Michael Rapoport

The IRS issued guidance Monday on how states and territories should nominate rural areas to be designated as qualified opportunity zones eligible for tax breaks.

New corporate tax disclosures will provide investors with some answers to the persistent puzzle of where companies book their profits and pay their taxes—but some pieces of the puzzle are still going to be missing.

The IRS has failed to do enough to crack down on wealthy taxpayers who ignore their obligations to report their foreign-held assets, a Treasury Department watchdog said Tuesday.

Investors are getting a lot more information about an area that’s been a mystery in the past: What goes into companies’ tax bills.

A new tax credit in Israel promises to boost foreign investment from giant tech companies like Nvidia Corp. while addressing a major dilemma: offering such incentives to companies without running afoul of the global minimum tax.

The IRS will resume providing private letter rulings to taxpayers on “significant issues” within their corporate reorganizations and spinoffs under certain circumstances, the agency said Tuesday.

The IRS plan to resume providing individual private letter rulings to taxpayers on “significant issues” within corporate transactions will be a shot in the arm for the agency’s entire letter-ruling process, practitioners said.

The Treasury Department and the IRS want public comments on various aspects of the standards under which manufacturing and refining property will be newly eligible for the bonus depreciation tax break on capital spending, a Treasury official said.

Michael Rapoport covered accounting for The Wall Street Journal's Money & Investing section. He wrote about a wide variety of issues related to accounting, including the accounting industry, accounting and auditing rules and regulation, and accounting fraud.

The Treasury Department and the IRS finalized regulations that modify reporting requirements for sales or exchanges of certain interests in partnerships owning inventory or unrealized receivables.