On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law after it narrowly passed in the Senate (51-50) and House (218-214). While the new law may have only narrowly passed, it will have widespread impact for almost every taxpayer. From its extension of Tax Cuts...
Read MoreThe One, Big, Beautiful Bill (TOBBB) made more progress this past week as the Senate Finance Committee released its draft tax provisions to be included in the bill. While the Senate’s version is similar to the House version passed in May, key distinctions and certain provisions are still...
Read MoreNot-for-profit organizations, recognized under Section 501(c) of the Internal Revenue Code, are generally exempt from federal income tax. However, not-for-profits with annual gross income above $1,000 stemming from activities unrelated to their exempt purposes — known as unrelated business...
Read MoreUsing a gifting trust is one of the most advantageous ways to protect assets for your family and preserve estate and gift tax exemptions — which may significantly decrease at the end of 2025 as part of the Tax Cuts and Jobs Act expiration, absent enactment of pending legislation that would...
Read MoreDuring the recent legislative session, Washington’s state legislature passed multiple bills, which the governor signed into law on May 20, 2025. The various legislation aims to help address an estimated $16 billion dollar deficit for the state over the next four years. Specifically, Senate...
Read MoreOn April 7, 2025, Maryland passed the Budget Reconciliation and Financing Act of 2025 (House Bill No. 352), making several significant tax changes effective during 2025 and 2026. Specifically, HB 352 will impact many Maryland taxpayers through the creation of a new sales tax on specified...
Read MoreThe House of Representatives’ reconciliation bill — The One, Big, Beautiful Bill (TOBBB) — took another step forward this past week when the House Budget Committee advanced the bill by a vote of 17-16. TOBBB will now go to the House Rules Committee, where changes are expected...
Read MoreCongratulations on the purchase of your new property! Whether this is your first time in the commercial real estate market or your team’s 100th acquisition, the fun really begins the day after the purchase, at least for your accounting team.As your asset management team moves on to the next...
Read MoreThe Cohen & Co team recently returned from the DealMax conference in Las Vegas where representatives of just about every firm involved in the deal world converged to talk M&A. According to event sponsors, over 3,200 professionals attended, representing firms responsible for deploying over...
Read MorePosted by Amber DiulusThere are many different trusts available as a part of estate planning, each constructed in different ways to be the most tax advantageous depending on you and your family’s situations and assets. Two types of trusts, Irrevocable Life Insurance Trusts (ILITs) and...
Read MoreAs a start-up company in the technology sector, you likely will encounter a range of complex accounting and tax challenges due to the fast-paced nature of the industry, ongoing product development, and the distinct ways companies in this space are structured and financed. These factors can all...
Read MorePosted by Dale Hazzard and Hannah PrenglerBeginning January 1, 2025, Pennsylvania requires nearly all types of domestic and foreign entities located or doing business in Pennsylvania to file an annual report. Below highlights what your business needs to know.1. Which Entities Must File an Annual...
Read MoreOur Trust & Taxes 101 series explains how Electing Small Business Trusts can be useful to business owners in passing their S Corporation onto beneficiaries.
Read MoreTechnology and life sciences companies often have aggressive growth strategies centered on scalable software or products. To achieve their ambitious goals, these companies typically require multiple rounds of investment capital, sourced from friends and family, angel investors and venture capital...
Read MoreCohen & Co is proud to announce Angela Bacarella-Wood has joined the firm's Detroit, Michigan, office as an assurance partner.Angela brings nearly 25 years of assurance experience in a variety of areas. Her in-depth background includes both private and public company audits, large...
Read MoreThe estate tax exemption is set to drop significantly after the Tax Cuts and Jobs Act (TCJA) provisions expire at the end of 2025. And while the results of the November 2024 election mean it’s possible those tax provisions could be extended with 2025 legislation, it’s also possible...
Read MoreImagine a world where Artificial Intelligence (AI) drives your business to new heights. This isn't a distant dream — it's happening now as AI is revolutionizing industries across the globe. Yet, many companies are still on the sidelines, unsure how to begin their AI journey. In this...
Read MoreGovernor Gretchen Whitmer recently bolstered her commitment to businesses with the enactment of Public Acts 186 and 187, which establish a Michigan research and development (R&D) tax credit. This new legislation incentivizes innovation, growth and investments within the state, allowing for an...
Read MoreThis past year certainly kept business and individual taxpayers on their toes. Beneficial ownership information (BOI) reporting topics overwhelmingly took precedence for our blog readers. Grant audits — a specialized financial audit many organizations find themselves facing after receiving...
Read MoreSince its implementation on January 1, 2019, the FASB Accounting Standards Codification (ASC) 606 has significantly impacted how privately owned software and Software-as-a-Service (SaaS) companies recognize revenue. Six years later, in 2025, these businesses continue to grapple with the...
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