Insights by Author: RSM US LLP

The Future of the SALT Cap: Ways You Can Prepare Now for Potential Scenarios

October 16, 2024

The SALT deduction’s future is uncertain ahead of its scheduled sunset at the end of 2025. Here’s how taxpayers can prepare for potential outcomes.

Read this Insight...

California Suspends NOLs and Caps Credit Usage for Three Years

July 2, 2024

California’s FY25 budget includes billions from limiting net operating losses and tax credits, as well as the reversal of the Microsoft decision.

Read this Insight...

IRS Releases 2024 Retirement Plan Limitations

November 6, 2023

Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.

Read this Insight...

Revenue Recognition for Franchisors

September 15, 2023

In 2014, the FASB issued new revenue recognition guidance that replaces most pre-existing revenue recognition guidance, including industry-specific guidance, in U.S. GAAP.

Read this Insight...

What does SECURE 2.0 mean for small employers?

March 20, 2023

SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.

Read this Insight...

10 smart moves for real estate investors and operators at year’s end

November 17, 2022

As we close the books on 2022, RSM’s real estate senior analyst Scott Helberg shares 10 important year-end resolutions for real estate investors to consider

Read this Insight...

Fed Raises Its Policy Rate by 75 Basis Points as It Prepares to Slow Pace of Hikes

November 2, 2022

The Federal Reserve increased its policy rate by 75 basis points on Wednesday to a range between 3.75% and 4% as it hinted at slowing the pace of its hikes.

Read this Insight...

What Is an S-Corp Election?

October 27, 2022

Business owners often struggle with determining the optimal legal structure and tax treatment for their business. This video will explain an S-Corp tax election and how it may benefit you and your business.

Read this Insight...

IRS Grants Failure to File Penalty Relief for 2019 and 2020 Returns

August 30, 2022

Executive Summary The IRS released Notice 2022-36 providing relief for certain taxpayers from certain failure to…

Read this Insight...

The Price of War: Risks Around the Inflation Outlook

May 10, 2022

While we expect the annual inflation rate to peak this quarter as comparisons to the lower…

Read this Insight...

DOL Withdraws Independent Contractor Rule

The Department of Labor recently withdrew the “Independent Contractor Status Under the Fair Labor Standards Act” ...
Read this insight

IRS Relaxes FSA and DCAP Rules

The IRS is providing some leeway to employee benefit plans offering health flexible spending accounts (FSAs) ...
Read this insight

How Nonprofits Should Handle Tax Form 990

Form 990, Return of Organization Exempt From Income Tax, is the IRS’ method of evaluation to ...
Read this insight

Hidden Tax Break: Meal Deductions Get a Boost

The Consolidated Appropriations Act, 2021 contained a provision designed to give a boost to the restaurant ...
Read this insight

COVID-19 Resource Guide: Everything You Need in One Place

Office Updates While BPW is categorized as an essential business due to the importance of tax ...
Read this insight

BPW Moves Forward with April 15 Deadline

The IRS and California Franchise Tax Board recently announced that the income tax filing deadline for ...
Read this insight

New Stimulus Package: What You Need to Know

The third stimulus package valued at $1.9 trillion made its debut last week after President Biden ...
Read this insight

Erroneous Notices from the IRS and States

Many clients have received CP59 Notices notifying them about missing Forms 1040 for the tax year 2019. In ...
Read this insight

New Benefit Plan Auditing Standards Effective Date Extended

Another pandemic-powered delay is pushing the effective date back for new standards related to audits of ...
Read this insight

To Port or Not to Port: Is Filing for Portability Right for You?

The option of portability when planning your estate could make a substantial difference come tax time, ...
Read this insight

Top 10 Ways Accounting Services Can Grow Your Business

Any successful business will tell you that having excellent accounting is the secret ingredient to growing ...
Read this insight

Update on Coronavirus Relief Programs

New Tax Relief & Grants will Support Businesses Impacted by COVID-19 As businesses and taxpayers continue to feel ...
Read this insight