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 MoreAs a nonprofit, when your organization receives funds through grants and similar contracts, you must characterize the transaction as an exchange transaction or a contribution for financial reporting purposes. Historically, many nonprofits have found it difficult to make this determination, which has...
Read MoreThe basis, or net investment, in a shareholder’s S Corporation stock begins the day the shareholder purchases stock and continually changes throughout the year based on the company’s operations. Such constant activity creates the need for shareholders to recalculate their basis annually to help...
Read MoreSection 199A of the Tax Cuts and Jobs Act (TCJA) allows up to a 20 percent deduction on qualified pass-through business income to all noncorporate taxpayers — including trusts and estates. The IRS recently issued guidance clarifying many provisions within the new code section. Particularly, Proposed...
Read MoreFor many years, organizations have been anticipating the implementation dates of two significant and far-reaching accounting standards: revenue recognition and leases. Many have understandably prioritized the implementation of the new revenue recognition standard, with all companies needing to...
Read MoreOrganizations that issue any type of financial statement under GAAP will need to comply with Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, by January 1, 2019. The deadline is quickly approaching. Is your organization ready? This standard is so far...
Read MoreOne of the biggest buzz words in business right now is RPA — robotics process automation — and organizations everywhere are looking for ways to take advantage of this emerging technology. Indeed, a recent syndicated study found that the worldwide RPA market is set to exceed $5 billion by 2022. What...
Read MoreA divorce often brings to light a multitude of issues — from financial to legal to emotional. While it might not be on the top of your list during the transition, complying with the IRS on your next tax return means understanding how your carryforwards may be split when your joint return becomes two...
Read MoreMany employers reward key executives and employees by offering non-qualified deferred compensation plans, which allow them to contribute unlimited amounts of compensation on a tax-deferred basis. This is a significant enticement for upper-tier employees, as they are generally highly compensated and...
Read MoreJune 21, 2018, marked the end of an era for retailers not charging sales tax. The Supreme Court’s 5-4 decision in South Dakota v. Wayfair, et al. favored states when it overruled the “physical presence” standard long held in Quill Corp. v. North Dakota. As a result states will now have more...
Read MoreAlthough they’ve been around since 2008, cryptocurrencies continue to draw fascination from every corner of the globe, making their way into TV news reports, investor meetings and even cocktail party conversations. But what are they? How do they work? And do they represent the future of a digital,...
Read MoreRegulated Investment Companies (RICs) are taxed as corporations, where the entity-level corporate income tax is typically eliminated by applying the dividends paid deduction (DPD) allowed via Internal Revenue Code (IRC) Section 561. At a basic level, as long as a RIC distributes to shareholders...
Read MoreClassifying and reporting income and losses related to a land rent, such as a flat-surface parking lot, can be more difficult than you might think. Many complexities of the tax law come into play and will depend on your specific situation, namely on if you operate the parking lot as a business or if...
Read MoreSchool clubs can come in various forms, such as booster, parents or sports clubs, and are generally comprised of both students and adults trying to raise funds to support a specific school function. But being in charge of or even working in the business office of a club at your local school comes...
Read MoreProcess automation is nothing new. Business leaders have sought out opportunities to achieve greater operating efficiencies since the beginning of the industrial revolution. Robots are hardly new either. For years we’ve seen them transform the manufacturing floor through the automation of manual and...
Read MoreIn which state your trust “lives” — including your grantor, trustee, administration and even perhaps your beneficiary — will determine how the trust will be taxed. Residency status also helps identify what planning opportunities may be available to minimize the tax. Residency Factors Each...
Read MoreIf you have a household, or domestic, employee then you may have employment tax obligations to fulfill as an employer. While some household employees may seem obvious, others may not. To stay compliant, it’s important to first understand the definition of each and then which IRS, state and local...
Read MoreAcross industries and markets, organizations rely heavily on their Chief Information Officers (CIOs) and information technology (IT) departments to provide technology and services that support business operations. In the mid-market, CIOs and IT leaders face many of the same demands as larger...
Read MoreOn December 1, 2017, the Commodity Futures Trading Commission announced its agreement to allow CBOE Global Markets, Inc. and CME Group, Inc. to list bitcoin futures contracts on their exchanges. The futures contracts, the first to be listed on traditional U.S. regulated exchanges, are expected to...
Read MoreAs year-end approaches, many mutual fund investors understand that their investments in mutual funds may generate dividend income, both ordinary and capital gains, in November or December. However, particularly for new investors and fund managers, below is an overview that provides an understanding...
Read MorePeople give to charitable causes that are meaningful to them and that make them feel like they are somehow making a difference. Today’s donors are savvy and often conduct due diligence, researching the credentials and spending habits of charitable organizations using websites such as Give.org or...
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