Tax Law News and Insights

Know The Law: With Inherited Homes, Not Understanding Cost Basis Can Cost You

Published: Feb 27, 2024
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Q:  If my children inherit my home, will they need to pay income tax? A:  Inheritance is generally not subject to state or federal income tax. However, the growth in value of inherited assets may be subject to state and federal income tax. Understanding what the cost basis is in the inherited...

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10 Key Elements To Consider In A Transfer Pricing Agreement

Published: Feb 20, 2024
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What is Transfer Pricing? Transfer pricing is a financial and tax accounting practice that determines the prices at which related entities within a corporate group transact with each other for goods, services, intangibles, or financing. These transactions can significantly impact a company's financial statements, tax liabilities, and compliance with tax...

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IRS Opens Registration Portal For The Elective Payment Or Transfer Of Tax Credits

Published: Feb 15, 2024
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The Internal Revenue Service (IRS) recently launched a new online registration portal allowing taxpayers to begin the registration process that must be completed in order for a taxpayer to elect to transfer a credit (under Section 6418) or to receive an elective payment (under Section 6417).1 Taxpayers intending to transfer credits...

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