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Latest Tax Alerts

Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More

CFC Partners Required to Increase E&P for Subpart F Inclusions

The upper-tier controlled foreign corporation (CFC) partners of a domestic ... Read More

Proposed Regulations on Reporting Life Insurance Policy Sales and Death Benefit Payments

The IRS has issued proposed regulations on the information reporting ... Read More

National Taxpayer Advocate Nina Olson Announces Retirement

Nina E. Olson, the National Taxpayer Advocate (NTA), has announced ... Read More

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Correction to Penalty Relief for Missing Negative Tax Basis Capital Account Info

By: Donald Sager, CPA, Partner

The IRS has corrected Notice 2019-20, which provided a waiver of penalties under Code Secs. 6722(failure to furnish correct payee statements) and 6698 (failure to file partnership return) for certain partnerships that file and furnish Schedules K-1 to Form 1065 without ... Read More

IRS Extends Passthrough Deduction to Real Estate Rental Activities, Provides Other Guidance

By: Elias Koumniotes, Senior Tax Manager

New IRS guidance fills in several more pieces of the Code Sec. 199A passthrough deduction puzzle. Taxpayers can generally rely on all of these new final and proposed rules. ... Read More

Wyden Urges Treasury, IRS to “Do More” to Waive Underpayment Penalties

By: Andrew Presti, Senior Partner

The Senate’s top Democratic tax writer is calling on the IRS and Treasury to further waive underpayment penalties for the 2018 tax year. Nearly 30 million taxpayers are expected to have underpaid taxes last year, according to the Government Accountability Office ... Read More