IRS Adds Schedules K-2 and K-3 for International Reporting
Effective for the 2021 tax year, the IRS has added two new forms for pass-through entities for purposes of disclosing additional international information as a result of the Tax Cuts and Jobs Act of 2017. The new forms are: Schedules K-2 (Partners’ Distributive Share Items—International/Shareholders’ Pro Rata Share Items—International) and K-3 (Partner’s/Shareholder’s Share of Income, […]
Should your business address retirement plan leakage?
Under just about any circumstances, the word “leakage” has negative connotations. And so it follows that this indeed holds true for retirement planning as well. In this context, leakage refers to early, pre-retirement withdrawals from an account. Now, as a business owner who sponsors a qualified retirement plan, you might say, “Well, that’s my participants’ […]
Manage Your Expectations for the IRS This Tax Season
It’s everyone’s least favorite time of year: tax season. Have you been wondering about or asking your tax professional these questions? Where’s my refund? Why haven’t my payments been cashed? Why am I getting these notices when I already filed that return? Why are the wait times over an hour to get through to a […]
Looking for a 2022 safety net for your business? Act on EIDL funding before year end
As the new year approaches, the future of the Build Back Better Act (BBBA) — and the strength of the economic recovery — remains uncertain. One thing that’s not uncertain when it comes to your business is the impending deadline to apply for COVID-19 Economic Injury Disaster Loan (EIDL) funding, some of which won’t need […]
First Reports for the Restaurant Revitalization Fund (RRF) Grant Due Dec. 31
Companies that received funding from the Restaurant Revitalization Fund (RRF) should have received an email from the Small Business Administration (SBA) telling them to file a post-award report by December 31, 2021 (if they haven’t already filed a report with the SBA). All recipients are required to report through the application portal how much of […]
Could an FLP fit into your succession plan?
Among the biggest long-term concerns of many business owners is succession planning — how to smoothly and safely transfer ownership and control of the company to the next generation. From a tax perspective, the optimal time to start this process is long before the owner is ready to give up control. A family limited partnership […]
Don’t forget to factor 2022 cost-of-living adjustments into your year-end tax planning
The IRS recently issued its 2022 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, mainly due to the COVID-19 pandemic, many amounts increased considerably over 2021 amounts. As you implement 2021 year-end tax planning strategies, be sure to take these 2022 cost-of-living adjustments into account. Also, keep in mind […]
Businesses must navigate year-end tax planning with new tax laws potentially on the horizon
The end of the tax year is fast approaching for many businesses, but their ability to engage in traditional year-end planning may be hampered by the specter of looming tax legislation. The budget reconciliation bill, dubbed the Build Back Better Act (BBBA), is likely to include provisions affecting the taxation of businesses — although its […]
The Infrastructure Investment and Jobs Act includes tax provisions you’ll want to know about
Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. While the bulk of the law is directed toward massive investment in infrastructure projects across the country, a handful of noteworthy tax provisions are tucked […]
Potential tax law changes hang over year-end tax planning for individuals
As if another year of the COVID-19 pandemic wasn’t enough to produce an unusual landscape for year-end tax planning, Congress continues to negotiate the budget reconciliation bill. The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which […]