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
“We don’t get fooled again!” are the lyrics and namesake of the 1970 song by Rock n’ Roll band The Who, and 50 years later, they are still words to live by in today’s chaotic environment. With all of the distractions brought on by the pandemic comes a golden
Ohio Governor Mike DeWine signed the Ohio biennium budget, Am. Sub. House Bill 110, earlier this summer providing funding to the state for the next two years. Included in the bill was the repeal of sales tax on employment service provider (“temp agency”) fees beginning October 1, 2021 in Ohio.
Avoid Tax Surprises. Win the Day. Surprises are the last thing you want during a merger or acquisition. And few – if any – surprises are worse than surprise taxes that can often lead to a long-term escrow arrangement, or even worse, kill a deal altogether Tax due diligence can
Generally, sellers of U.S. real estate are subject to U.S. taxation on capital gains arising from the sale of the real property. However, under the Foreign Investment in Real Property Tax Act (FIRPTA), the tax cost could be substantially higher. FIRPTA imposes a 10% withholding tax on the transfer (by
If you’re an early bird who likes to get your tax return filed as soon as possible, you’re going to have to wait a little longer this year: The IRS has announced the U.S. tax filing season will open on Friday, February 12, 2021 – 16 days later than in