Congress recently extended the bonus depreciation provision for five years and expanded the definition of property eligible for bonus depreciation to include certain improvements classified as 39-year recovery property.

Republicans on the Ways and Means Committee emerged from a two-day retreat pledging to work with the administration on developing a unified tax plan based on the blueprint released by...

The Eighth Circuit Court of Appeals upheld a Tax Court decision sustaining deficiencies and penalties against taxpayers who sought to use their self-directed IRA plans to fund a business venture.

Congress will have just a few work weeks left to address the 50-plus tax provisions that expired at the end of 2013.

The House of Representatives and the Senate returned to Washington on Jan. 6 after a holiday recess, but nontax issues like unemployment insurance and poverty are likely to dominate debate in Congress at least in the near-term.

The Fifth Circuit Court of Appeals has affirmed the Tax Court decision in Vest v. Commissioner that an individual could not deduct expenses for investigating his father's death because the activity lacked...

In Hann v. U.S., 120 AFTR 2d 2017-5518 (2017), the taxpayer, an individual, exercised stock options in his employer's stock that were immediately sold after the exercise as part of an initial...

The IRS issued final regulations (T.D. 9681) on July 22 that adopt proposed regulations concerning the deductibility of start-up expenditures under Section 195.

The IRS recently released final regulations addressing the tax treatment of the entertainment use of business aircraft.

The IRS recently issued final regulations (T.D. 9641) to provide guidance on permitted midyear reductions or suspensions of safe harbor contributions to Sections 401(k) and 403(b) plans.

The House and Senate tax writing committees have approved different packages of revenue offsets to pay for a short-term extension of highway funding.

House Republicans released a task force report last week that recommended repealing the Affordable Care Act and replacing it with a refundable tax credit to assist individuals in buying insurance on the open market.

The House of Representatives voted 312 to 119 on July 15 to approve a highway spending bill that would raise $5 billion with a revenue title that expands reporting on mortgage interest...

The House Ways and Means Committee passed a series of bills last week that would permanently extend six of the 50-plus tax provisions that expired at the end of 2014.

The idea of a reduced rate for IP has gained traction in recent months. It's meant to encourage the development and retention of IP in the United States and discourage foreign takeovers of U.S. companies for tax purposes.

The Court of Justice of the European Union and the UK's higher Courts continue with their summer vacations but the First-tier Tax Tribunal has been busy with a few decisions.

The IRS has concluded in a technical advice memorandum (TAM 2013-21-019) that a debtor incurred income from the discharge of indebtedness when a court order terminated the creditor’s rights to seek any amounts related to the debt.

The IRS has determined in a technical advice memorandum that a special rule for government contracts eliminates the requirement that DPGRs must be attributable to the disposition of qualifying production property.

In partially redacted field attorney advice (FAA 20132101F), the IRS has determined that a partnership continued in the form of a new local law entity after a series of transactions.

The IRS has concluded in an internal legal memorandum that certain debt instruments issued by a taxpayer constituted an offsetting position in a straddle under Section 1092 and the regulations.