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 MoreCohen & Co has been recognized on USA TODAY’s inaugural lists of America’s Most Recommended Tax and Accounting Firms for 2024. USA TODAY and Statista compiled the lists of “America’s Most Recommended Tax Firms” and “America’s Most Recommended Accounting Firms” through an independent survey based...
Read MorePosted by Dan Conrad On January 1, 2024, Wisconsin Assembly Bill (AB) 245 went into effect, exempting business personal property from taxation. This means taxpayers no longer need to file the Personal Property Return, Form M-L and Form M-P, reporting the annual statement of their business...
Read MoreIn early 2023, the SEC proposed amendments that would redesignate the current custody rule — 206(4)-2 — as a new rule, 223-1, or the “safeguarding rule,” under the Investment Advisers Act of 1940. The extended comment period expired at the end of October 2023. As we wait to see if the changes are...
Read MoreBeginning with tax year 2023, partnerships that sell or exchange partnership interests must report additional information to the IRS, both on Form 8308 “Report of a Sale or Exchange of Certain Partnership Interests” and on their Schedule K-1 disclosures. The additional information is intended to...
Read MoreIn February 2023, the Department of Labor, IRS and Pension Benefit Guaranty Corporation jointly released Federal Register notices that announced changes to the 2023 Form 5500. Among these changes for defined contribution plans is a change in the participant counting methodology used to determine...
Read MoreOn January 12, 2024, the U.S. Department of the Treasury released a new fact sheet that in part reiterates, and revamps, the IRS’ commitment to their initiative of auditing limited partnerships. The release comes after five years of scrutiny in this area and an important court case, resulting in...
Read MoreThe IRS and the Department of Treasury recently unveiled proposed regulations detailing the implementation of the Section 45X Advanced Manufacturing Production Credit, a pivotal incentive established under the Inflation Reduction Act. This credit aims to stimulate domestic production and sales of...
Read MoreCohen & Co is pleased to announce Camille Clemons has been named Market Leader, Alternative Investments, effective January 15, 2024. Clemons brings her expertise as a 20-plus year veteran of the investment industry, focusing on strategic growth for the firm’s nationally recognized team. She’s...
Read MoreNOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. With the passing of the Corporate Transparency Act of 2021 (CTA), some businesses are required to report their beneficial ownership information to...
Read MoreInvestors, lenders and other users of financial statements look to income tax footnote disclosures to evaluate how a company’s operations affect its tax rate and future cash flows. While investors use the disclosure of rate reconciliation tables and total cash paid for income taxes to assess income...
Read MoreOn December 21, 2023, the IRS introduced a voluntary disclosure program that allows employers to pay back the majority of ERC funds they received under claims that may not have complied with legal requirements. The IRS recognizes many employers filed ERC claims with the assistance of third-party...
Read MoreUndoubtedly, businesses have experienced a plethora of major disruptions over the past few years, including accelerated labor market challenges. The shortage of skilled workers coupled with ongoing inflation is forcing employers to do more with less. One way to combat the problem is to upskill...
Read MoreGrants and government backed loans can provide companies with critical alternatives to traditional financing, as well as opportunities to partner with their lenders in capital projects.
Read MoreThis past year was filled with twists and turns for businesses and their owners — from rising interest rates and inflation impacting cash flow, to the ups and downs of the M&A market, to planning for sunsetting provisions of the Tax Cuts and Jobs Act. New regulations also added complexity, such as...
Read MoreHistorically, entities recognized a credit loss when it was probable to occur under U.S. GAAP. Now, ASU 2016-13 has removed the “probable” threshold. The current expected credit loss (CECL) model in effect for private companies for the years beginning after December 15, 2022, requires consideration...
Read MoreDoes your company hold or transact with crypto assets? If so, chances are you have encountered the complexities of accounting for and disclosing the nature of these assets. Since cryptocurrencies are such a novel asset class, it is no wonder the Financial Accounting Standards Board (FASB) has had to...
Read MoreGenerally accepted accounting principles (GAAP) did not historically provide specific guidance on how to account for the formation of a joint venture. In response to diversity in practice, earlier this year FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60):...
Read MoreIt has been over two and half years since the Securities and Exchange Commission (SEC) staff last released its “Dear CFO Letters,” which provide non-authoritative, yet helpful and transparent commentary directed toward chief financial officers. Their guidance generally relates to specific accounting...
Read MoreBuyers of companies have always performed financial due diligence to confirm the information used to value their acquisitions and to help identify risks, weaknesses and opportunities. However, in recent years, sellers have been increasingly conducting their own financial due diligence prior to...
Read MoreCohen & Co finalized the acquisition of Szymkowiak & Associates CPAs (Szymkowiak) and PEAR Consultants, LLC (PEAR), effective today. As a result of the transaction, Cohen & Co has expanded their services into Western New York for closely held and private equity-owned companies, high-net-worth...
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