Tax court held that an electrical engineer was not carrying on a trade or business and could not deduct exploratory research expenditures.
Taxpayer’s issuance of additional debt for cash supports deduction of unamortized costs incurred at earlier issuance.
The Cayman Islands has recently extended, for the final time, the deadline for US FATCA & CRS reporting to Aug. 31, 2017.
New IRS guidance on country-by-country (CbC) reporting highlights useful information and additional resources.
Court holds that gain on sale of interest in U.S. partnership is not taxable, rejecting long-standing IRS guidance.
Tax reform discussions continue despite the ongoing efforts to find consensus on a repeal or replacement of the Affordable Care Act.
The Better Care Reconciliation Act of 2017 is designed to provide states and individuals more health care options.
The proposed regulations provided that nonrecognition treatment would only be available in transactions involving an exchange of net value.