by usoftax_admin | Jul 23, 2024 | Tax News
The D.C. Circuit found Tuesday that a Canadian citizen’s $6.5 million in gains from her sale of a U.S. partnership interest in a company that sold 5-hour Energy drinks was not federally taxable as inventory income, reversing a U.S. Tax Court ruling. by usoftax_admin | Jul 23, 2024 | Tax News
The Internal Revenue Service issued a handful of corrections Tuesday to two notices of proposed rulemaking, one regarding certain partnership related-party basis adjustment transactions and the other interest capitalization requirements for improvements to designated... by usoftax_admin | Jul 22, 2024 | Tax News
As momentum around the House-passed tax break bill has fizzled and election season ramps up, tax experts hope lawmakers use what little time they have left to extend expired research tax breaks, approve the Taiwanese tax agreement and pass disaster relief before the... by usoftax_admin | Jul 22, 2024 | Tax News
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice. by usoftax_admin | Jul 22, 2024 | Tax News
The American Institute of Certified Public Accountants said Monday that it endorsed a congressional proposal that would apply what is known as the mailbox rule to electronically submitted tax returns and shift the deadlines for estimated tax payments to intervals that...