Tax Compliance & Planning – Blog

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.

Senate Finance Chairman Wyden unveils draft international tax reform bill that would overhaul GILTI, FDII and BEAT rules.

Illinois becomes the latest state to adopt a pass-through entity tax as a workaround to the federal SALT deduction limit.

New guidance and dedicated website provide instruction to taxpayers electing into the pass-through entity tax workaround.

State and local tax implications of the explosive growth in telehealth arising from the global COVID-19 pandemic.

A discussion on the IRS concern with non-filers and what can be done to mitigate the risk is provided in this article.

The IRS released guidance allowing automatic accounting method changes for taxpayers to follow the final revenue recognition regulations.

Revenue Procedure 2021-31 lists depreciation limits for owners of passenger autos placed in service in 2021 and lessees’ income inclusions.

Biden’s plan to grow the middle class, expand economic growth to all Americans and leave the US more competitive funded with tax changes.

The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.

The Texas Workforce Commission announced this week that 2021 unemployment tax rates will not be released until some time in February.  Here is a copy of their press release: The Texas Workforce Commission (TWC) is working diligently to keep the 2021 tax rates as low...

The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.

As the end of the year approaches, it is important to consider strategies to lower your tax liabilities for 2020. In this video, we’ll cover ten strategies that may help in reducing your tax bill.

Does your estate plan include a trust? If so, you should know about an estate planning tool called a Pour-Over Will which helps ensure that all assets are moved into a Trust after an individual’s death.

In lieu of an in depth analysis, partnerships may utilize one of three ‘snapshot’ methods to comply with tax capital reporting requirements.

The final regulations issued by the IRS provide guidance for meal and entertainment deductions under section 274.

Proposed carried interest regulations are mostly as expected with a few new items and detailed computational rules.