Tax Compliance & Planning – Blog

The FASB recently voted to issue proposals on the determination of an arrangement as a lease and the financial reporting requirements for related party lease arrangements for certain entities.

IRS R&D credit refund claim transition period extended one year.

A summary of important state and local income tax updates enacted during the quarter ending Sept. 30, 2022, which may impact the computation of current and deferred tax provisions under ASC 740.

The actions taken throughout the life cycle of a real estate investment determine whether specific real estate is held for investment or held as dealer property.

IRS releases a set of technical corrections (2022-15867 and 2022-15868) to calm taxpayer concerns regarding the final FTC regulations.

When establishing a retirement plan, be sure to avoid common missteps when setting up your company’s retirement plan.

President Biden announced a plan to extend the pause on student loan repayments and offer student loan forgiveness to millions of borrowers. Under the Student Loan Debt Relief Plan, eligible borrowers will have up to $20,000 of their student loans forgiven. Watch this video to learn more about the program.

Wealth preservation issues and strategies for multigenerational wealth; how to prioritize grantor intent for future generations while minimizing taxes and reducing conflict.

Results of the midterm elections will determine the tax policy outlook for the remainder of 2022, including an extenders package.

Fifth Circuit Court of Appeals upholds the constitutionality of section 7345, revocation or denial of passport in case of certain tax delinquencies.

The Eleventh Circuit overrules the Tax Court and holds supervisory approval any time before assessment satisfies section 6751(b).

Section 7803(e) provides taxpayers a general right to the IRS Independent Office of Appeals. IRS proposed regulations contain a list of 24 types of cases to be excluded from Appeals.

The top four findings from a talent gap research survey commissioned by RSM and solutions for overcoming the talent gap challenges companies are facing.

The FASB is looking for views on changes to accounting for investments in tax credit structures.

Congress passed multiple pieces of legislation aimed at providing relief to employers struggling due to the pandemic. A new Treasury Inspector General for Tax Administration (TIGTA) report finds that ongoing IRS processing delays are causing businesses to wait on COVID-related credits claimed on Forms 941-X. The report states that as of Feb. 1, 2022, there were 447,435 Forms 941-X waiting to be processed.

SAFEs are a newer means of raising capital. Companies and their investors should consider the effects of a SAFE’s tax treatment.

A guide to lessee accounting under ASC 842 has been updated to incorporate guidance from the ASUs issued by the FASB.

Tax changes in the Inflation Reduction Act could affect middle market businesses despite targeting large corporations and high-income individuals.

IRS will automatically waive or abate failure to file penalties for some returns when filed by Sept. 30, 2022. IRS will also waive or not apply penalties for 2019 and 2020 information returns.

IRS guidance helps taxpayers navigate the transition from existing rules for claiming EV credits to new rules enacted by the IRA including ways to verify an EV vehicle will qualify going forward.

Beginning August 2022, Form 990-N users without an active IRS username must create an account with ID.me to authenticate their login information and access the Form 990-N Electronic Filing system.

The Inflation Reduction Act of 2022 includes significantly expanded renewable fuel credits that support goals of carbon emission reductions.

You have mapped out your estate plan and feel confident in its estate tax efficiency. However, it is important to consider the income tax ramifications of each decision throughout the planning process to avoid unintended consequences.

While most companies expense the cost of research and development activities, most fail to take advantage of the R&D tax credit. Learn how the tax credit works and what expenses qualify for it.

Estate succession planning guide for multigenerational wealth and prioritizing grantor intent

The service sector grew faster than expected in July on the back of broad-based increasing business activities and new orders.

The record high turnover in the job market, known as the Great Resignation, is showing signs of easing, but that may not be the case for small businesses.

This article examines the various federal income tax issues, both from the individual and entity level, to be mindful when an owner of a passthrough entity dies.

The IRS lays out six categories of expenditure to which interest can be traced. How the funds are used will determine the type of interest deductible.

Tax planning strategies can help businesses experiencing higher interest expense due to inflation, increased interest rates and lower tax deductions.