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 MoreThe Treasury Department recently issued proposed regulations that address the flow through of qualified business income to shareholders of Regulated Investment Companies (RICs) for purposes of Section 199A. This section of the Tax Cuts and Jobs Act (TCJA) allows for up to a 20% deduction on...
Read MoreSince the enactment of the Tax Cuts and Jobs Act (TCJA), states have been modifying their tax structures to assist resident individuals who are now subject to a $10,000 cap on deducting state and local taxes at the federal level. The limitation only applies to individuals and does not apply to...
Read MoreTax reform’s new rule that employers can no longer deduct parking expenses for employees impacts both tax-paying and tax-exempt organizations — and represents a big change for everyone. Accordingly, the IRS recently released interim guidance in Notice 2018-99, aimed at helping employers determine...
Read MoreOn January 18, 2019, the Treasury Department issued proposed regulation Section 1.199A-3 related to qualified business income, qualified Real Estate Investment Trust (REIT) dividends and qualified Publicly Traded Partnership (PTP) income. These regulations specifically address the flow through of...
Read MoreThe Tax Cuts and Jobs Act (TCJA) included a favorable deduction for businesses that operate as pass-through entities, with income that is “passed through” to owners and taxed as individual income. The IRS issued proposed regulations for the qualified business income deduction (QBID), or Section 199A...
Read MoreThe Financial Accounting Standards Board’s (FASB’s) new standard for accounting for leases is poised to take effect for public companies and certain other entities for periods beginning after December 15, 2018. Although early adoption is permitted, other organizations that follow U.S. Generally...
Read MoreAre you thinking about renovating or expanding your aging Michigan manufacturing facility? Are you considering building a new facility or going high tech? If so, obtaining a Michigan Industrial Facilities Exemption Certificate (IFEC) could save you a significant amount on property taxes. What is...
Read MoreIf your company has gone through an audit or review before, you know the result is a critical report that will be used throughout the year to communicate with investors, lenders and other key users of your financial statements. You also know the audit process isn’t always simple and...
Read MoreThe Tax Cut & Jobs Act (TCJA) changed the rules for employers offering Qualified Transportation Fringe (QTF) benefits to employees. Effective January 1, 2018, employers may no longer deduct the expense of those benefits, unless it’s necessary for the safety of the employee. Most notably, QTFs...
Read MoreGlobal reporting regimes continue to be a focal point of today’s regulatory environment. However, with the Department of Treasury’s current focus on reviewing existing regulations to reduce unnecessary burdens on taxpayers, pursuant to recent Executive Orders, the IRS and Treasury have offered a...
Read MoreOn November 26, 2018, the IRS released proposed regulations on the Tax Cuts and Jobs Act’s (TCJA) business interest expense deduction limitation. Specific to the investment industry, the guidance will impact regulated investment companies (RICs) using debt — most notably many closed-end funds and...
Read MoreThe robots are coming! Actually, to be more precise, the robots are here. While some may not be sure if this is cause for concern or celebration, two things are clear about the digital workforce: It is inevitable. Just look around. Technology is becoming more and more integrated into our...
Read MoreThe Treasury has issued final regulations regarding the partnership representative designation and authority under the relatively new IRS partnership audit rules. These rules became effective for tax years beginning after December 31, 2017. Most importantly, the regulations confirm the...
Read MoreThe wide range of tax and timing implications associated with charitable giving has led to the creation of a variety of donation types and structures. And with that, of course, comes a plethora of accounting implications to be aware of if you are responsible for your not-for-profit’s financial...
Read MoreBusinesses have been intensely focused on dealing with additional regulation surrounding variable interest entities (VIEs) since the fallout from Enron and other accounting scandals. For nonpublic companies, this has meant working through complex accounting rules to determine whether or not certain...
Read MoreThe Supreme Court’s landmark decision in South Dakota v. Wayfair, et al. on June 21, 2018, spoke for the states when it overruled the “physical presence” standard long held in Quill Corp. v. North Dakota — changing the game for sales tax collection. The decision stands to affect all types of...
Read MoreWhile many not-for-profits may consider it a luxury to have an endowment, the accounting aspects of dealing with one can be burdensome, particularly when it’s “underwater.” And while Accounting Standards Update (ASU) 2016-14, effective for fiscal years beginning after December 15, 2017, will help...
Read MoreThe passing of the Tax Cuts and Jobs Act (TCJA) brought about significant changes to the estate planning arena, doubling the lifetime exemption through December 31, 2025. While fewer taxpayers will find themselves with taxable estates over the next eight years, asset protection via a trust —...
Read MoreThe U.S. Department of Housing and Urban Development (HUD) sponsors a broad range of programs designed to revitalize urban neighborhoods, stimulate housing construction, encourage home ownership opportunities, and provide safe and affordable housing primarily for low-income families. HUD...
Read MoreWhen a debtor is in financial stress, creditors often forgive or cancel all or a portion of the debt. When that happens, U.S. tax law generally requires the debtor to include the cancelled debt in gross income so it can be taxed. Including the cancelled debt in taxable income presents an obvious...
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