Tax Compliance & Planning – Blog

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.

The IRS provides some relief amid rising gas prices with an optional increase to the standard mileage rate for business travel.

How will the new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, impact tax filings for family offices and other taxpayers?

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.

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.

The manufacturing sector expanded at the slightly faster rate in May as demand remained strong.

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.

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 an outline for next steps related to guidance and regulation in the digital asset space.

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...

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...

The economic growth and emboldened labor market of the past year require a different policy response than the previous two business cycles.

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.

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...

An effective family office requires the right mix of internal and external capabilities to balance best-in-cost with best-in-class.

The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.

IRS releases Rev. Procs. 2021-48, 2021-49 and 2021-50 to address the treatment of tax-exempt income for PPP loans.

The IRS issued Notice 2021-63, clarifying previous guidance pertaining to the deductibility of food and beverages provided by a restaurant.

Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.

A revised version of the Build Back Better Act released by the House includes sweeping changes to the U.S. international tax system.

A summary of the IRA proposals that were included in the most recent revision of the social and climate spending bill.

The IRS has released its annual cost-of-living adjustments for retirement plan limits, effective Jan. 1, 2022.

After intense negotiations, some provisions were eliminated while others were rewritten in an effort to appease all Democratic members.

Senate finance committee proposes a billionaire tax to tax some unrealized capital gains for wealthy individuals, trusts and estates.

Proposed tax increases have accelerated deals. Transactions will continue despite any tax changes, just with new pricing considerations.

Family offices affected by income and transfer tax increases on individuals, estates and trusts proposed by House Ways and Means Committee.

The decision to co-source the tax function is not simple. Answer these 3 questions to uncover a better approach to tax function efficiency.

The Ways and Means Committee proposed legislation targeting digital assets to increase tax revenue via wash and constructive sales rules.

Owners and beneficiaries of pass-through entities are generally allowed to take advantage of the section 41 credit for research activity.

Senator Wyden’s recent ‘discussion draft’ legislation, if enacted, would drastically alter many of the tax rules that apply to partnerships.