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 MoreOn December 21, 2023, the IRS introduced a voluntary disclosure program that allows employers to pay back the majority of ERC funds they received under claims that may not have complied with legal requirements. The IRS recognizes many employers filed ERC claims with the assistance of third-party...
Read MoreUndoubtedly, businesses have experienced a plethora of major disruptions over the past few years, including accelerated labor market challenges. The shortage of skilled workers coupled with ongoing inflation is forcing employers to do more with less. One way to combat the problem is to upskill...
Read MoreGrants and government backed loans can provide companies with critical alternatives to traditional financing, as well as opportunities to partner with their lenders in capital projects.
Read MoreThis past year was filled with twists and turns for businesses and their owners — from rising interest rates and inflation impacting cash flow, to the ups and downs of the M&A market, to planning for sunsetting provisions of the Tax Cuts and Jobs Act. New regulations also added complexity, such as...
Read MoreHistorically, entities recognized a credit loss when it was probable to occur under U.S. GAAP. Now, ASU 2016-13 has removed the “probable” threshold. The current expected credit loss (CECL) model in effect for private companies for the years beginning after December 15, 2022, requires consideration...
Read MoreDoes your company hold or transact with crypto assets? If so, chances are you have encountered the complexities of accounting for and disclosing the nature of these assets. Since cryptocurrencies are such a novel asset class, it is no wonder the Financial Accounting Standards Board (FASB) has had to...
Read MoreGenerally accepted accounting principles (GAAP) did not historically provide specific guidance on how to account for the formation of a joint venture. In response to diversity in practice, earlier this year FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60):...
Read MoreIt has been over two and half years since the Securities and Exchange Commission (SEC) staff last released its “Dear CFO Letters,” which provide non-authoritative, yet helpful and transparent commentary directed toward chief financial officers. Their guidance generally relates to specific accounting...
Read MoreBuyers of companies have always performed financial due diligence to confirm the information used to value their acquisitions and to help identify risks, weaknesses and opportunities. However, in recent years, sellers have been increasingly conducting their own financial due diligence prior to...
Read MoreWith interest rates and inflation both on the rise, tax planning is as important as ever for businesses. We’ve compiled some of the key areas that can help business decision makers and entrepreneurs alike manage cash flow for their enterprise, and stay up to date on prominent changes to tax rules...
Read MoreAt the Investment Company Institute (ICI) 2023 Tax and Accounting Conference held recently in San Antonio, regulatory readiness, the swift pace of the regulatory agenda and exploring investment alternatives were key focal points of the event. Panel after panel touched on regulatory change and the...
Read MoreIf you have recently sold, are looking to sell or even considering an investment in C corporation stock in a small business, you may want to consider your eligibility for the benefits under Internal Revenue Code Section 1202. Section 1202 of the tax code allows taxpayers to exclude some or all...
Read MoreWe have seen several tax law changes over the past few years for high-net-worth individuals. As we close out 2023, one of the top tax planning areas to keep in mind involves the sunsetting of key provisions of the Tax Cuts and Jobs Act (TCJA). While these provisions go away in 2025, there are many...
Read MoreWe were proud to host this year’s Cohen Client Conference in our headquarter city of Cleveland, Ohio, welcoming back our clients and friends in the registered and private funds space. But most importantly it was great to gather and welcome the exchange of ideas and information, showing how we are...
Read MoreThis year our fall CPE conference took on a slightly different shape. We of course had technical-focused educational sessions on topics geared toward private companies, but we also had the opportunity to join our investment industry colleagues and clients for extended networking and some fantastic...
Read MoreThe U.S. Court of Federal Claims recently determined that a U.S. couple living abroad could claim a foreign tax credit against the tax liability imposed by the net investment income (NII) tax. This is a significant decision for taxpayers living outside of the U.S., as it means those with foreign tax...
Read More** This blog was last updated 12/6/23 ** NOTE: As BOI regulations continue to evolve, please see our BOI Reporting Resource Center for the most up-to-date reporting deadline information. Congress passed the Corporate Transparency Act of 2021 (CTA) to enhance transparency and combat illicit...
Read MoreWhat does it mean to have your books in order before you sell your company? Everything. When it's time to sell your business, you've likely invested great effort and resources into making it a valuable asset. However, inadequate accounting practices can significantly diminish the perceived value...
Read MoreCharitable giving has been a part of our society since ancient times, dating back to when the Egyptians built the pyramids. But it was only in 1954 that the modern tax code caught up and began recognizing public charitable organizations — vehicles bringing critical aid to those in need — as...
Read MoreAsset managers have shown increasing interest in retail funds with private real estate portfolios over the last few years. Many of these funds are registered with the SEC under the Investment Company Act of 1940 as interval or tender offer funds. Placing certain asset classes, like real estate or...
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