The Tax Adviser

Managing tax practices in response to new legislation

Firms can follow these guidelines to position themselves as the trusted advisers clients need to navigate the many tax law changes in H.R. 1.
The Tax Adviser

Planning to preserve assets while providing long-term-care options

High costs of long-term care necessitate discussions with clients of strategies to most effectively cover this contingency.
The Tax Adviser

Only deductible W-2 wages used in determining Sec. 199A deduction

Only deductible W-2 wages are included in calculating a taxpayer’s Sec. 199A qualified business income deduction.
The Tax Adviser

Supercharging retirement: Tax benefits and planning opportunities with cash balance plans

For the right client, these plans can build substantial retirement wealth quickly while offering tax advantages.
The Tax Adviser

Digital asset transactions: Broker reporting, amount realized, and basis

In December 2022, Treasury and the IRS stated that they intended to implement the Infrastructure Act amendments to the Code by issuing new regulations and providing forms and instructions for broker ...
The Tax Adviser

IRS approves medical deduction for IVF, denies it for surrogacy

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 ...
The Tax Adviser

AI’s role in complex tax decisions

John has served as an integral part of Drake Software since 1995 in roles including CFO and CRO. A CPA since 1989, he holds degrees from Oral Roberts University and the University of Tennessee, with ...
The Tax Adviser

Current developments in S corporations

Sec. 1361 sets forth the basic qualifications for S corporation status. Among the most important are the limitation on types of shareholders and restrictions to a single class of stock. Tax Court ...
The Tax Adviser

Global expansion of e-invoicing and digital reporting obligations for nonresidents

Editor: Mary Van Leuven, J.D., LL.M. Mary Van Leuven, J.D., LL.M., is a director, Washington National Tax, at KPMG LLP in Washington, D.C. For additional information ...
The Tax Adviser

Clean fuel production credit: Regulatory roadblocks ahead

Editor: Mary Van Leuven, J.D., LL.M. This item explores two key issues among many that are puzzling industry participants: imported used cooking oil (UCO) and the definition of a qualifying sale, ...
The Tax Adviser

Adequate disclosure on gift tax returns: A requirement for more than gifts

Taxpayers may be subject to the risk that an IRS examination could increase (or create) a gift tax or estate tax liability many years after a gift is made. Practitioners can help clients limit this ...
The Tax Adviser

Deferred revenue: Transactional triggering events

Operating businesses in various industries often receive advance payments for goods or services that will be provided in the future, and the presence of deferred or unearned revenue in a balance sheet ...