Tax Compliance & Planning – Blog

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.

IRS guidance addresses full or partial suspensions of operations due to supply chain disruption for ERTC and erroneous ERTC refunds.

The Internal Revenue Service (IRS) has released its yearly update to the revenue procedure controlling the implementation of accounting method changes, which may impact many taxpayers. The updated Rev. Proc. 2023-24, includes changes related to depreciation and R&D expenses, among other items.

The IRS and Treasury Department have recently released guidance on the monetizing energy credits for businesses. This guidance provides clarity on the process of claiming and monetizing these credits, which can provide significant financial benefits for companies that invest in renewable energy sources.

IRS and Treasury release regulatory guidance regarding the monetization of certain clean energy tax credits through direct pay and transferability

Learn how Artificial Intelligence is transforming worker productivity and its impact on businesses and the labor market.

The IRS has released warning signs to identify misleading Employee Retention Credit scams. The release also recommends simple steps for avoiding the filing of a misleading claim.

From financial institutions to car dealerships, MFA is becoming a requirement for companies across industries. This article outlines the expanding use cases for MFA, the different features and functionalities of various MFA solutions, and the need for a holistic security strategy.

Companies should use multifactor authentication as part of a layered security strategy that includes identity and access management which exceeds passwords.

If your employees travel for work purposes, it’s important to understand the various methods of tracking and substantiating travel expenses so that you can maintain accurate records, control costs, and take advantage of potential tax benefits. Watch this video to learn about business travel expenses, per diem allowances, and how they affect employees and employers.

A revocable living trust, or RLT, offers many benefits, including probate avoidance, privacy, and flexibility in managing assets during one’s life, incapacity, and death. However, despite their popularity as an estate planning tool, there are many misconceptions surrounding revocable trusts that lead to confusion and misunderstandings. Watch this video to learn about the top six misconceptions.

Signs point to increasing credit risk in commercial real estate loan portfolios, as recent skittishness around lending has compounded existing concerns.

See how the new required tax treatment of R&D costs under section 174 affects federal, state, and international taxes, as well as software development.

New rules for EV credit reduce the number of eligible models after Apr. 17, 2023. The list of eligible models is likely to grow.

IRAs are an important tool for many individuals when it comes to managing their long-term financial goals. IRAs are generally considered investment vehicles that are exempt from tax, but this may not always be the case.

Each year, the Internal Revenue Service publishes its annual Dirty Dozen list of tax scams highlighting various schemes that put taxpayers and their financial well-being at risk. In this video, we’ll provide an overview of five of the top scams on the list.

Individual Retirement Accounts (IRAs) described in section 408 are subject to the unrelated business income tax (UBIT) to the extent their gross unrelated business taxable income (UBTI) exceeds $1,000. IRA fiduciaries generally have the responsibility of filing Form 990-T, Exempt Organization Business Income Tax Return, but the tax liability belongs to the IRA.

In Keeton v. Commissioner the Tax Court denied the taxpayer a bad debt deduction saying it failed to have records proving the debt.

When employers pay employees with property or stock, rather than cash, special rules under section 83 apply.