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 MoreSignificantly behind the originally published timeframe, the second round of proposed regulations related to the Qualified Opportunity Zone program is currently under review at the Office of Information and Regulatory Affairs. The following issues still need to be addressed: The meaning...
Read MoreThere is an abundance of information surrounding the aggregation rules to determine whether or not a company is part of a controlled group, such as a parent-subsidiary group, brother-sister group or a combined group. The rules apply not only to corporations but also to partnerships and other forms...
Read MoreA new IRS requirement slated for tax years beginning in 2018 requires partnerships to track and report negative tax basis capital, as defined by the IRS, to its partners and the IRS — or face penalties. However, on March 7, 2019, the IRS issued Notice 2019-20, stating a partnership will not be...
Read MoreLiquidation basis of accounting is generally applicable to both private and public companies when liquidation is “imminent.” Investment companies regulated under the Investment Company Act of 1940 are specifically exempt, as they cannot legally change the way they measure their net asset value....
Read MoreThe AICPA’s Auditing Standards Board (ASB) is taking steps to enhance the consistency of financial reporting between public and private companies. A new omnibus auditing standard will cover standards on related parties, communications with audit committees, and consideration of fraud in a financial...
Read MoreThere have been many changes in Ohio tax law that may affect your 2018-2019 Ohio and local business and personal taxes. Below is a brief summary of the items taxpayers should consider. 1. Ohio Municipal Centralization Centralized filing started in 2018. Business taxpayers filing multiple local...
Read MoreEffective January 1, 2019, private companies are required to comply with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The new standard results in a five-step process to follow when recording revenue: Identify the contract Identify separate performance...
Read MoreThe IRS Large Business and International (LB&I) Division is currently pursuing a “compliance campaign” against large land developers of residential communities for improper use of the more taxpayer-friendly completed contract method (CCM) of accounting. The IRS believes some developers are deferring...
Read MoreEach year, every not-for-profit organization is required to file either a 990, 990-EZ or 990-N tax form with the IRS. Regardless of which form your organization files, the various questions and required schedules often generate confusion in three primary areas: Recording noncash donation...
Read MoreThe 529 education savings plan is often a great way to help children or other beneficiaries pay for educational expenses. And thanks to the Tax Cuts and Jobs Act, some of the expenses covered now include those beginning as early as kindergarten. >> Learn more about how 529 plans work in...
Read MoreThere’s been much talk surrounding the new leasing standard that has already taken effect for publicly traded companies and looms over privately held companies for periods beginning after December 15, 2019. One of the most anticipated standards the Financial Accounting Standards Board (FASB) has...
Read MoreUp until the Tax Cuts and Jobs Act passed in 2017, many taxpayers used 529 education savings plans as a tax-free way to save for their children’s or other beneficiaries’ college education. However, beginning January 1, 2018, those funds can be used for any qualified educational expenses, including...
Read MoreThe Treasury Department recently issued proposed regulations that address the flow through of qualified business income to shareholders of Regulated Investment Companies (RICs) for purposes of Section 199A. This section of the Tax Cuts and Jobs Act (TCJA) allows for up to a 20% deduction on...
Read MoreSince the enactment of the Tax Cuts and Jobs Act (TCJA), states have been modifying their tax structures to assist resident individuals who are now subject to a $10,000 cap on deducting state and local taxes at the federal level. The limitation only applies to individuals and does not apply to...
Read MoreTax reform’s new rule that employers can no longer deduct parking expenses for employees impacts both tax-paying and tax-exempt organizations — and represents a big change for everyone. Accordingly, the IRS recently released interim guidance in Notice 2018-99, aimed at helping employers determine...
Read MoreOn January 18, 2019, the Treasury Department issued proposed regulation Section 1.199A-3 related to qualified business income, qualified Real Estate Investment Trust (REIT) dividends and qualified Publicly Traded Partnership (PTP) income. These regulations specifically address the flow through of...
Read MoreThe Tax Cuts and Jobs Act (TCJA) included a favorable deduction for businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income. The IRS issued proposed regulations for the qualified business income deduction (QBID), or Section 199A...
Read MoreThe Financial Accounting Standards Board’s (FASB’s) new standard for accounting for leases is poised to take effect for public companies and certain other entities for periods beginning after December 15, 2018. Although early adoption is permitted, other organizations that follow U.S. Generally...
Read MoreAre you thinking about renovating or expanding your aging Michigan manufacturing facility? Are you considering building a new facility or going high tech? If so, obtaining a Michigan Industrial Facilities Exemption Certificate (IFEC) could save you a significant amount on property taxes. What is...
Read MoreIf your company has gone through an audit or review before, you know the result is a critical report that will be used throughout the year to communicate with investors, lenders and other key users of your financial statements. You also know the audit process isn’t always simple and...
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