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...
Apr 122 minFinal Schedule K-2 and K-3 Instructions Provide Limited Relief for Investment PartnershipsBackground Schedules K-2 and K-3 report items of international relevance. Schedule K-3 is provided to partners along with their Schedule...