When your entity receives federal funds, any purchases you make with federal funds, whether goods or services, must adhere to the Uniform Guidance rules outlined in the Code of Federal Regulations (CFR), specifically 2 CFR Part 200. These rules are designed to ensure procurement processes are...
Read MoreOne of the most dreaded replies coming from a professional services provider is, “it depends.” Unfortunately, that’s truly the case when the issue involves the most optimal tax structure for your transaction. This is because, like most things in life, there are many variables...
Read MoreAs the critical Wayfair decision from 2018 continues to unfold in terms of its implications, sales and use tax audits have skyrocketed as states look to recapture critical revenues. If your business is selected for a sales and use tax audit, understanding the process will help you minimize any...
Read MoreEvery year in late spring, a few thousand M&A professionals, including private equity investors, investment bankers, strategic acquirers and operating partners, converge on the annual ACG DealMAX conference in Las Vegas. As the premier M&A event in the U.S., each year we send our own team...
Read MoreA constantly changing tax landscape — from the Marketplace Fairness Act and various uniformity projects, to Wayfair and the digital economy — continues to alter the course of business as usual when it comes to staying compliant with state and local taxes. The current environment has...
Read MoreLearn about commonly used trust structures and key distinctions to help you begin building your trust foundational knowledge.
Read MoreThe “call” for simplification has been answered! We’re talking, of course, about an amendment to FASB’s Accounting Standard Update (ASU), Compensation–Stock Compensation (Topic 718). The amendment clarifies and illustrates when it is appropriate to account for...
Read MoreThe early years of a startup are challenging as you navigate financing, hiring, development and managing operations. If state tax considerations are one of the last things on your business’ to-do list, you’re not alone. With the finite resources that come with starting a company from...
Read MoreIf your fund or portfolio company is considering acquiring a pass-through entity this year, such as an S Corporation, advance planning can be the key to help minimize purchase price adjustments due to a seller’s tax burden. In particular, recently created state elections for pass-through...
Read More** This blog was last updated 8/14/24 **NOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. On December 22, 2023, New York’s governor signed Senate Bill 995B/Assembly Bill 3484A, enacting the New...
Read MoreAs a closely held business owner, the value of your business is one of the most important factors in assessing your personal financial health and driving positive outcomes when it comes to your goals. More often than not, a significant portion of your net worth is tied to the value of your...
Read MoreOn January 24, 2024, a South Carolina Appeals Court affirmed that Amazon Services LLC was required to collect and remit sales tax on products sold on its marketplace for the period January 1, 2016, to March 31, 2016, totaling approximately $12.5 million. The case underscores the need for...
Read MorePosted by Dan Conrad On January 1, 2024, Wisconsin Assembly Bill (AB) 245 went into effect, exempting business personal property from taxation. This means taxpayers no longer need to file the Personal Property Return, Form M-L and Form M-P, reporting the annual statement of their business...
Read MoreBeginning with tax year 2023, partnerships that sell or exchange partnership interests must report additional information to the IRS, both on Form 8308 “Report of a Sale or Exchange of Certain Partnership Interests” and on their Schedule K-1 disclosures. The additional information is...
Read MoreOn January 12, 2024, the U.S. Department of the Treasury released a new fact sheet that in part reiterates, and revamps, the IRS’ commitment to their initiative of auditing limited partnerships. The release comes after five years of scrutiny in this area and an important court case...
Read MoreThe IRS and the Department of Treasury recently unveiled proposed regulations detailing the implementation of the Section 45X Advanced Manufacturing Production Credit, a pivotal incentive established under the Inflation Reduction Act. This credit aims to stimulate domestic production and sales of...
Read MoreInvestors, lenders and other users of financial statements look to income tax footnote disclosures to evaluate how a company’s operations affect its tax rate and future cash flows. While investors use the disclosure of rate reconciliation tables and total cash paid for income taxes to...
Read MoreOn December 21, 2023, the IRS introduced a voluntary disclosure program that allows employers to pay back the majority of ERC funds they received under claims that may not have complied with legal requirements. The IRS recognizes many employers filed ERC claims with the assistance of third...
Read MoreGenerally accepted accounting principles (GAAP) did not historically provide specific guidance on how to account for the formation of a joint venture. In response to diversity in practice, earlier this year FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic...
Read MoreBuyers of companies have always performed financial due diligence to confirm the information used to value their acquisitions and to help identify risks, weaknesses and opportunities. However, in recent years, sellers have been increasingly conducting their own financial due diligence prior to...
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