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.
With major tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025, and in light of the recent election, many taxpayers are left wondering when they will know what lies ahead with regards to future tax laws. The Trump administration has
On June 3, 2020, the Senate passed a bill modifying the provisions related to the forgiveness of loans made to small businesses under the Paycheck Protection Program implemented in response to COVID-19. At the time of publication, this bill is awaiting the President’s signature. Extended Loan Forgiveness Period To alleviate
Congress is currently working on a bill designed to help savers of all ages: The Securing a Strong Retirement Act of 2021 will attempt to increase retirement savings and add to changes seen under the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. This newest
When you’ve been in the business for over 20 years, there are bound to be processes that desperately need re-vamping. Especially if you’ve grown from a small entrepreneurship into a successful multi-level business. Here’s how the Barnes Dennig Fractional Accounting and Advisory team made a major difference for a fast-growing
The best way to improve anything is to track progress to provides a direct comparison from the past to the present. Creating a budget or a spending plan is no different. Tracking where your money is coming in and going out is the best way to measure your current financial
If the thought of a cybersecurity breach in your K-12 school system fills you with existential dread, you’re not alone. The potential negative impact is very high – potential exposure of personally identifiable information (PII), disruption of education and other critical operations, and the possibility of high recovery costs and
By now, you’ve likely heard about the fractional CFO model – you’re reading this post, after all. And you may be wondering if the fractional model is right for your organization. (The fractional model also includes other accounting roles, including VP of Accounting, Controller, and Accounting Manager – but that’s
First, the Big Picture In 2017, the Tax Cuts and Jobs Act (TCJA) made a significant change in a taxpayer’s ability to defer gain under the like-kind exchange rules of Code Section 1031 – including narrowing the applicability of section 1031 to an exchange of real property. That property had
In part 2 of the 2021 Not-for-Profit Leadership Summit, keynote speaker Sheri Chaney Jones focused on turning data into dollars – how non-profits can use data to better tell their story and drive greater success with fundraising. The event, hosted every fall by Barnes Dennig, the Association of Fundraising Professionals,