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 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 nuts and bolts of each stage in the sale...
Read MoreWhy is automation such a buzzword these days? It all comes down to the fact that the way we work is changing. In fact, the nature of work itself is changing. Old jobs are disappearing, and new ones are constantly being created. Two major drivers of this seismic shift in the employment landscape are...
Read MoreIn addition to the fiscal distribution requirements that govern Regulated Investment Companies (RICs) under Internal Revenue Code (IRC) Subchapter M, all RICs are required to comply with the excise tax rules under IRC Section 4982. The excise tax rules are intended to accelerate payment of tax to...
Read MoreEarlier this year, the IRS published a proposed safe harbor giving owners of certain rental real estate interests the opportunity to take advantage of the qualified business income (QBI) deduction. The QBI write-off was created by the Tax Cuts and Jobs Act (TCJA) for pass-through entities. The IRS...
Read MoreThe IRS and Treasury issued final regulations on October 4, 2019, that changed the rules on deficit restoration obligations. In short, the regulations address when a partner can, or cannot, disregard the obligation to restore their deficit balance in a capital account. In particular, the regulations...
Read MoreNot-for-profit entities are constantly telling their story — whether to raise funds, recruit talent or comply with regulatory requirements. Financial information often makes up a large portion of that story, but nonfinancial information related to the organization’s mission and its impact in the...
Read MoreThe FASB unanimously voted on October 16, 2019, to approve an additional delay for private companies on three major upcoming standards, one of which is the new leasing standard. The FASB voted to delay the leases standard effective date for private companies until after December 15, 2020 (January 1,...
Read MoreLIBOR. The London Interbank Offered Rate. This is the reference rate underlying trillions of dollars of loans, derivatives and other financial instruments. However, after 2021, banks will no longer be required to report the information used to determine LIBOR. Reference rate reform has come about...
Read MoreAfter IRS Commissioner Charles Rettig’s comments on May 30, 2019, practitioners and investors waited anxiously for additional guidance clarifying the tax treatment of cryptocurrency. On October 9, 2019, the IRS released the much anticipated guidance in Revenue Ruling 2019-24 and an outline of...
Read MoreAcquiring another business or portfolio company can be an onerous process, especially if that company has never been audited before and has not historically maximized shareholder returns or provided detailed reporting to a board of directors. Adding complexity to the process, U.S. Generally Accepted...
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