The Tax Professionals Blog
Highlights of the Internal Revenue Bulletin 202...
IRS Bulletin 2024-31 highlights key updates including proposed regulations on credit/debit card payments, new reporting rules for digital assets, and changes to overpayment interest recovery and asset allocation.
Read MoreCompleted Gift v. De Facto Life Estate
When transferring a home, the tax impact varies if it’s a completed gift or a de facto life estate. This article covers the implications for both scenarios, including Section 121...
Read MoreHighlights of the Internal Revenue Bulletin 202...
IRS Bulletin 2024-30 highlights updates including new specs for information returns, percentage depletion for marginal properties, and final regulations on conservation contribution deductions and accounting methods.
Read MoreGifting vs. Inheritance
Understanding the tax implications of transferring property as a gift or inheritance is crucial. This article explains the basis concept, taxation differences, and effects of title holding, with practical examples.
Read MoreHighlights of Internal Revenue Bulletin 2024-28...
IRS Bulletin No. 2024-29 highlights key updates for tax professionals, including transitional relief for brokers handling digital assets, excise tax regulations on stock repurchases, and revocation of certain 501(c)(3) statuses.
Read MoreGambling Gotchas
There are far more tax issues related to gambling than one might expect, and they may impact taxes in more ways than one might believe. This article provides a rundown...
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