Congress closed out 2022 without restoring taxpayers’ ability to fully deduct research and development (R&D) expenditures in the year incurred. Consequently, as businesses look to file their 2022 tax returns, they may be surprised to find higher taxable income and a larger tax bill than they had expected. They may also find it challenging to […]
Beginning with tax year 2021, the IRS required partnerships, S corporations and other pass-through entities with “international tax relevance” to annually prepare new Schedules K-2, Partners’ Distributive Share Items – International, and K-3, Partner’s Share of Income, Deductions, Credits, etc. – International along with their Schedules K and K-1. Today, however, as these entities prepare […]
In this episode, business advisor Richard Berkowitz shares things entrepreneurs need to think about long before it is time for them to retire, sell or cash out.
Posted on February 21, 2023
Mentioning the federal research and development (R&D) tax credit often conjures up images of scientists in white coats conducting lab experiments. Truth be told, the credit, which can reduce taxpayers’ federal tax liabilities, applies to a wide variety of activities conducted by companies outside of labs in an even broader range of industries, including construction […]
Posted on February 14, 2023
The passage of the Inflation Reduction Act in 2022 ushered in new and expanded tax-saving opportunities for individuals and businesses that produce, adopt and/or invest in energy-efficient technologies, including wind, solar and geothermal power. This includes an extension of tax savings to commercial real estate property owners and, for the first time, real estate investment […]
Posted on February 07, 2023
Congress closed out 2022 with the passage of a $1.7 trillion spending bill that, among other things, ushers in new rules and regulations intended to help more Americans save for retirement. Following is a brief overview of some of the more significant changes individual taxpayers should prepare for beginning in 2023. Raises the Age for […]
Posted on January 31, 2023
January 23rd marked the start of the U.S.’s 2023 tax season and the official date the IRS began accepting and processing individuals’ 2022 tax returns. Following are the critical deadlines and details taxpayers should keep in mind as they gather required documents and work with their CPAs and accountants to meet their federal tax-filing obligations. […]
Posted on January 17, 2023
In this episode, Associate Director of Tax Services Adam Fisher explains passive activity loss rules and how they benefit real estate investors.
Posted on January 12, 2023
When COVID-19 set off a domino effect of business closings in March 2020, the U.S. government responded with a series of economic stimulus programs to help affected organizations stay afloat. Now, as we enter 2023, one of those relief measures is still available for businesses and nonprofits to apply for retroactively when they meet eligibility […]
Posted on January 05, 2023
In this episode, Associate Director of Wealth and Tax Services Sarah Gaymon explains the importance of carefully selecting a trustee.