Tax Law News and Insights

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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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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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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