<strong>Expanding the Simplified Model for</strong> <strong>Tax Credit Investments</strong>
An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments will soon be expanded to include more federal and state tax credit investment programs. A narrow-scope accounting standard will allow other tax credit programs, beyond LIHTC investments, to qualify for the proportional amortization method. This simplified model allows the initial […]
IRS Guidance on Inflation Reduction Act’s Clean Vehicle Credit
The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. The IRS recently (4/17/23) published regulations to clarify how a CV can qualify for the tax credit. These new […]
Quality Matters in M&A Transactions
In mergers and acquisitions, the target’s financial statements may not provide sufficient insight to justify the purchase price. Investors and lenders may request a quality of earnings (QOE) report as part of the due diligence process. These reports can be used to evaluate the accuracy and sustainability of the seller’s reported earnings. Opportunities and threats When […]
Should your business be outsourcing sales tax compliance?
Without the ongoing burden and uncertainty related to sales tax compliance, your financial management resources can work on more complex issues and proactive tax planning. Understand the cost of sales tax compliance: In-house vs. Outsourcing, in this side-by-side comparison. Download Infographic Download Infographic
Multistate Tax Alert: Kentucky H.B. 360, Pass-Through Entity Tax Updates
Overview Kentucky enacted a pass-through entity tax joining about 30 other states. The legislation, H.B. 360, enacts a tax at the entity level or “PTET” tax. Kentucky allows the restaurant revitalization grant income exclusion and related expenses to be deducted retroactively. Kentucky lowered the income tax rates for 2023 and 2024 forward. The PTET Election The legislation creates […]
US Supreme Court rules against IRS on FBAR
The U.S. Supreme Court recently weighed in on an issue regarding a provision of the Bank Secrecy Act (BSA) that has split two federal courts of appeal. Its 5-4 ruling in Bittner v. U.S. is welcome news for U.S. residents who “non-willfully” violate the law’s requirements for the reporting of certain foreign bank and financial accounts on what’s […]
President Biden’s Proposed Budget Includes Notable Tax Provisions
President Biden has released his proposed budget for the federal government for the 2024 fiscal year. The budget, which aims to cut the deficit by nearly $3 trillion over 10 years, includes numerous provisions that would affect the tax bills of both individuals and businesses. While most of these proposals stand little chance of enactment with a Republican […]
New Congress: Possible Tax Legislation Changes on the Horizon
The scales shifted during the 2022 mid-term election in Washington, D.C., with the Democrats no longer controlling both houses of Congress. While it’s in question whether or not any tax-related legislation can muster the requisite bipartisan support, a review of certain provisions in existing laws might provide an indication of the many areas ripe for […]
<strong>2022 Schedule K-2 and K-3 Filing Requirements for Partners and Shareholders of Pass-Through Entities</strong>
Effective for tax year 2021, the IRS introduced K-2 and K-3 Schedules as part of Form 1065 (U.S. Return of Partnership Income) and Form 1120S (U.S. Income Tax Return for an S Corporation) to make federal income tax liability more transparent for partners who share ownership in certain pass-through entities. Prior to the release of […]
<a href="https://www.eventbrite.com/myevent?eid=481979171677">Modernizing Our Buildings: Green for Green</a>
Green energy and sustainable building practices are no longer the domain of early adopters or futuristic visionaries. As the technology of “going green” becomes cheaper and more efficient, the upsides to your bottom line continue to increase. The recent passage of the Inflation Reduction Act has put into place an array of new tax incentives […]