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AICPA Applauds Passage Of Tax Administration Bills In The House
The American Institute of CPAs in a March 31 letter to House of Representatives voiced its “strong support” for a series of tax administration bills passed in recent days....

Value Claimed on Tax Return Exceeded Valuation of Easement; Liable for Misstatement Penalty (Ranch Springs, LLC, TC)
The Tax Court ruled that the value claimed on a taxpayer’s return exceeded the value of a conversation easement by 7,694 percent. The taxpayer was a limited liability company, classified as a TEFRA ...

Population Figures Provided for Calculating Low-Income Housing Tax Credits (Notice 2025-18)
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the proper p...

QTIP Value Includible in Gross Estate Not Reduced by Settlement (Kalikow Est., CA-2)
The value of assets of a qualified terminable interest property (QTIP) trust includible in a decedent's gross estate was not reduced by the amount of a settlement intended to compensate the decedent f...

Individual Not Entitled to Forfeiture Loss Deduction for Public Policy Reasons (Hampton, TCM)
An individual was not entitled to deduct flowthrough loss from the forfeiture of his S Corporation’s portion of funds seized by the U.S. Marshals Service for public policy reasons. The taxpayer plea...

Major tax changes expected under Trump Administration
One month after the presidential election, taxpayers are learning more about President-elect Donald Trump’s tax proposals for his administration. Although exact details, including legislative langua...

Are IRS Q&As authoritative guidance?
The Tax Code is among the most complex of all federal statutes. To explain the Code, the IRS issues guidance. Recently, the IRS has used the “Frequently Asked Question (FAQ)” format to explain som...

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