The Tax Adviser

Digital asset transactions: Broker reporting, amount realized, and basis

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.
The Tax Adviser

Preparer’s intent to evade tax extends taxpayer’s limitation period

Stephanie Murrin underpaid her taxes from 1993 to 1999 because her tax preparer, Duane Howell, placed false or fraudulent entries on her tax returns with an intent to evade tax. Murrin did not intend ...
The Tax Adviser

Tax-advantaged ABLE accounts for disabled individuals

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) ...
The Tax Adviser

Applying updated ASC Topic 740 requirements for the income tax footnote

In an effort to increase the transparency and usefulness of the income tax footnote disclosures, FASB promulgated Accounting ...
The Tax Adviser

Notice 2025-27 provides interim guidance on corporate AMT

The notice provides an optional interim simplified method of determining whether a corporation is an applicable corporation for purposes of the corporate AMT and relief from the Sec. 6655 penalty for ...
The Tax Adviser

How a CPA and wealth adviser partnership can guide families through transition

A It’s more prevalent and often emerges earlier than many realize. According to the U.S. Census Bureau, the average age of widowhood in the United States is approximately 59, an age when many couples ...
The Tax Adviser

IRS approves medical deduction for IVF, denies it for surrogacy

(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 ...
The Tax Adviser

QSBS gets a makeover: What tax pros need to know about Sec. 1202’s new look

New legislation has expanded the already advantageous provisions for gain exclusion from a sale of qualified small business ...
The Tax Adviser

The ongoing fight against frivolous tax arguments

Taxpayers who make frivolous arguments in Tax Court risk the imposition of penalties by the court of up to $25,000.
The Tax Adviser

November 2025 - The Tax Adviser

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.
The Tax Adviser

Tax Court applies limited partner functional test for self-employment income

In Soroban Capital Partners, the Tax Court analyzed the roles, responsibilities, and capital contributions of three limited partners in a limited partnership and determined that they were limited ...
The Tax Adviser

Late election relief in recent IRS letter rulings

The IRS may grant a reasonable extension if the taxpayer provides satisfactory evidence of acting reasonably and in good faith and the relief will not prejudice the government’s interests.