The Tax Adviser

IRS Practice & Procedure

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Thursday, including maximum contribution amounts for 401(k) plans and traditional and Roth ...
The Tax Adviser

Foreign financial asset filing requirements: Coming into compliance

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 Tax Adviser

Strategies for Minimizing the Impact of Income in Respect of a Decedent

Advisers focused on private clients commonly overlook planning for the income and estate taxes on income in respect of a decedent (IRD). This item discusses issues created by IRD and presents ...
The Tax Adviser

Revocable trusts and the grantor’s death: Planning and pitfalls

Planning with revocable trusts has become increasingly popular in recent years. In many instances, the motives for using a revocable trust are nontax and include avoiding probate, asset protection ...
The Tax Adviser

Beware the personal holding company tax

Editor: Valrie Chambers, CPA, Ph.D. Congress reduced the highest rate of income tax on corporations from 35% to 21% in the law known as the Tax Cuts and Jobs Act, P.L. 115-97. At the same time, the ...
The Tax Adviser

Reporting Trust and Estate Distributions to Foreign Beneficiaries (Part I)

As the world becomes more mobile, practitioners and fiduciaries must be familiar with international tax issues, including the complex withholding and reporting requirements that arise when U.S. trusts ...
The Tax Adviser

Current developments in S corporations

A binding, nonjudicial settlement agreement, where available under state law, offers a practical alternative to a probate court ruling to revise a trust’s terms to comply with requirements to be a ...
The Tax Adviser

Taxation of undocumented immigrants

Undocumented immigrants venture to the United States from all parts of the world and endure enormous challenges in their new life, ranging from cultural ones to those that are language–oriented in ...
The Tax Adviser

Avoiding an accuracy-related penalty through the reasonable-cause exception

Whether a taxpayer is subject to an accuracy-related penalty due to an understatement of tax is the most-litigated tax issue in recent years. Although the IRS wins a large majority of cases on this ...
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

Qualified improvement property and bonus depreciation

Qualified improvement property (QIP) is any improvement that is Sec. 1250 property made by the taxpayer to an interior portion of a nonresidential building placed in service after the date the ...
The Tax Adviser

Sorting the tax consequences of settlements and judgments

During the normal course of business, a taxpayer may find itself the recipient or payer of a settlement or judgment as a result of litigation or arbitration. The federal tax implications of a ...