The Supreme Court on May 28 declined to hear the appeal of a historic rehabilitation tax credit partnership that claimed the Third Circuit Court of Appeals erred when it held the partnership’s private-sector equity investor was not a bona fide partner and could not claim the rehabilitation tax credits.

President-elect Donald Trump recently announced his intention to nominate financier Steven Mnuchin as Treasury secretary.

The Tax Court has held in Scheiber v. Commissioner (T.C. Memo 2017-32) that an individual's interest in a pension plan was not an asset for purposes of determining the extent of his insolvency under Section 108(d).

The IRS has issued final regulations (T.D. 9785) that define terms in the tax code describing the marital status of taxpayers.

The Treasury Department recently published a notice of proposed rulemaking (REG-139633-08) announcing the withdrawal of proposed regulations that required an exchange of net value...

The provision is largely aimed at supporting two current construction projects that have faltered, but Senate tax writers have made no commitment to pass the bill.

The remedial amendment period allows an eligible employer to retroactively correct defects in the form of its written Section 403(b) plan in order to satisfy the written plan requirements...

The new, virtual option is intended to help taxpayers located in rural areas far from an Appeals office.

The IRS has offered a package of administrative relief for taxpayers affected by Hurricanes Harvey and Irma.

In Situation 1 of the Rev. Rul., Parent owns all the stock of Distributing, which owns all the stock of Controlled. On Date 1, Parent purports to contribute $25x of property of Controlled in...

In Notice 2017-09, the IRS provided guidance on the safe harbor for de minimis and inadvertent errors in amounts reported on information returns.

Senate Republicans have been involved in the high-level discussions, but have been less aggressive in formulating their own proposals.

Oklahoma's legislative session adjourned on May 26, with Gov. Mary Fallin signing a series of measures as a means to temporarily resolve the state's significant budget issues.

The year 2016 may best be remembered as a time when many fundamental issues were set up for dynamic resolution in the coming year.

Top Senate Budget Committee members announced an agreement last week to write a budget that accommodates large tax cuts.

Senate Democrats released a public letter last week offering to work with Republicans on tax reform as long as the bill is revenue neutral and does not use the reconciliation process or provide a tax cut...

In Petersen v. Commissioner, 148 T.C. No. 22 (June 13, 2017), the Tax Court addressed the application of Section 267(a)(2) to an S corporation that maintains an employee stock ownership plan (ESOP).

New final and temporary regulations under Section 385, addressing the treatment of related-party debt, significantly narrow parts of the controversial proposed regulations released in April.

Trump has embraced the concept of a ‘border adjusted' tax, though he stopped short of specifically endorsing the border adjustability provision at the heart of the House Republican tax plan.

Senate Finance Committee ranking minority member Ron Wyden, D-Ore., has released a discussion draft of legislation that would overhaul the tax rules on retirement accounts.