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 ...

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 ...

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 ...

S corporation shareholders generally prefer dividend distributions of their S corporations’ profits over compensation payments from the S corporations because the compensation payments are subject to ...

Prior to the COVID-19 pandemic, the merger-and-acquisition (M&A) market had a string of years of strong activity. Seemingly overnight, COVID-19 changed the M&A landscape, as many transactions were put ...

Advisers focused on private clients commonly overlook planning for the income and estate taxes on income in respect of a decedent (IRD). This item discusses issues created by IRD and presents ...

Many high-net-worth individual taxpayers are charitably inclined and endeavor to tax-optimize their philanthropic goals. The opportunity for charitable planning in today’s environment is immense and ...

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 ...

When a corporation is sold in an asset sale, a separate sale of a shareholder’s personal goodwill associated with the corporation can result in the gain from the sale of the goodwill being taxed to ...

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. It ...

S corporations are a favored entity structure for their combination of limited liability and passthrough taxation, which prevents double taxation. Shareholders of an S corporation receive compensation ...

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