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 ...

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 ...

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 ...

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 ...

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 ...

Under Sec. 213(a), taxpayers may deduct expenses paid during the tax year for medical care, provided these expenses are not compensated by insurance or otherwise. The deduction is available for ...

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 ...

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 ...

Many practitioners who counsel business clients, both small and large, are familiar with the difficult challenges that quickly arise when taxes are withheld from employee wages but not turned over to ...

Editor: Kevin D. Anderson, CPA, J.D. In an increasingly global economy, workers are experiencing unprecedented mobility. As such, Americans living abroad, even for a limited time, often participate in ...