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 ...

ASC Topic 740 formerly had one set of reporting requirements for public entities and another for nonpublic entities. In its update, FASB removed reference to public entities throughout and replaced it ...

Sec. 6673(a)(1) authorizes the Tax Court to impose a penalty not in excess of $25,000 whenever it appears that (1) the taxpayer has instituted or maintained proceedings primarily for delay; (2) the ...

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.

Editor: Michael J. Mondelli, J.D. The IRS Whistleblower Program plays a critical role in identifying tax noncompliance. Since its inception in 2007, it has led to the collection of over $7 billion in ...

Michelle is a managing director, Wealth Management, at Choreo in Duluth, Minn. She specializes in financial planning, retirement planning, and investment strategies, working with ultra-high-net-worth ...

In Beaverdam Creek Holdings, the taxpayer claimed a nearly $22 million noncash charitable contribution deduction for donating a conservation easement on undeveloped land in Georgia. The easement ...

While most of the pre–OBBBA Sec. 1202 rules remain untouched, several alterations did occur that tax practitioners, business owners, and investors might find interesting and potentially lucrative.

In an accounting practice, the engagement letter is a fundamental document that formalizes the agreement between the accountant and the client. It is a critical tool for establishing transparency and ...

The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to establish an ABLE program to assist persons with disabilities in building up tax–free (or in some cases tax–deferred) ...