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 MoreNOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. A recent ruling in a federal district court has changed the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting...
Read MoreIf your fund or portfolio company is considering acquiring a pass-through entity this year, such as an S Corporation, advance planning can be the key to help minimize purchase price adjustments due to a seller’s tax burden. In particular, recently created state elections for pass-through entities...
Read MoreThe rise in business aircraft purchases across the U.S. in recent years has led to company owners, management and employees using such aircraft for both business and personal purposes — often saving time, enhancing flexibility and increasing productivity. However, the IRS has taken notice. On...
Read MoreOn January 10, 2024, the SEC approved the listing and trading of 11 spot bitcoin exchange-traded products. These products, known as spot bitcoin ETFs, began trading on January 11, 2024. Now that they are officially on the market, a natural — and important — question is, how will they be...
Read MoreIn response to the devastating natural disasters that began on August 24, 2023, in several Michigan counties, the IRS has granted tax deadline extensions to provide support and flexibility to individuals and businesses in the affected areas. Eligible taxpayers will have until June 17, 2024, to file...
Read MoreSome taxpayers may feel they don’t need to worry about estate planning, because they have less than $13,610,000 of net assets ($27,220,000 for a married couple), which are the current estate tax exemption amounts. The truth is, if you have roughly more than $7 million in net assets ($14 million for...
Read MoreNOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. Have you been asked to provide personal, confidential information for a Beneficial Ownership Information (BOI) report, as mandated under the federal...
Read More** This blog was last updated 8/14/24 ** NOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. On December 22, 2023, New York’s governor signed Senate Bill 995B/Assembly Bill 3484A, enacting the New...
Read MoreRegulated Investment Companies (RICs) are common and very popular investment vehicles for many reasons. However, the tax code restricts the types of investments RICs can make, therefore limiting options for both funds and their investors. The use of blocker entities is an established strategy...
Read MoreAs a closely held business owner, the value of your business is one of the most important factors in assessing your personal financial health and driving positive outcomes when it comes to your goals. More often than not, a significant portion of your net worth is tied to the value of your business...
Read MoreOn January 24, 2024, a South Carolina Appeals Court affirmed that Amazon Services LLC was required to collect and remit sales tax on products sold on its marketplace for the period January 1, 2016, to March 31, 2016, totaling approximately $12.5 million. The case underscores the need for taxpayers...
Read MoreIn the highly collaborative world of exchange-traded funds (ETFs), building and maintaining a strong network is key. Erin McClafferty recently joined Bill Arnold, Regional ETF Director of SEI, and Jennica Ross, Co-President of Women in ETFs U.S., on SEI’s ETF Revolution podcast. Erin discussed...
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 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...
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