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Learn MorePrior to the passage of the Tax Cuts and Jobs Act (TCJA) in late 2017, the future of the Historic Tax Credit (HTC) for rehabilitating historic buildings was questionable. The HTC — also known as the federal rehabilitation credit — survived and remains a valuable tool for developers, though it’s...
Read MoreOften, a discussion about robotic process automation (RPA) brings to mind images of robots on a manufacturing line or a Sci-Fi-style android. This makes the demo of an actual RPA “bot” a little anticlimactic. Where are the robots? RPA automation actually comes in the form of virtual software...
Read MoreThe Department of Treasury and the IRS have issued final regulations related to Regulated Investment Company (RIC) qualification testing for RICs invested in foreign corporations treated for U.S. federal income tax purposes as controlled foreign corporations (CFCs) or passive foreign investment...
Read MoreWhile cryptocurrencies have become a popular investment vehicle, there is still much ambiguity regarding how to treat the emerging asset class for tax purposes. Taxation of cryptocurrencies is complicated at any level, be it partnership, corporation or other. However, it's also important to...
Read 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...
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