16+ hour, 3+ min ago  (540+ words) Editors: Brian Hagene, CPA, CGMA (CPAmerica), and Susan M. Grais, CPA, J.D., LL.M. (Ernst & Young LLP) For high'income clients, especially those already maxing out 401(k) and profit'sharing contributions, the tax'deferred retirement space can feel frustratingly limited. Enter the cash balance plan " a powerful hybrid…...

16+ hour, 3+ min ago  (498+ words) Editors: Brian Hagene, CPA, CGMA (CPAmerica), and Susan M. Grais, CPA, J.D., LL.M. (Ernst & Young LLP) The IRS and Treasury on Aug. 18, 2025, issued proposed regulations (REG10882225) that would make permanent the safe harbor first provided in Notice 202419 on the reporting of sales or exchanges…...

16+ hour, 3+ min ago  (51+ words) The Tax Adviser is a monthly publication of the American Institute of CPAs, providing tax practitioners with timely, in-depth, practical, and comprehensive information on federal and state tax developments. AICPA members in tax practice assess how their return preparation software…...

16+ hour, 3+ min ago  (240+ words) Editors: Brian Hagene, CPA, CGMA (CPAmerica), and Susan M. Grais, CPA, J.D., LL.M. (Ernst & Young LLP) U.S. citizens and resident aliens are taxed on their worldwide income, regardless of where they live or where the income is earned. This fundamental principle often comes as…...

1+ mon, 16+ hour ago  (283+ words) Editor: Michael J. Mondelli, J.D. QSBS gets a makeover: What tax pros need to know about Sec. 1202s new look The law commonly known as the One Big Beautiful Bill Act (OBBBA), H.R. 1, P.L. 11921, became law on July 4, 2025, bringing significant tax changes to individuals and…...

1+ mon, 16+ hour ago  (192+ words) Final regulations provide comprehensive guidance for tax reporting of transactions involving these increasingly common assets, and the IRS has granted transition relief in key areas. Losing a loved one is one of the most challenging transitions families face. Beyond grief…...

1+ mon, 16+ hour ago  (353+ words) Editor: Michael J. Mondelli, J.D. Notice 202527, issued on June 2, 2025, provides important interim guidance and penalty relief for corporations subject to the corporate alternative minimum tax (corporate AMT). The corporate AMT was enacted by the Inflation Reduction Act of 2022, P.L. 117169, to ensure that large,…...

1+ mon, 16+ hour ago  (390+ words) Editor: Michael J. Mondelli, J.D. In response, the Frenches petitioned the Tax Court for a redetermination. The couple argued that the IRS erred in its determination of their wage and interest income for tax year 2020. At trial, the Frenches again represented themselves....

1+ mon, 16+ hour ago  (211+ words) Editor: Michael J. Mondelli, J.D. 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 medical care of the taxpayer, the taxpayer's spouse,…...

1+ mon, 16+ hour ago  (865+ words) Final regulations provide comprehensive guidance for tax reporting of transactions involving these increasingly common assets, and the IRS has granted transition relief in key areas. In December 2022, Treasury and the IRS stated that they intended to implement the Infrastructure Act…...