Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily. The announcement by Treasury and ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. Generally, taxpayers with a foreign tax redetermination (FTR) must file amended returns to notify the IRS of changes to their ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. Sec. 280G was enacted to address the potential for “golden parachutes” paid in connection with a corporate transaction that ...

The Inflation Reduction Act extended and revised the Sec. 30D new clean vehicle credit and created a tax credit opportunity for used vehicles as well under Sec. 25E. For both credits, eligibility ...

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 ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. Given this uncertainty, taxpayers expecting to have a taxable estate who have the wherewithal and desire to make gifts may ...

Public accounting is a field where challenge meets opportunity, where every day brings the chance to solve problems, forge meaningful relationships, and make a lasting impact. It is a profession that ...

One can argue that understanding a client’s marginal tax rate should be one of the foundations of effective investment management. After all, investors seek to optimize after–tax performance. Some ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. The taxation of the grant of a partnership interest exchanged for services is not a new topic. Partnership interests have been ...

Editors: Alexander J. Brosseau, CPA, and Greg A. Fairbanks, J.D., LL.M. The rise of benchmark interest rates (e.g., the Secured Overnight Financing Rate, SOFR) in recent years has led to higher ...

What do you do when the proverbial “tax man” is coming to collect on tens of billions of deferred gains? As part of the 2017 Tax Cuts and Jobs Act, 1 Congress established the qualified opportunity ...

In February 2024, the IRS announced it would be significantly increasing scrutiny of the use of noncommercial business aircraft by corporations, partnerships, and high–income taxpayers (e.g., business ...