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 MoreThe Tax Cut & Jobs Act (TCJA) changed the rules for employers offering Qualified Transportation Fringe (QTF) benefits to employees. Effective January 1, 2018, employers may no longer deduct the expense of those benefits, unless it’s necessary for the safety of the employee. Most notably, QTFs...
Read MoreGlobal reporting regimes continue to be a focal point of today’s regulatory environment. However, with the Department of Treasury’s current focus on reviewing existing regulations to reduce unnecessary burdens on taxpayers, pursuant to recent Executive Orders, the IRS and Treasury have offered a...
Read MoreOn November 26, 2018, the IRS released proposed regulations on the Tax Cuts and Jobs Act’s (TCJA) business interest expense deduction limitation. Specific to the investment industry, the guidance will impact regulated investment companies (RICs) using debt — most notably many closed-end funds and...
Read MoreThe robots are coming! Actually, to be more precise, the robots are here. While some may not be sure if this is cause for concern or celebration, two things are clear about the digital workforce: It is inevitable. Just look around. Technology is becoming more and more integrated into our...
Read MoreThe Treasury has issued final regulations regarding the partnership representative designation and authority under the relatively new IRS partnership audit rules. These rules became effective for tax years beginning after December 31, 2017. Most importantly, the regulations confirm the...
Read MoreThe wide range of tax and timing implications associated with charitable giving has led to the creation of a variety of donation types and structures. And with that, of course, comes a plethora of accounting implications to be aware of if you are responsible for your not-for-profit’s financial...
Read MoreBusinesses have been intensely focused on dealing with additional regulation surrounding variable interest entities (VIEs) since the fallout from Enron and other accounting scandals. For nonpublic companies, this has meant working through complex accounting rules to determine whether or not certain...
Read MoreThe Supreme Court’s landmark decision in South Dakota v. Wayfair, et al. on June 21, 2018, spoke for the states when it overruled the “physical presence” standard long held in Quill Corp. v. North Dakota — changing the game for sales tax collection. The decision stands to affect all types of...
Read MoreWhile many not-for-profits may consider it a luxury to have an endowment, the accounting aspects of dealing with one can be burdensome, particularly when it’s “underwater.” And while Accounting Standards Update (ASU) 2016-14, effective for fiscal years beginning after December 15, 2017, will help...
Read MoreThe passing of the Tax Cuts and Jobs Act (TCJA) brought about significant changes to the estate planning arena, doubling the lifetime exemption through December 31, 2025. While fewer taxpayers will find themselves with taxable estates over the next eight years, asset protection via a trust —...
Read MoreThe U.S. Department of Housing and Urban Development (HUD) sponsors a broad range of programs designed to revitalize urban neighborhoods, stimulate housing construction, encourage home ownership opportunities, and provide safe and affordable housing primarily for low-income families. HUD...
Read MoreWhen a debtor is in financial stress, creditors often forgive or cancel all or a portion of the debt. When that happens, U.S. tax law generally requires the debtor to include the cancelled debt in gross income so it can be taxed. Including the cancelled debt in taxable income presents an obvious...
Read MoreAs a nonprofit, when your organization receives funds through grants and similar contracts, you must characterize the transaction as an exchange transaction or a contribution for financial reporting purposes. Historically, many nonprofits have found it difficult to make this determination, which has...
Read MoreThe basis, or net investment, in a shareholder’s S Corporation stock begins the day the shareholder purchases stock and continually changes throughout the year based on the company’s operations. Such constant activity creates the need for shareholders to recalculate their basis annually to help...
Read MoreSection 199A of the Tax Cuts and Jobs Act (TCJA) allows up to a 20 percent deduction on qualified pass-through business income to all noncorporate taxpayers — including trusts and estates. The IRS recently issued guidance clarifying many provisions within the new code section. Particularly, Proposed...
Read MoreFor many years, organizations have been anticipating the implementation dates of two significant and far-reaching accounting standards: revenue recognition and leases. Many have understandably prioritized the implementation of the new revenue recognition standard, with all companies needing to...
Read MoreOrganizations that issue any type of financial statement under GAAP will need to comply with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, by January 1, 2019. The deadline is quickly approaching. Is your organization ready? This standard is so far...
Read MoreOne of the biggest buzz words in business right now is RPA — robotics process automation — and organizations everywhere are looking for ways to take advantage of this emerging technology. Indeed, a recent syndicated study found that the worldwide RPA market is set to exceed $5 billion by 2022. What...
Read MoreA divorce often brings to light a multitude of issues — from financial to legal to emotional. While it might not be on the top of your list during the transition, complying with the IRS on your next tax return means understanding how your carryforwards may be split when your joint return becomes two...
Read MoreMany employers reward key executives and employees by offering non-qualified deferred compensation plans, which allow them to contribute unlimited amounts of compensation on a tax-deferred basis. This is a significant enticement for upper-tier employees, as they are generally highly compensated and...
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