Talk about being thankful. We had more than 350 clients and friends register for our annual fall CPE day — undaunted by the virtual format we presented in again this year. We are always truly happy to put together this day, no matter the format, to help educate clients on what they need to...
Read MoreAs we continue to navigate a challenging environment, one certainty remains: year-end tax planning is upon us. Now is the time to look back on your business performance, successes and challenges to determine how you can use those to best optimize your tax position for 2021 — while keeping a...
Read More** Updated 11/15/21 **On November 5, 2021, Congress passed the long-awaited Infrastructure Investment and Jobs Act, which was signed by President Biden on November 15. Below is a look at the two tax-related provisions included in the Act and their potential impact.1. Crypto Asset Information...
Read MoreOn September 15, 2021, the House Ways and Means Committee approved tax increase provisions Congress will review as a part of the Build Back Better reconciliation legislation. These changes, if enacted, would require real estate and construction businesses to reset some of their key traditional...
Read MoreThe IRS recently issued corrective amendments to the final Qualified Opportunity Zone (QOZ) regulations. The amendments, effective August 5, 2021, and applicable on or after January 13, 2020, clarify the use of the working capital safe harbor and its interaction with the requirements to be...
Read MoreEarlier this year President Biden and his administration introduced The American Jobs Plan, which focuses on investment in infrastructure, and The Made In America Tax Plan and The American Families Plan, which is informing the Reconciliation Bill process. Much of the focus since the...
Read MoreAs we continue to help businesses make their way through an evolving and often challenging economy and onslaught of legislative changes, our tax team continues to dig deep and analyze major issues and opportunities ahead.As editor and contributors to the AICPA’s Tax Adviser August Tax...
Read MoreMany taxpayers are considering updating their estate plans to get ahead of expected tax law changes that may impact the lifetime exemption for gifting property. Currently those exemptions sit at $11.7 million per person but are scheduled to sunset on December 31, 2025, when they will revert to $5...
Read MoreSince the Employee Retention Credit (ERC) was introduced in March 2020, it has helped many companies keep their teams employed. However, there are several common questions employers have been asking in relation to the credit.In response, the IRS recently issued guidance via Notice 2021-49 and Rev...
Read MoreThis year’s 2021 Virtual Summer CPE Series was another great way for us to reach out and help our private company clients stay on top of important issues for their businesses. We are grateful for everyone who joined us over the past couple of months, giving us the chance to speak and answer...
Read MoreU.S. exporters often wonder whether organizing as a C Corporation is more tax efficient than organizing as a pass-through entity, such as an S Corporation or partnership. To make this determination, U.S. exporters need to consider their ability to benefit from certain export incentives, such as...
Read MoreWhere does a trust “live” and, consequently, what set of tax rules will apply for the beneficiary? Fiduciary state income tax has always been a complicated tangle of rules. Every state has its own trust residency rules based on the location of the grantor, trustee, beneficiaries...
Read MoreDespite the ongoing COVID-19 pandemic, the deal market, in many aspects, is on fire — with soaring multiples, a higher than normal volume of deals in play and private equity buyers taking a front seat. However, the pandemic has impacted transactions in critical ways, from valuations to deal...
Read MoreOver the course of the last three-plus years there have been a number of significant economic assistance and tax legislation bills passed: Tax Cuts & Jobs Act (TCJA), CARES Act, Consolidated Appropriations Act and, most recently, the American Rescue Plan Act (ARP). There are more...
Read MoreIn an effort to enhance accessibility to COVID-19 vaccinations for all Americans, the Biden Administration has clarified an important point about paid leave related to COVID and the American Rescue Plan Act of 2021 (ARP).Employers with fewer than 500 employees can claim refundable tax credits on...
Read MoreModifications made to the expanded Employee Retention Credit (ERC) were designed to allow more businesses paying employees while experiencing pandemic-related hardships to benefit. While the credit is extended through December 31, 2021, now is the time to focus on claiming your Q1 2021 ERC, which...
Read MoreThis blog was updated 3/31/21 Over the course of the COVID-19 pandemic the federal government has implemented various programs to help business owners keep their doors open. Below highlights where four critical sources of funding — Paycheck Protection Program, Economic Injury Disaster Loan...
Read MoreOn March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide sweeping relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations...
Read MorePresident Biden signed into law the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic. The 628-page American Rescue Plan Act (ARPA) includes $1.9 trillion in funding for individuals, businesses, state and local governments, as well as a multitude of...
Read MoreThe first two parts of this series on advanced 529 plan strategies focused on shorter term strategies to maximize the tax efficiency of these accounts. The third strategy is focused on long-term tax efficiency by passing down 529 plan assets to your heirs.The beauty of 529 plans is that they grow...
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