The IRS Office of Chief Counsel advised in a Chief Counsel Advice memorandum (CCA) that generally, for tax years 2018 through 2025, only transactions entered into for profit qualify as deductible ...

The Internal Revenue Service has issued a chief counsel memorandum that offers guidance on who is eligible to take a theft loss deduction for scams. The memorandum, No. 202511015, released March 25, ...

Forbes contributors publish independent expert analyses and insights. Matthew Roberts is a tax attorney who covers tax litigation and fraud. Federal income tax laws have allowed theft loss deductions ...

U.S. Comptroller of the Currency John Dugan said the “incurred loss” model banks use to account for loan losses may need to be changed to a more counter-cyclical approach that would allow provisions ...