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 MoreAppraisers are increasingly incorporating trend analysis when valuing real estate. Property owners, as well as potential buyers, need to understand the role trend analysis (also known as market analysis) can play when determining value. Trend Analysis Which amenities and characteristics...
Read MoreIf you’ve invested in a small business and sold the stock after holding it for more than five years, you may be able to exclude a percentage of your gain under Internal Revenue Code (IRC) Section 1202. This federal tax benefit can provide investors with significant tax savings, resulting in...
Read MoreThe implementation of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which go into effect in 2018 for public entities and 2019 for non-public entities, will incorporate some sweeping changes for how and when traditional software entities recognize...
Read MoreSophisticated organizations often treat acquisitions as an integral part of their enterprise growth strategy, and, as such, take a proactive approach to the pursuit and execution of a transaction. They invest in building capabilities that allow them to efficiently execute transactions and drive...
Read MoreThe obligation for registered investment companies (RICs) to pay foreign capital gains tax is not new by any means, but it is gaining more attention lately, making it imperative for fund management to take note. Foreign tax withholding on interest and dividends has been and continues to be the...
Read MoreAre you in the auto sales industry? If so, you may be able to exclude the use of a demonstrator (demo) vehicle from gross income and wages — and save on your income and payroll taxes. Generally, full-time auto salespeople using a demo in the area surrounding the sales office can exclude from...
Read MoreThe consequences of doing business in a country with which the U.S. has a tax treaty can be much different than those encountered when dealing with a non-treaty country. It’s important to understand the basic differences of each. Treaty Countries The United States has a number of bilateral...
Read MoreThe kiddie tax was added by the Tax Reform Act of 1986 to help prevent wealthy taxpayers from shifting investment assets to children, who generally enjoy lower tax brackets. In its 30-plus years of existence, the kiddie tax has expanded its reach from dependents under the age of 14 to those under...
Read MoreIt’s imperative that landlords and tenants know the tax ramifications — for better or worse — of the language that’s built into their lease and ancillary agreements. And it’s just as important to be aware of tax-impacting items not found in any written agreement. Specifically, there are three areas...
Read MoreThe potential requirement to annually file Form 5500 is one that’s not always top of mind for many businesses. The form is required by the Department of Labor (DOL) and IRS and details financial conditions, investments and operations of benefit plans. If you have more than 100 employees who...
Read MoreIf you buy property with environmental issues, you may be liable — even if you weren’t responsible for the presence of contaminants. To best protect yourself, be sure to include environmental review as part of your due diligence. Why Conduct Environmental Due Diligence The most obvious reason...
Read MoreThere is yet another dangerous phishing scheme circulating once again this tax season involving W-2s that targets corporations, schools and nonprofits. In a recent IRS communication, IRS Commissioner John Koskinen has said that this particularly dangerous scheme could “result in the large-scale...
Read MoreWhen we talk about a business compensating its service providers — which can include employees, attorneys, brokers and real estate developers, to name a few — it can mean more than just paying wages, bonuses or fees. Many providers want more than a check; they want to share in, and have a hand in...
Read MoreRevenue recognition, arguably one of the most difficult areas in terms of interpreting not-for-profit accounting guidance, is about to get a major overhaul. However, much of the difficulty and judgment that currently exist aren’t going anywhere. Revenue recognition is an area that often trips up...
Read MoreIf you own property and a business, there’s an obvious temptation to lease that property to the business. But be careful — you risk triggering the self-rental rule and catching the eye of the IRS. One creative couple tried to get around this by using an S corporation to lease their property to their...
Read MoreThe IRS has issued three sets of regulations — final, temporary and proposed — addressing disguised sales of property involving partnerships, the allocation of partnership liabilities and several other issues related to partnerships. The regulations are largely intended to eliminate what the IRS...
Read MoreTargeted capital allocations are becoming standard in new LLC or partnership operating agreements. Historically, operating agreements typically provided for income/loss allocations to the partners based on the safe harbor provided under IRC Regulation 1.704-1(b)(2). This was more of a “cash follows...
Read MoreCan my private company benefit from a corporate tax inversion? I’ve been asked this question more frequently over the last few years as corporate tax inversions have gained momentum in the media and attention from politicians. The answer is, while you may be able to undergo a conversion, it actually...
Read MoreAmerica is the land of opportunity. However, opportunity can mean additional tax considerations, especially for foreign individuals setting up a business on U.S. soil. It is imperative to structure the business appropriately from the beginning so as not to trigger any unintended U.S. tax...
Read MoreWhen most people think of the research and development (R&D) tax credit, they think of manufacturing. However, other industries can also benefit from this credit. In my August 5th post, we discussed the basics of the R&D credit and how it applies to manufacturers. Now let’s focus on how the credit...
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