Federal Tax Headlines

The deadline for filing Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) for persons with no financial interest in a foreign…

The value of stock in a closely held corporation (CHC) transferred by a husband and wife to family trusts and a charitable foundation was the…

The IRS has suspended certain requirements under Code Sec. 42 for low-income housing credit projects in order to provide emergency housing to those displaced by…

The Statistics of Income (SOI) Bulletin for spring 2011 is now available. This bulletin features information on high-income individual income tax returns filed for tax…

The Senate on June 14 rejected, by a 40-to-59 margin, a proposal to eliminate tax subsidies for ethanol by repealing the Volumetric Ethanol Excise Tax…

The accuracy-related penalty was properly imposed on a married couple who omitted almost $3.4 million dollars of income from their 115-page federal income tax return.…

A nonresident alien’s U.S. gambling winnings were not exempted from income tax by either the Treaty of Friendship, Commerce and Navigation (FCN treaty) or the…

The IRS has extended the interim guidance provided in Notice 2010-79, I.R.B. 2010-49, 809, as clarified and modified by Notice 2011-4, I.R.B. 2011-2, 282, and…

The IRS has released the 2011 inflation adjustment factor for the carbon dioxide (CO2) sequestration credit. The 2011 inflation-adjusted credit applies to the amount of…

Taxpayers were entitled to exclude 50% of the gain from their sale of corporate stock as gain from the sale of qualified small business stock…