Tax Reform and Family Tax Credits

More families will be able to get more money under the newly-revised Child Tax Credit, according to the Internal Revenue Service. The Tax Cuts and Jobs Act (TCJA), the tax reform legislation passed in December 2017, doubled the maximum Child Tax Credit, boosted income...

The Tax Implications of a Foreclosure

The amount realized from a sale or other property disposition includes liabilities “discharged” in the sale or disposition (Reg. §1.1001-2(a)). This rule applies to nonrecourse debt regardless of the fair market value of the property transferred. Thus, even if the...