The answer might surprise you. Because in some cases, it’s yes. The IRS has released final regulations outlining the rules and definitions for how taxpayers can transfer eligible tax credits to other unrelated taxpayers based on provisions of the Inflation Reduction Act. Which tax credits qualify for transfer? In short
For the second year in a row, Barnes Dennig is one of the U.S.’s Top Recommended Firms in both the Tax and Accounting categories – one of only 177 firms across the nation to make both lists. More than 4,400 firms were considered in compiling this year’s list, according to
https://www.youtube.com/watch?v=URoXXG3n3Hs Can’t watch the video? Get the transcript. If you think sales tax compliance is only an issue for retailers, you might be in for an unpleasant (and expensive) surprise. In this Ask the Experts episode, Sales Tax Compliance Director and practice leader Cheryl Ganim and leading Sales Tax Compliance
When should your company consider investing in sales tax automation and outsourcing sales tax compliance? Businesses with sales into multiple states that have crossed the economic nexus thresholds may have multiple state sales tax filing requirements every month. Yes. Every. Month. Typically, businesses handle the sales tax compliance function in-house,
The Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) have issued Notice 2020-75 to alert taxpayers on the rules they plan to include in upcoming proposed regulations. Among the items included, the IRS will clarify that “Specified Income Tax Payments,” which means state and local income
There’s been a recent surge in discussions regarding trusts and estates – a noteworthy topic of discussion. Last year, we had anticipated changes in the estate exemption, and proposed legislation was in the pipeline. President Biden pushed strongly for these changes, but nothing came to fruition. The federal estate tax
If your business qualifies for the research and experimentation (R&E) tax credits, it’s important to know that changes to the tax treatment of R&E expenditures will go into effect on January 1, 2022. The Tax Cuts and Jobs Act (TCJA) of 2017 set the timing for these changes – here’s
Additional regulations for Global Intangible Low-Taxed Income (“GILTI”) were released on June 14, 2019. Taxpayers were relieved to find two favorable adjustments: Proposed GILTI high-tax exclusion Final guidance on how to calculate GILTI for partnerships High-Tax Exclusion GILTI was put into place to tax the intangible earnings of companies and
On September 15, 2023, the IRS released proposed changes to Form 6765 to solicit responses from taxpayers and practitioners. These proposed changes included two new sections intended to improve information received by the IRS and provide more consistent tax reporting for the taxpayer. The proposed changes better align with the
Proposed changes to Tennessee’s franchise tax would provide substantial tax relief for businesses located in Tennessee. Here’s what you need to know. Current Tennessee franchise and excise tax According to The Tennessean, “Businesses currently calculate what they owe in state franchise tax in a dual-pronged model first established in the
As the pandemic battered the economy in 2020, the Association of Certified Fraud Examiners predicted a rising tide of tax fraud scams that would escalate in 2021. As tax season heats up, that prediction is bearing out, and even savvy professionals aren’t immune. Here’s what you need to know, and
For construction companies, tax planning remains one of the most effective ways to protect profitability and strengthen cash flow. While market conditions continue to evolve, the tax code still offers meaningful opportunities for businesses that plan early and take a proactive approach. The key is understanding which strategies align with