About 10 years ago, as Nicole Davis, CPA, ordered dinner online, the status updates for her thin-crust pepperoni pizza made her wonder: Would something similar solve the vexing problem of seemingly ...

CPA Nicole Davis built a Tax Return Pizza Tracker and then got a trademark for it. Now she has big plans for a companion app that would touch almost every task in a tax firm.

Each year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be deducted as a repair expense or capitalized. Of all the ...

An S corporation can use a planning strategy to defer gain recognition through the use of a qualifying installment obligation and a covenant not to compete. The examples below illustrate this strategy ...

Editor: Kevin D. Anderson, CPA, J.D. In an increasingly global economy, workers are experiencing unprecedented mobility. As such, Americans living abroad, even for a limited time, often participate in ...

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 ...

In State of New Jersey v. Bessent, 2 the Second Circuit upheld IRS regulations that significantly limit the deductibility of contributions to state–administered charitable programs when taxpayers ...

Only certain types of trusts are permitted to hold an interest in an S corporation. Two of these are an electing small business trust, or ESBT, and a qualified Subchapter S trust, or QSST. An ESBT is ...

Heightened inflation and increased tariffs have created a unique opportunity for taxpayers to adopt the last-in, first-out (LIFO) inventory accounting method. This article explains why acting now can ...

On occasion, taxpayers holding investments in foreign financial assets or with foreign financial institutions may find themselves in the uncomfortable position of realizing that they have failed to ...

The deductibility of state and local (SALT) taxes has been at the center of tax debates since the original $10,000 cap on the individual deduction was introduced by 2017’s Tax Cuts and Jobs Act (TCJA) ...

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 ...