Tax Court Determines Gift Tax Implications for Trust Agreement When a residuary trust was commuted, the Tax Court ruled that the children of the trust’s income beneficiary made a gift to their father. This decision sheds light on how tax
Navigating the IRS Landscape for Businesses: Audits, Appeals, and Resolving Tax Disputes The Internal Revenue Service (IRS) plays a crucial role in business taxation, ensuring compliance with tax laws and regulations. As a business owner, understanding the IRS’s functions, including
Five Time-Sensitive Actions to Take Upon Receiving a Notice of Selection for Examination. Due to the IRS’s increased focus on enforcement, many partnerships may be subject to their first IRS audits under the new, complicated partnership audit rules. Under these