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IRS Form W-9 Revision Adds New Reporting Line on Foreign Partners and Beneficiaries
The IRS in March released a final 2024 revision of Form W-9, “Request for Taxpayer Identification Number and Certification,” as well as...
2 min read
Revisiting Eligibility for Small Business Taxpayer Exemptions
“An exemption from UNICAP? And no limitation on the amount of business interest expense I can deduct? Sign me up!” Many taxpayers (and...
5 min read
U.S. House Passes Bipartisan Tax Bill to Provide Business Tax Breaks, Extend Child Tax Credit Enhancements
The U.S. House of Representatives on January 31 passed the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) by a vote...
3 min read
ESOP FAQs: Frequently Asked Questions Related to Employee Stock Ownership Plans
Employee ownership can be an attractive option for owners looking to sell their business while maintaining their legacy and protecting...
15 min read
IRS Releases Revised Procedural Guidance for Section 174 R&E Costs
On December 22, 2023, the IRS released Rev. Proc. 2024-09 containing new and revised procedural guidance concerning specified research...
2 min read
New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively,...
7 min read
Clarifying the SECURE Act 2.0 Roth Catch-Up Contribution Extension
While the IRS’ announcement last month provides significant compliance relief for processing catch-up contributions as after-tax “Roth”...
3 min read
IRS Launches Compliance Campaign Aimed at Inflated Cost of Goods Sold
The IRS Large Business & International Division (LB&I) has announced a compliance campaign aimed at taxpayers that may have reduced their...
2 min read
Beneficial Ownership Information: Updates and Key Insights to New Reporting Requirements
In 2021, the Corporate Transparency Act was enacted by congress. As part of this Act, new beneficial ownership information reporting...
2 min read
2023 Year-End Tax Planning Guide for Businesses
Tax Accounting Methods A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax...
109 min read
2023 YEAR-END TAX PLANNING FOR INDIVIDUALS
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to...
8 min read
Beneficial Ownership Information Reporting Requirements
FinCEN is issuing a final rule requiring certain entities to file with FinCEN reports that identify two categories of individuals: the...
1 min read
2023 Year-End Tax Tips
Here are some things to consider as you weigh potential tax moves between now and the end of the year. 1. Defer income to next year...
3 min read
Most Expanded Self-Corrections Available Immediately for Workplace Retirement Plans, but Not for IRA
The IRS has green-lighted immediate use of most – but not all – expanded self-corrections for compliance failures involving tax-qualified...
6 min read
Back to Basics: The Foundational Concepts of Grants Management & Compliance
The “Back to Basics” blog series focuses on the critical concepts and most common compliance issues that are integral to managing and...
7 min read
Notice 2023-55 Offers Temporary Relief from Final FTC Regulations
The IRS on July 21 issued Notice 2023-55 announcing temporary relief for taxpayers in determining whether a foreign tax is eligible for a...
3 min read
RMD Relief and Guidance for 2023
In early 2022, the IRS issued proposed regulations regarding required minimum distributions (RMDs) to reflect changes made by the Setting...
4 min read
Are Gift Cards Really a “Gift” for the Restaurant Industry?
Given the popularity of gift cards among both issuers and recipients, restauranteurs should understand the pros and cons of selling and...
3 min read
Connecticut’s 2024 Budget Bill Extends Corporate Surcharge, Alters PTE Tax, and Reduces...
On June 12, 2023, Connecticut Gov. Ned Lamont signed the budget bill (H.B. 6941), which includes three notable tax provisions: (1) an...
3 min read
The Year Ahead in Hospitality: Embracing Opportunities, Mitigating Risk
Three years after the onset of the coronavirus pandemic, the hospitality industry, like others, is still recovering. Though 2022 saw some...
4 min read
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