The Historic Tax Credit (HTC) has long been a cornerstone of American preservation and revitalization efforts. Introduced in 1976, the HTC has facilitated the rehabilitation of over 49,000 historic properties, spurring economic development and preserving cultural heritage nationwide. However, over the past decade, HTC’s effectiveness has been diminished due to
Can’t watch the video? Get the transcript. Sales tax rules for lawn care and landscaping businesses are anything but straightforward. In this episode of Ask the Experts, our top lansdcaping and lawn care and sales tax compliance pros break down how varying state laws, invoicing methods, and contract structures can
Estimated at over $2.2 trillion, the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020 is the single most expensive legislation in U.S. history. The CARES Act was implemented rather quickly when it was signed into law by President Trump in March of 2020. It was intended to provide
Smart Financial Moves to Protect Your Investments in a Pandemic Economy: Traditional to Roth IRA Conversion Strategies Investments everywhere are taking a significant hit in the wake of the COVID-19 pandemic, but there are still smart financial moves you can make to minimize the impact and protect future investment growth.
The Inflation Reduction Act (IRA), signed into law by President Biden in August 2022, is designed to help fight inflation, increase investment in domestic manufacturing and energy production, lower prescription drug prices, and sharply reduce carbon emissions by 2030. It also included new and expanded tax incentives designed to reward
The Consolidated Appropriations Act (CAA) signed into law this past December includes some key provisions that have generated a lot of attention and planning efforts such as around the PPP loans and Employee Retention Credit. However, there are a number of other smaller provisions that can have a significant impact
With the election less than 7 weeks away, we have outlined each candidate’s tax plans below. Donald Trump has not released a full second-term tax plan, but has frequently talked about taxes and what his administration would like to accomplish during a second term, which we have addressed below. Joe
Supreme Court Decision on Obamacare Tax Still Unresolved as Statute of Limitations Looms on 2017 Tax Returns The Patient Protection and Affordable Care Act, sometimes referred to as Obamacare, has been challenged at the state court level, and in March of 2020, the U.S. Supreme Court decided it would take
Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. The Coronavirus, Aid, Relief, and Economic Security (CARES) Act passed in the Senate in the evening of March 25, 2020.
While the new Corporate Alternative Minimum Tax (CAMT) may not apply to certain taxpayers, it may still generate additional reporting requirements. Here’s what you need to know. The Backstory The CAMT, created by the Inflation Reduction Act, imposes a 15% minimum tax on the Adjusted Financials Statement Income (AFSI) of
The IRS says they’ll propose new regulations for the treatment of controlled foreign corporations (CFCs) – with the intent of preventing double taxation on a CFC’s previously taxed earnings and profits to U.S. corporations in certain restructuring scenarios. The announcement was made on December 28, 2023, in IRS Notice 2024-16.
530A Accounts: Form 4547 The new 530A accounts (also called Trump accounts) created under the One Big Beautiful Bill Act (OBBBA) are new tax‑favored retirement‑style accounts for children, created under IRC § 530A and set up using IRS Form 4547, Trump Account Election(s). If you have a child, a 530A