May 222 minIRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s EstateThe IRS on March 29 released Rev. Rul. 2023-2, which confirms that the assets of an irrevocable grantor trust not includable in the...
May 102 minU.S. Tax Court Rules IRS Lacks Statutory Authority to Assess Penalties for Failure to File Form 5471The U.S. Tax Court held on April 3, 2023, in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023), that the Internal Revenue Code does...
Apr 254 min2023 Inflation Adjustments Impact Qualified Small Businesses, Business Interest Limitation ExemptionVarious provisions of the Internal Revenue Code that are tied to specified dollar amounts provide that those dollar amounts are to be...