Taxpayers are shifting back toward human tax professionals, with trust in AI for filing slipping across every generation, ...

The convergence of accelerating inflation and heightened tariff costs creates optimal conditions for adopting LIFO, but taxpayers need to understand the benefits and act promptly.

The Tax Adviser—the magazine of planning, trends, and techniques—reports and explains federal tax issues to tax practitioners.

Requested guidance can be provided through modifications to Rev. Proc. 2025-28 and/or other published guidance.

Planning with revocable trusts has become increasingly popular in recent years. In many instances, the motives for using a revocable trust are nontax and include avoiding probate, asset protection ...

The basic rule for when a partner recognizes gain as a result of a distribution is found in Sec. 731(a)(1), which applies to both current distributions (from current income and activities) and ...

Lottery fever remains at a high level lately, thanks in part to jackpots that sometimes exceed $1 billion, including the $1.334 billion Mega Millions winning ticket sold in July to individuals in ...

Undocumented immigrants venture to the United States from all parts of the world and endure enormous challenges in their new life, ranging from cultural ones to those that are language–oriented in ...

An advance of money by a member to a limited liability company (LLC) classified as a partnership may be in the form of a capital contribution or a loan. This distinction has significant tax ...

First, ordinary income and such undistributed income of the trust for prior years; Second, capital gain (including unrecaptured Sec. 1250 gain and gain on collectibles taxed at 28%) and such ...

The Internal Revenue Code is a labyrinth — you might think that you have visited every room only to discover an opening that leads to yet another maze to explore. Rental real estate activities are ...