Foreign tax credit: Changing from cash to accrual basis
On Dec. 28, 2021, Treasury and the IRS issued final foreign tax credit regulations (T.D. 9959) that were officially published...
Customs duty refunds on transfer-pricing adjustments
Jul 14, 2022
Multinational companies (MNCs) often make periodic (including year-end) transfer-price adjustments to address target profit margins and other considerations pursuant to intercompany agreements and...
IRS extends e-filing to more 1040-series amended returns
Jul 5, 2022
IRS extends e-filing to more 1040-series amended returns Taxpayers are now able to file amended returns electronically in more of...
Illegal tax shelter seller finds no shelter in stock forfeiture provision
Jun 29, 2022
A taxpayer’s stock in an S corporation was not subject to a substantial risk of forfeiture due to a forfeiture...
Tax advice for clients who day-trade stocks
Jun 27, 2022
The proliferation of retail trading has brought challenges as well as new opportunities for accountants. Because the tax rules surrounding...
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