Tax Compliance & Planning – Blog

Reduce estate taxes? Consider a gift to an IDGT: The gift that keeps on giving

Profits interest are an equity-based compensation device intended to incentivize key employees in partnerships.

As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time to consider how you can leverage an IRA.

If you invest or trade in Bitcoin, non-fungible tokens (NFTs), Stablecoins, or other digital assets, prepare for sweeping new tax reporting requirements.  Congress wants the IRS to crack down on taxpayers who buy and sell crypto but don’t report or pay tax on their gains.

The December 2023 revision of Form 8283 includes new reporting for digital assets, certified historic structures and passthrough entity information.

IRS urges employers to review ERC claims before the Voluntary Disclosure Program deadline of March 22, 2024. The agency warns of 7 common signs that their claims may be incorrect.

The IRS intends to release proposed regulations on the PIN requirement for the energy efficiency home improvement credit under section 25C.

Debt modifications that include consent fee payments can create unintended tax consequences.

Debt modifications that include consent fee payments can create unintended tax consequences.

In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we’ll explain how a 1031 exchange works and important considerations when using one.

Debt modifications that include consent fee payments can create unintended tax consequences.

Debt modifications that include consent fee payments can create unintended tax consequences.

In the world of real estate, the Section 1031 exchange has been a significant tool for investors who want to grow their real estate portfolio and wealth. In this video, we’ll explain how a 1031 exchange works and important considerations when using one.

Debt modifications that include consent fee payments can create unintended tax consequences.

The Tax Court ruled that holding a state law limited partnership interest is not, by itself, enough to avoid self-employment tax.

The Supreme Court’s ruling in Moore v. United States could reshape Congress’ authorization to tax income.

A goal of estate planning is to maximize the wealth that is passed on to one’s heirs. In this video, we’ll discuss how a Spousal Lifetime Access Trust and an Irrevocable Life Insurance Trust may help you minimize estate taxes and protect wealth.

The Internal Revenue Service (IRS) has established guidelines concerning the withdrawal of an Employee Retention Credit (ERC) claim for those employers who now believe they may not qualify. These guidelines, detailed on the IRS’s official website, outline the necessary steps a taxpayer must take to withdraw a claim for the ERC, under certain conditions.

On September 14, 2023, the IRS made two major press releases regarding the Employee Retention Credit (ERC). This article summarizes significant points from those releases.

The IRS has temporarily halted processing of employee retention credit claims and will provide additional guidance for businesses.

For any business, understanding and effectively managing the cost of customer acquisition is crucial for success. In this video, we’ll explain what it is, how it’s calculated, and how it affects a business’s profitability, cash flow, and overall growth.

The Internal Revenue Service (IRS) has recently released guidance on Roth catch-up contributions under SECURE 2.0 Act. This guidance, outlined in Notice 2023-62, provides important information for individuals who are age 50 or older and participating in a retirement plan that allows deferral contributions.

New requirements effective January 1, 2024 mandate electronic filing of Form 8300 to report $10,000 cash transactions

This edition was updated to add new guidance on loan modifications, reflect the adoption of the CECL and leases standards, and more.

After selling a business, it is crucial to update your estate plan to align with your new financial situation. This article provides and overview of common strategies to consider.

This article discusses estate planning and tax considerations after the sale of a business interest or other liquidity event, including common strategies to reduce estate tax and meet charitable giving goals.

The Corporate Transparency Act will require most businesses to provide beneficial ownership information to the U.S. Department of Treasury to combat money laundering. Find out who needs to report, what information is required, and when the reports must be submitted.

A proposed update would require disclosing compensation, depreciation and inventory costs within income statement line items.

A recent IRS Notice provides essential guidance on required minimum distributions (RMDs) under SECURE 2.0. This article reviews that Notice and provides insights into the updated rules and deadlines for RMDs, helping taxpayers navigate the ever-changing landscape of retirement planning and compliance with IRS regulations.

The IRS has released additional guidance on ERC claims basing credit eligibility on supply chain disruptions. In a Generic Legal Advice Memorandum (GLAM) and IRS Notice, the IRS explores various scenarios and clarifies the requirements for employers to substantiate their claims.