Only one dependency exemption is allowed for a qualifying child and, since a single exemption cannot be shared, only one parent may claim it. As a result, there is often confusion and/or conflict between the parents.
February 2009 - The Tax Adviser
FOREIGN INCOME & TAXPAYERS
Tips for Preparing the Form 5471 for Controlled Foreign Corporations
This article gives an overview of the issues faced by practitioners when preparing Form 5471 and can serve as a roadmap to the potential problems and traps for the unwary.
FOREIGN INCOME & TAXPAYERS
IRS Focuses on Form 1042 Examinations
In July 2008, the IRS issued a new Internal Revenue Manual (IRM) section that provides for an increased level of focus by IRS examiners to examine and enforce the statutory requirements for withholding and the related compliance reporting of FDAP-type payments to foreign persons.
partners & partnerships
Current Developments in Partners and Partnerships
This article reviews and analyzes recent rulings and decisions involving partnerships.
Tax Clinic
ESTATES, TRUSTS & GIFTS
FOREIGN INCOME & TAXPAYERS
PRACTICE & PROCEDURES
STATE & LOCAL TAXES
TAX ACCOUNTING
employee benefits & pensions
procedure & administration
Column
DC CURRENTS
NEWS NOTES
PRACTICE MANAGEMENT
2024 tax software survey
To get through the rigors of tax season, CPAs depend on their tax preparation software. Here's how they rate the leading professional products.
