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Positioning Your Construction Business for Success
As the construction industry evolves, so must your approach to ensuring your business not only survives but thrives over time. By...
2 min read
Rethinking Retirement: Adapting to Modern Realities
The traditional concept of retirement is undergoing significant changes. No longer does retiring always mean working until you...
2 min read
Three Ways To Reduce Income Tax Reporting Risk
In a complex reporting environment in which public company filings are highly scrutinized, properly accounting for and disclosing income...
2 min read
IRS Issues Procedural Guidance on Section 174 Accounting Method Changes for Taxpayers with Short Taxable Years
On August 29, 2024, the IRS issued Rev. Proc. 2024-34, which provides modified procedural guidance permitting taxpayers with short...
3 min read
DOL Releases Final Rule to Increase Salary Thresholds for FLSA White-Collar Exemptions
The U.S. Department of Labor (DOL) issued a final rule that updates and revises the regulations issued under the federal Fair Labor...
4 min read
IRS Adopts Final Digital Asset Tax Reporting Rules with Some Revisions
The IRS on June 28 issued final regulations on information reporting for digital asset transactions. The final regulations require...
6 min read
The Joys of Home Ownership: Balancing Financial Support and Tax Consequences with Real Estate Wealth Transfer Strategies
For high-net-worth individuals, the art of wealth transfer extends beyond merely providing financial assistance to future generations; it...
6 min read
IRS Proposes Cutback in Interest Capitalization Requirements for Property Improvements
The IRS on May 15 published proposed regulations (REG-133850-13) that would remove the “associated property rule” and related rules from...
4 min read
Don't Fall for Tax Scams: IRS Provides Warning
The IRS issued IR-2024-139 in May warning about tax scams involving claims for the fuel tax credit, sick and family leave credit, and...
2 min read
IRS Struggles to Combat Misinformation on TikTok
Going to TikTok for tax advice? You may want to think again. The IRS is facing a unique challenge in combating bad tax advice circulating...
1 min read
Navigating the Terrain of the 2024 Revised Uniform Guidance
In the realm of federal financial assistance, the landscape is evolving. With the U.S. government disbursing over $1.2 trillion in...
3 min read
IRS Form W-9 Revision Adds New Reporting Line on Foreign Partners and Beneficiaries
The IRS in March released a final 2024 revision of Form W-9, “Request for Taxpayer Identification Number and Certification,” as well as...
2 min read
Revisiting Eligibility for Small Business Taxpayer Exemptions
“An exemption from UNICAP? And no limitation on the amount of business interest expense I can deduct? Sign me up!” Many taxpayers (and...
5 min read
U.S. House Passes Bipartisan Tax Bill to Provide Business Tax Breaks, Extend Child Tax Credit Enhancements
The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote...
3 min read
ESOP FAQs: Frequently Asked Questions Related to Employee Stock Ownership Plans
Employee ownership can be an attractive option for owners looking to sell their business while maintaining their legacy and protecting...
15 min read
IRS Releases Revised Procedural Guidance for Section 174 R&E Costs
On December 22, 2023, the IRS released Rev. Proc. 2024-09 containing new and revised procedural guidance concerning specified research...
2 min read
New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively,...
7 min read
Clarifying the SECURE Act 2.0 Roth Catch-Up Contribution Extension
While the IRS’ announcement last month provides significant compliance relief for processing catch-up contributions as after-tax “Roth”...
3 min read
IRS Launches Compliance Campaign Aimed at Inflated Cost of Goods Sold
The IRS Large Business & International Division (LB&I) has announced a compliance campaign aimed at taxpayers that may have reduced their...
2 min read
Beneficial Ownership Information: Updates and Key Insights to New Reporting Requirements
In 2021, the Corporate Transparency Act was enacted by congress. As part of this Act, new beneficial ownership information reporting...
2 min read
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