The Inflation Reduction Act signed into law on Aug. 16, 2022, represents an investment of more than $430 billion in new federal spending to combat climate change, reduce consumers’ healthcare costs and lower the deficit. To help raise the revenue required to accomplish these goals, the bill includes a package of tax reforms impacting consumers […]
Posted on August 11, 2022
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Jeffrey Mutnik
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 […]
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 […]
Posted on July 20, 2022
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Luke Lucas
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 […]
Posted on July 13, 2022
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Sarah Gaymon
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 […]
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 […]
The U.S.’s EB-2 visa program offers foreign pilots a unique pathway toward lawful permanent residence in the U.S. However, without proper planning in advance of stepping foot on American soil, that path can be plagued with a variety of expensive tax traps. Whether your stay in the U.S. is temporary or a part of a […]
Posted on June 21, 2022
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Rick Bazzani
Home prices across the country have hit record highs over the past few years as the number of homes for sale has remained in short supply. While this rising demand has been good news for sellers looking for big profits, it has also resulted in larger tax bills for many. Potential Exclusion of Taxable Gains […]
Posted on June 16, 2022
In this episode Director of Real Estate Tax Services Eric Green explains the benefits of participating in Opportunity Zones as a developer, investor or fund manager.
Posted on June 15, 2022
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Karen Lake
Florida residents have two sales-tax exemption opportunities in July, when they can purchase a variety of items in the state tax-free. Three additional sales-tax holidays lasting one to two years also begin on July 1, 2022. Freedom Week returns for a second year, beginning on July 1 and running through July 7. During this time, […]
