Schedules K-2 and K-3 continue to loom large – and they’re affecting many more organizations than initially anticipated. They’re also continuing to change and adapt since their 2021 inception, and proposed changes may bring relief for some previously affected organizations, at least for the 2022 tax year. The first year
Fireworks weren’t the only big news on July 4th this year. While most of us were enjoying cookouts and sparklers, Congress dropped the One Big Beautiful Bill Act (OBBBA). It is a sweeping overhaul of international tax rules that will touch just about every multinational business. If you have operations
The end of the year is approaching, and the window of opportunity to optimize your tax position for 2021 is closing fast. Here are strategies we recommend everyone consider before the end of the year. Take advantage of long-term capital gain rates Our first stocking stuffer recommendation is to take
Did you receive an IRS notice to submit a previously filed 2020 tax return? As the Internal Revenue Service struggles with a still massive backlog generated by the pandemic and staffing challenges – the same issues impacting nearly every sector of the economy – some automatically generated IRS notices are
Major COVID-19 relief legislation provides some much-needed breathing room for hard-hit real estate entities. The Coronavirus, Aid, Relief and Economic Security (CARES) Act and The Consolidated Appropriations Act 2021 (CAA) are designed to help businesses recover and thrive – and one highly anticipated tax provision is a fix to the
Eliminating Double Taxation on Foreign Earnings If you’re doing business globally, you may be getting double-taxed. The U.S. government wants to tax income no matter where it’s earned. Foreign governments likely want to tax you on any dollar you earned inside their borders. Isn’t there a way to avoid this
The U.S. House of Representatives passed the $1.9 trillion American Rescue Plan of 2021 pandemic relief legislation on Saturday, February 27, 2021, to help Americans weather the ongoing health and economic crisis caused by the COVID-19 pandemic. The bill now moves to the Senate for consideration the week of March
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On the first day of his second administration, President Trump issued a memorandum rejecting commitments made under the OECD’s Pillar One and Pillar Two agreements, declaring them to have “no force or effect” in the United States. This decision has significant implications for multinational corporations navigating the complex landscape of
The One Big Beautiful Bill Act (OBBBA) has announced a new opportunity for manufacturers and producers: the ability to immediately deduct 100% of the cost of qualifying production facilities. This provision, known as Section 168(n), goes beyond the traditional scope of bonus depreciation. For the first time, not only equipment
On March 15, 2021, Kentucky Governor Andy Beshear signed into law House Bill 278, which allows expenses paid with PPP loan proceeds to be tax deductible for Kentucky income tax purposes, providing much-needed relief for taxpayers. The passage of the Consolidated Appropriations Act (“CAA”) in late December provided taxpayers the
The One Big Beautiful Bill Act (OBBBA) has introduced significant updates to casualty loss deductions for individuals. Effective for tax years beginning after December 31, 2025, these changes expand what qualifies as deductible losses and make several temporary provisions permanent. Understanding these changes can help taxpayers prepare for the new