Author Archives: mgracey

Master limited partnerships (MLPs) are publicly traded businesses that usually make periodic distributions of their tax-advantaged income to the limited partner owners to avoid corporate taxes. Most often they operate in the traditionally stable energy and natural resource industries, which provide partners with a steady income stream and predictable returns. In fact, as of July […]

The sweeping Inflation Reduction Act approved by Congress and signed into law on Aug. 16, 2022, did not include any of the previously proposed restrictions to the beneficial tax treatment of carried interest typically paid to general partners, fund managers or others in connection with their performance. Consequently, qualifying taxpayers may continue to treat carried […]

In this episode Associate Director of Assurance and Advisory Services Melissa Fleitas shares what plan sponsors need to know about required reporting of 401(k) plans and employee benefits programs.

During the last week of July, Democrats in the U.S. Senate introduced the Inflation Reduction Act of 2022, which provides a new package of spending and tax measures designed to decrease the federal deficit while expanding adoption of clean energy, health insurance coverage and IRS compliance efforts. Among the policy changes recommended to help pay […]

According to the Association of Certified Fraud Examiners’ (ACFE) Report to the Nations, occupational fraud continues to plague the construction sector, which reported the fourth highest median losses of $203,000 among a total of 22 industries. Topping the list of the industry’s most common fraudulent schemes was corruption followed by improper billing practices and duplicitous […]

In this episode Director of Forensic and Advisory Services Joel Glick explains how forensic investigations can be an important part of litigation matters.  

Included in New York’s 2022-2023 budget is a $250 million COVID-19 Capital Costs Tax Credit Program, offering financial assistance to help the state’s small businesses cover some of the operating costs they incurred adapting to the pandemic. The assistance comes in the form of tax credits equal to 50 percent of qualifying expenses and up […]

On July 8, 2022, the IRS released Revenue Procedure 2022-32, which provides a simpler method for estates with widows or widowers to elect portability of the deceased spousal unused exclusion (DSUE). When a spouse dies with unused lifetime gift and estate-tax exclusion amounts, it is often a decision for the executor and the widow or […]

There are a variety of economic and non-economic factors that can negatively impact cash flows for businesses of all sizes across various industries. Currently, the ongoing labor and supply-chain constraints coupled with record-high inflation and rising interest rates are making it more difficult for businesses to cover their operating costs and maintain profitability. While there […]

The thought of an IRS audit can strike fear and loathing in any law-abiding U.S. taxpayer. As the recipient of an examination notice from the IRS, it is the taxpayer who shoulders the responsibility to prove that previously filed tax returns were both complete and accurate. This burden of proof does not lie with the […]