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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
2023 Year-End Tax Planning Guide for Businesses
Tax Accounting Methods A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax...
109 min read
2023 YEAR-END TAX PLANNING FOR INDIVIDUALS
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to...
8 min read
Beneficial Ownership Information Reporting Requirements
FinCEN is issuing a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the...
1 min read
2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year...
3 min read
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