Posted on May 18, 2022
by
David Kolan
The pandemic has spurred a tsunami of entrepreneurial new businesses. According to the U.S. Census Bureau, a record 5.4 million new business applications were filed in 2021, compared to 4.4. million in 2020 compared to 3.5 million before the pandemic in 2019. Whether these ventures will prove successful remains to be seen, but each one […]
Posted on May 10, 2022
by
Tomoko Shoji
Congratulations! You filed your tax return (or requested a filing extension) and paid your tax liabilities by the April deadline. However, there are circumstances for which you may need to amend your return and/or attempt to reduce your tax liabilities for the current year. Following are some tips to keep in mind after filing your […]
Posted on May 08, 2022
Individuals participating in high-deductible health plans (HDHPs) will be able to contribute more of their pre-tax earnings to health savings accounts (HSAs) in 2023 and yield related tax and savings benefits. The IRS recently announced it will increase the annual HSA contribution limits that qualify for a full tax deduction in 2023 to $3,850 (up […]
Posted on May 05, 2022
by
Karen Lake
In this episode Director of Tax Services Karen Lake shares information about SALT, state and local tax credits, work opportunity tax credits and more.
In this episode Director of International Tax Services Art Dichter explains when foreign trusts are useful and how they play into tax planning.
The Biden administration recently released its fiscal budget for 2023, which an accompanying fact sheet claims will help lower costs for American families, expand the productive capacity of the American economy and further reduce the deficit. To raise the revenue required to accomplish these goals, the budget proposes to modify existing business and international tax […]
One of the few unfavorable provisions of the Tax Cuts and Jobs Act (TCJA) recently became even more detrimental to certain businesses. Effective Jan. 1, 2022, the amount of net business interest expense (BIE) businesses may deduct from taxable income is further reduced. The results have the potential to increase investment and borrowing costs, making […]
In this episode Director of Forensic and Advisory Services Scott Bouchner explains business valuations, when they are useful and how to get started.
Posted on April 05, 2022
by
Angie Adames
At the end of 2021, the IRS issued new guidance for certain passthrough entities and other taxpayers to use for purposes of reporting applicable partnership interests (API) held in connection with the performance of services, also referred to as “carried interest.” The guidance, provided in the form of frequently asked questions (FAQs), updates final regulations […]
With tax-filing season underway, foreign persons should be prepared to meet their unique U.S. tax-reporting and -payment responsibilities based on their tax residency status. Following are three important factors non-U.S. persons should keep in mind and act on sooner than later to avoid penalties for non-compliance. Know Your Income Tax Status Under U.S. tax laws, […]
