials to provide such advice or from third parties who have been disciplined for providing ...

Clients are starting to receive 2019 Forms 990-T, Exempt Organization Business Income Tax Return, with tax due from the sale of publicly traded partnerships (PTPs) owned within individual retirement ...

Every tax return has to be signed, so why is signing them so confusing? Putting pen to a paper tax return for a “wet signature” is simple enough, but 130 million individual income tax filers don’t ...

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 ...

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) ...

On occasion, taxpayers holding investments in foreign financial assets or with foreign financial institutions may find themselves in the uncomfortable position of realizing that they have failed to ...

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 ...

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 ...

One of the more confusing aspects of taxation is the federal mandate for a business to charge interest on loans to or from its owners. This is primarily targeted at ...