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 MoreWith the passage of House Bill 3427 on May 16, 2019, Oregon is expected to implement a corporate gross receipts tax — or commercial activity tax (CAT) — that will apply to all individuals doing business in Oregon. Set up to fund education, the program will not affect exempt entities, such as 501(c)...
Read MorePublic Act 101-0009 and several corresponding bills have made numerous tax law changes for individuals and businesses doing business in Illinois. Some of the most impactful changes include: The creation of a tax amnesty program Phase-out of the replacement tax Tax Cuts and Jobs Act (TCJA)...
Read MoreNew Jersey has made a number of significant changes to their tax law. Importantly, upon passing Assembly Bill A4202 last July, the state of New Jersey will soon require a combined taxpayer group to file one singular state return. The new filing requirement begins for tax years ending on or after...
Read MoreThe window for non-U.S., or foreign, investors to claim they are not subject to U.S. tax on gains stemming from the disposition of an interest in a U.S. partnership remains open. On June 11, 2019, the D.C. Court of Appeals ruled in favor of the taxpayer in Grecian Magnesite Mining Industrial &...
Read 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 key elements of value and ways to enhance and detract...
Read MoreIf you own or lease your vehicle for business purposes, the IRS allows you to write off some of the cost of the vehicle via depreciation or lease expense. For the 2019 tax year, the IRS has updated the inflation-adjusted “luxury automobile” limits on certain deductions taxpayers can take for...
Read MoreMany organizations have already figured out the benefits shared service centers — the unit within a company responsible for certain operational tasks, such as accounting, human resources, payroll, IT, legal, compliance, purchasing, etc. — can deliver to the business. To varying degrees,...
Read MoreOn May 29, 2019, the FASB issued Accounting Standards Update (ASU) 2019-06, extending two private company reporting alternatives to not-for-profit entities with regard to goodwill and intangible assets. Effective immediately, this ASU will help reduce not-for-profits’ costs for accounting in these...
Read MorePursuant to statements made by IRS Commissioner Charles Rettig on May 30, 2019, much-anticipated cryptocurrency tax guidance should be released “very soon.” Rettig suggested the guidance, which would come in the form of a revenue ruling and a revenue procedure, could be released within the next 30...
Read MoreThe IRS recently announced the inflation-adjusted maximum fair market value (FMV) of an employer-provided vehicle under the vehicle cents-per-mile and fleet-average special valuation rules. Employers can use these rules to value an employee’s personal use of such a vehicle for income and employment...
Read MoreYou’ve probably heard of Kickstarter and other popular crowdfunding platforms used to obtain funding from individual investors for everything from independent movies and music to healthcare and legal expenses. In the past few years, crowdfunding platforms have also popped up to offer individuals a...
Read MoreWith 2019 underway and the new revenue recognition standard in full swing, now is the time to start planning for the additional disclosures that will be required for private companies on this year’s financial statements and to create your organization’s formal revenue recognition policy. The 8...
Read MoreActively managed exchange traded funds (ETFs) have historically been required to provide portfolio transparency on a daily basis — showing all of their cards, so to speak, and leaving their investment strategies vulnerable for the taking. While many ETFs have filed exemptive relief with the SEC over...
Read MoreIn our recent post on M&A integration strategies, we defined two approaches for a potential M&A integration: building a holding company versus fully integrating an acquisition. Now we will examine how an acquisition can be a catalyst to reimagine your organizational design and create enterprise...
Read MoreThe commercial real estate market has been steadily making improvements since the 2008 financial crisis. While traditional financing is readily available, seller financing may be another viable option for many investors. In seller-financed transactions, the seller generally gives the buyer a...
Read MoreWhen an exempt organization such as a 501(c)(3) generates income unrelated to the core purpose of the organization — whether knowingly or unknowingly — the not-for-profit may face unexpected taxes on that income. Below are six areas that could generate unrelated business income and leave...
Read MoreOn April 17, 2019, the Department of Treasury issued the second set of proposed regulations regarding the Qualified Opportunity (QO) Zone Program. This long-awaited guidance further clarifies how to comply with the program and how to make it over some of the hurdles associated with structuring...
Read MoreThe IRS and the U.S. Department of the Treasury released round two of proposed regulations surrounding the Qualified Opportunity (QO) Zone Program today. The 169-pages of regulations address many areas, including: How businesses headquartered in designated QO Zones may benefit, The timeline...
Read MoreSelling a business is a complex endeavor. As advisors to business owners and shareholders of private companies, we have helped companies to navigate the process from beginning to end. We are excited to share those experiences and insights in this new series, “M&A Essentials.” The series will offer a...
Read MoreApril 3, 2019, marked two “firsts” for the SEC as they simultaneously released: A framework to help determine whether a digital asset offered in an initial coin offering (ICO) constitutes a securities offering and is therefore subject to U.S. securities laws; and A no-action letter clearing...
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