Taxes

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Latest Taxes News

Tax Return Disclosures Avoid IRS Penalties, Ease Or Prevent Audits

Tax advisers use the term 'disclosure' frequently, and it can sometimes have a negative connotation. Many people do not want…

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Unrealized Gain Tax—A Coming Sea Change in FY2025 Budget Proposal?

In President Joe Biden’s proposal in the Fiscal Year 2025 Budget of the United States Government, and more specifically in…

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Consider Your Commute To Work During A Job Search

Recent attention to “super commuters”—those rare people who live in one city and work in another—raises questions of more mundane…

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President Biden Has Proposed Tax Increases. Here Are 6 Of Them

President Joe Biden is thinking big when it comes to his budget and the taxes that are needed to pay…

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Foreign Entity Of Concern And Other Geographical Problems Remain For EVs

Some Floridians have long been huge fans of one kind of electric vehicle that has a top speed of 35…

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5 Things You Should Know Now About IRS Form 5472

Certain corporations (both U.S. and foreign) and certain foreign-owned U.S. disregarded entities must file IRS Form 5472, Information Return of…

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New Laws And Budget Proposals—Including One That’s Out Of This World

This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in…

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D.C. Cir. Finds IRS Summons Prevents Qualified Amended Return Defense

The IRS frequently imposes penalties against taxpayers who file incorrect tax returns. And these accuracy-related penalties can be steep, representing…

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Oh, La La! Pennsylvania Court Rules Perrier Is A Soft Drink—And Taxable

Sales tax on food and beverages can be complicated. While five states do not have a sales tax (Alaska, Delaware,…

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IRS Suffers Another Defeat Related To Civil Penalties In Tax Court

The IRS suffered another defeat in the U.S. Tax Court focused on civil penalties and automatic assessments—and taxpayers have last…

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