The One Big Beautiful Bill Act (OBBBA) will have widespread impact for almost every taxpayer. Visit our OBBBA Resource Center regularly for continuing updates and guidance on the tax impact of this legislation to you and your industry.
Learn MoreHave you personally ever listened to a song and immediately felt warm and safe, like being wrapped in a blanket? Business owners often seek that same feeling of assurance and comfort about the “safety” of a potential business partner, especially in today’s environment of Big Data and cybersecurity...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal that brings...
Read MoreInformation Release 2019-132, issued on July 26, 2019, advises virtual currency owners to expect a letter providing information on how to pay back taxes through filing amended returns. Virtual currency investors were identified through ongoing enforcement actions, including the summons on the...
Read MoreCybersecurity threats, data breaches and email fraud have become part of the daily headlines, impacting businesses and organizations of all sizes and from all industries. During 2018, an estimated 5 billion records were breached world-wide, costing companies an average of $3.86 million per breach....
Read MoreSo, you have piloted a robotic process automation (RPA) program and like what you’ve seen so far. Now what? Beyond simply deploying additional automations (the selection and management of which could be a discussion all its own), how can the RPA platform be extended to enhance value? As powerful as...
Read MoreIn this installment of our “M&A Essentials” series — offering a fundamental understanding of the concepts, issues and processes every business owner should be familiar with when considering and conducting the sale of a business — we talk about key areas to address when preparing a company for...
Read MoreOn Thursday, July 18, 2019, Governor Mike DeWine signed Am. Sub. House Bill 166 into law, which brought to close a longer than expected budgeting process. Below is a summary of the more significant changes that will impact Ohio taxpayers. 1. Individual Income Tax Reductions Ohio income tax has...
Read MoreThe internal rate of return (IRR) waterfall arrangement has gained popularity in recent years as a way to shift risk from equity investors, while rewarding developers for strong results. But no one should enter into such an arrangement without a firm grasp of how it works. How Profits Are Handled...
Read MoreH.B. 7424, signed by Governor Lamont on June 26, 2019, has made numerous tax law changes for those doing business in Connecticut. Key changes relate to the: Reduction of the pass-through entity tax credit, Extension of the 10% corporate surcharge and phase out of the capital stock...
Read MoreAfter months of reviewing and considering thousands of comments on the exposure draft of the 2020 Global Investment Performance Standards (GIPS®) for firms, asset owners and verifiers, the final standards are here. The GIPS technical and executive committees released the final guidance on June 28,...
Read MoreScaling a business isn’t easy whether you’re the founder, who “raised” the business from a fledgling entrepreneurial operation to an established company looking for growth opportunities, or the CEO charged with taking the company to the next level. Regardless of how you got here, the fact that you...
Read MoreThe Tax Cuts and Jobs Act (TCJA) created a significant new tax deduction for qualified business income (QBI) for so-called “pass-through” entities for 2018 through 2025. But it also created uncertainty about whether owners of rental real estate were eligible for the deduction. Recent IRS guidance...
Read MoreWith the passage of House Bill 3427 on May 16, 2019, Oregon is expected to implement a corporate gross receipts tax — or commercial activity tax (CAT) — that will apply to all individuals doing business in Oregon. Set up to fund education, the program will not affect exempt entities, such as 501(c)...
Read MorePublic Act 101-0009 and several corresponding bills have made numerous tax law changes for individuals and businesses doing business in Illinois. Some of the most impactful changes include: The creation of a tax amnesty program Phase-out of the replacement tax Tax Cuts and Jobs Act (TCJA)...
Read MoreNew Jersey has made a number of significant changes to their tax law. Importantly, upon passing Assembly Bill A4202 last July, the state of New Jersey will soon require a combined taxpayer group to file one singular state return. The new filing requirement begins for tax years ending on or after...
Read MoreThe window for non-U.S., or foreign, investors to claim they are not subject to U.S. tax on gains stemming from the disposition of an interest in a U.S. partnership remains open. On June 11, 2019, the D.C. Court of Appeals ruled in favor of the taxpayer in Grecian Magnesite Mining Industrial &...
Read MoreIn this installment of our “M&A Essentials” series — offering a fundamental understanding of the concepts, issues and processes every business owner should be familiar with when considering and conducting the sale of a business — we focus on the key elements of value and ways to enhance and detract...
Read MoreIf you own or lease your vehicle for business purposes, the IRS allows you to write off some of the cost of the vehicle via depreciation or lease expense. For the 2019 tax year, the IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for...
Read MoreMany organizations have already figured out the benefits shared service centers — the unit within a company responsible for certain operational tasks, such as accounting, human resources, payroll, IT, legal, compliance, purchasing, etc. — can deliver to the business. To varying degrees,...
Read MoreOn May 29, 2019, the FASB issued Accounting Standards Update (ASU) 2019-06, extending two private company reporting alternatives to not-for-profit entities with regard to goodwill and intangible assets. Effective immediately, this ASU will help reduce not-for-profits’ costs for accounting in these...
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