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IRS Issues Notice of Proposed Rulemaking for Supervisory Approval of Penalties
On April 11, 2023, the U.S. Treasury Department and the IRS issued proposed regulations under IRC Section 6751(b) (REG-121709-19; 88 F.R....
2 min read
Option to Treat Employer Contributions as Roth Contributions Under SECURE 2.0
Of the many provisions within the SECURE 2.0 Act, there is one that plan sponsors may want to pay particular attention to: the option to...
4 min read
Is the Door Closing on the Self-Employment Tax Exemption for Active Limited Partners?
A judicial resolution may be near for the unanswered question of whether limited partners in state law limited partnerships may claim...
4 min read
IRS Denies Basis Step-up for Assets of Irrevocable Grantor Trust Not Included in Grantor’s Estate
The IRS on March 29 released Rev. Rul. 2023-2, which confirms that the assets of an irrevocable grantor trust not includable in the...
2 min read
U.S. Tax Court Rules IRS Lacks Statutory Authority to Assess Penalties for Failure to File Form 5471
The U.S. Tax Court held on April 3, 2023, in Farhy v. Commissioner, 160 T.C. No. 6 (April 3, 2023), that the Internal Revenue Code does...
2 min read
2023 Inflation Adjustments Impact Qualified Small Businesses, Business Interest Limitation Exemption
Various provisions of the Internal Revenue Code that are tied to specified dollar amounts provide that those dollar amounts are to be...
4 min read
Final Schedule K-2 and K-3 Instructions Provide Limited Relief for Investment Partnerships
Background Schedules K-2 and K-3 report items of international relevance. Schedule K-3 is provided to partners along with their Schedule...
2 min read
IRS, Treasury Release Corporate AMT Interim Guidance
The Inflation Reduction Act (IRA) enacted on August 16, 2022, created a new corporate alternative minimum tax (AMT) for taxable years...
5 min read
Inflation Reduction Act: Costs and Benefits for Real Estate & Construction
Introduction The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives – such as the 179D energy efficient...
6 min read
Secure 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans
The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden...
16 min read
Accounting Difficulties Facing Government Contractors
Accounting Difficulties Facing Government Contractors Navigating the financial and accounting landscape can be daunting. Government...
3 min read
6 Steps to Becoming Sales and Use Tax Compliant
Most U.S. states require businesses to collect and remit sales and use taxes even if the business has no in-state physical presence, only...
3 min read
Board Oversight of Cybersecurity
The board’s role in the oversight of organizational risk is increasingly complicated by cybersecurity concerns. Cybersecurity risk is...
5 min read
Interest Rates and Retirement Contribution Limits Increase for 2023
The IRS recently released information about 2023 increases that may affect taxpayers. When planning for 2023, there are several things to...
2 min read
ERC Updates
The employee retention credit (ERC) has been one of the most beneficial forms of pandemic relief for the restaurant industry. However,...
4 min read
Prepare for tax season by reviewing credits and deductions now
It’s never too early to prepare for a smooth tax filing process. Tax credits and deductions can have a significant effect on tax...
2 min read
Launching A Strong Year-End Fundraising Campaign Amid Economic Uncertainty
Economic volatility is threatening many nonprofits’ financial outlook. Some may be experiencing poor returns on investments, while others...
3 min read
IRS Warns Employers to be Cautious of Schemes and Solicitations Promising ERC Help
The IRS on October 19 issued IR-2022-183, warning employers to be wary of promotions for the employee retention credit (ERC) that sound...
3 min read
How Technology & Culture Support Sustainability
Embracing technology, outsourcing key operations to specialists and improving organizational culture can all be a part of a nonprofit’s...
3 min read
Navigating Financial Headwinds, Recession or Not
One of the goals of the CFO is to make sure the company always has adequate cash to operate. To accomplish this task, the CFO typically...
5 min read
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