Update on the Corporate Transparency Act: Court Suspends Reporting Requirements for Businesses
Less than one month before the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting deadline, a U.S. District Court ruled that requirements exceed Congress’s authority under the Commerce Clause...
Year-End Tax Planning for Businesses
After a few years of relatively mild tax changes for most businesses, post-election results provide more clarity on the direction of future policy—with a confluence of expiring tax provisions, a...
Corporate Transparency Act: What Small Businesses and Trusts Need to Know About New Reporting Requirements
Effective January 1, 2024, millions of privately-owned non-exempt corporations, limited liability companies and limited partnerships will be subject to new reporting obligations under the Corporate Transparency Act (CTA), a new...
2022 Year-End Tax Planning for Businesses
It’s the time of year when we’re immersing ourselves in fall sports, thinking about the holiday season, preparing budgets for next year, and of course, planning year-end tax strategies....
The Inflation Reduction Act and What It Means for You
The Inflation Reduction Act (the Act) was recently signed into law on Aug. 16 and contains a number of provisions to increase IRS funding, raise taxes on large corporations, incentivize...
Important Changes to California’s Elective Pass-Through Entity Tax
California recently revised its SALT cap workaround to be more appealing for qualifying owners of S corporations and partnerships. On February 9, California’s governor signed into law Senate Bill 113...
Employees in Other States? Here are the Top Tax Implications to Consider
Return-to-office plans remain in a state of limbo as some employers find that a remote work strategy is a viable option long term. What are the tax implications for businesses...
Year-End Tax Planning for Businesses
2021 brought a wave of new tax changes for businesses, and 2022 could bring yet another surge. With the end of the year in sight, there’s a window of opportunity...
On Your Mark, Small Businesses: Get Set to Reserve the 2021 Main Street Hiring Credit
The Main Street Hiring Credit has been reenacted for 2021, bringing financial relief to small businesses disrupted by COVID. Qualifying small businesses can reserve their credit between Nov. 1 –...
How to Claim the Employee Retention Tax Credit
Congress created an employee retention tax credit to retain employees on their payroll during the pandemic. Recent updates to the incentive have made it even more appealing for businesses.Originally introduced...
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 all cases we reviewed, the 2019 Forms 1040 were timely e-filed with proof of...
Year-End Tax Planning for Businesses
Many businesses remain steeped in financial, operational, and HR challenges related to the COVID-19 crisis, but businesses cannot afford to neglect proper tax planning this year. With only a few...
Tax Considerations for Today’s Mergers & Acquisitions
In the midst of continued uncertainty oscillating in the global market, opportunities emerge in times of challenge for market consolidation and distressed acquisitions.As these deals take shape, it is important...
The CARES Act: An Overview for Businesses
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, making it the largest emergency stimulus package in the history of the United...
IRS Released Guidance on Meal and Entertainment Expense Deductions
In recently-proposed regulations, the IRS states that, in general, taxpayers can deduct 50% of the ordinary food and beverage expenses necessary for operating their trade or business. Similar to before, the...
IRS Issued Final Guidance on 199A Deduction for Pass-Through Entities
Forecasting, Finance, Calculator, Budget, Home Finances, Coffee, In a highly-anticipated release, the IRS provided a final set of guidelines for a complex area of the tax reform—Section 199A, the 20...
Year-End Tax Update for Businesses
As we look at taxes through a new lens this year, the Tax Cuts and Jobs Act brings a number of valuable tax-saving planning opportunities to businesses. In general, most...
How Tax Reform Affects Fringe Benefits
The Tax Cuts and Jobs Act (the Act) cut tax rates for both individuals and businesses, effective for tax years after December 31, 2017. As part of the package, some...
Safe Harbor for R&D Costs on Audited Financial Statements
Determining the correct research and development costs (R&D) can be a complex process for both taxpayers and examiners. In an effort to ease the burden, the IRS issued Directive LB&I-04-0917-005...
Year-End Tax Planning for Businesses
With the release of the Trump administration’s tax reform proposal, new legislation and traditional year-end opportunities approaching, tax planning could be challenging, but there may be significant, tax-saving opportunities to...