IRS proposes regulations to the basic exclusion amount for estate and gift tax
by KHA Accountants, PLLC | Jun 13, 2022
Many wealthy individuals have taken steps to maximize their lifetime gift tax exemption before it reverts back to a lower level in 2026. However, the IRS recently proposed new guidance that would allow for clawbacks of certain gifted assets. Learn more about the proposed changes in this article.
IRS increases mileage rates for the remainder of 2022
by RSM US LLP | Jun 10, 2022
The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.
Reminder – S corporation shareholder basis reporting requirements must not go overlooked
by RSM US LLP | Jun 8, 2022
How will the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, impact tax filings for family offices and other taxpayers?
Inflation and gross margins—who is winning? Part 1: The transportation sector
by RSM US LLP | Jun 7, 2022
RSM took a detailed look at gross margins across different peer groups in the industrials sector to see how each has fared during this time of high inflation.
IRS Announces Increases for HSAs and HDHPs in 2023
by KHA Accountants, PLLC | Jun 1, 2022
The IRS recently released new contribution limits for 2023 health savings accounts and excepted benefit health reimbursement arrangements and new requirements for qualifying high deductible health plans to reflect cost of living adjustments. Learn about the new limits and requirements in this article.
Manufacturing sector grew steadily in May
by RSM US LLP | Jun 1, 2022
The manufacturing sector expanded at the slightly faster rate in May as demand remained strong.
Treasury Department reinstated the annual RMD for inherited Individual Retirement Accounts
by KHA Accountants, PLLC | Apr 30, 2022
In February of 2022, the IRS and Treasury released proposed regulations that provide updated guidance for the SECURE Act of 2019, including significant changes for beneficiaries of inherited IRAs and 401(k) plans.
Growing your Business Through Mergers and Acquisitions
by KHA Accountants, PLLC | Apr 29, 2022
The business world is consolidating rapidly and companies of all sizes are looking to increase their size, power, and efficiency through merger and acquisition (M&A) activity. Learn how a merger or acquisition may help your company grow quickly and efficiently.
Executive Order provides path to regulation of digital assets
by RSM US LLP | Mar 14, 2022
Executive Order provides an outline for next steps related to guidance and regulation in the digital asset space.
Estate planning: Five ways to avoid probate
by KHA Accountants, PLLC | Mar 7, 2022
Estate planning enables you to specify what happens with your assets after death or incapacitation. While every situation is unique, individuals often create estate plans that minimize the need for probate. Probate is the legal process of validating a will and...
Is a Roth IRA Conversion Right for You?
by KHA Accountants, PLLC | Mar 1, 2022
Should I convert my retirement plan to a Roth IRA? It's an important question worth considering. Roth vs. Traditional: What's the Difference? Taxes now or taxes later. Simply put, that is the main difference between a Roth and Traditional IRA. Contributions to a...
Inflation and the middle market
by RSM US LLP | Mar 1, 2022
The economic growth and emboldened labor market of the past year require a different policy response than the previous two business cycles.
There Is Still Time To Make an IRA Contribution for 2021
by KHA Accountants, PLLC | Feb 25, 2022
A great way to reduce taxable income while saving for the future is by contributing to an Individual Retirement Account. Learn about IRAs including the deadline to contribute, limits and tax deductibility.
Business Owners: IRS Issues Updated K-2 and K-3 Requirements
by KHA Accountants, PLLC | Feb 15, 2022
February 16, 2022 – The IRS has updated guidance on additional exceptions to the new K-2 and K-3 filing requirements. See FAQ #15 found here. In late 2021, the IRS added new schedules K-2 and K-3 for tax year 2021 for partnerships and S corporations (flow-through...
Family office dream team
by RSM US LLP | Feb 8, 2022
An effective family office requires the right mix of internal and external capabilities to balance best-in-cost with best-in-class.
Smile! New IRS identity verification process requires a selfie
by RSM US LLP | Jan 31, 2022
The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.
IRS releases guidance on timing of tax-exempt income for PPP loans
by RSM US LLP | Nov 19, 2021
IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.
IRS clarifies temporary deductibility of per diem meal expenses
by RSM US LLP | Nov 18, 2021
The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant.
House passes infrastructure legislation; sends bill to President Biden
by RSM US LLP | Nov 8, 2021
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
Build Back Better Act – Key international tax provisions
by RSM US LLP | Nov 5, 2021
A revised version of the Build Back Better Act released by the House includes sweeping changes to the U.S. international tax system.
Social and climate costs bring back IRA proposals
by RSM US LLP | Nov 5, 2021
A summary of the IRA proposals that were included in the most recent revision of the social and climate spending bill.
IRS releases 2022 retirement plan limitations
by RSM US LLP | Nov 5, 2021
The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.
Build Back Better Act – What is in and what is out?
by RSM US LLP | Oct 29, 2021
After intense negotiations, some provisions were eliminated while others were rewritten in an effort to appease all Democratic members.
Billionaire tax proposed for wealthy individuals, estates and trusts
by RSM US LLP | Oct 29, 2021
Senate finance committee proposes a billionaire tax to tax some unrealized capital gains for wealthy individuals, trusts and estates.
Tax changes and M&A: Accelerated deals, sticker shock, finding value
by RSM US LLP | Oct 14, 2021
Proposed tax increases have accelerated deals. Transactions will continue despite any tax changes, just with new pricing considerations.
Family offices and tax changes: Considerations from the House proposal
by RSM US LLP | Oct 5, 2021
Family offices affected by income and transfer tax increases on individuals, estates and trusts proposed by House Ways and Means Committee.
3 questions to ask before co-sourcing your tax function
by RSM US LLP | Sep 28, 2021
The decision to co-source the tax function is not simple. Answer these 3 questions to uncover a better approach to tax function efficiency.
Digital assets targeted for substantial tax hikes
by RSM US LLP | Sep 27, 2021
The Ways and Means Committee proposed legislation targeting digital assets to increase tax revenue via wash and constructive sales rules.
Research credit limitations
by RSM US LLP | Sep 23, 2021
Owners and beneficiaries of pass-through entities are generally allowed to take advantage of the section 41 credit for research activity.
Senator Wyden’s draft proposals target partnership tax rules
by RSM US LLP | Sep 15, 2021
Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.