In this episode Director of Forensic and Advisory Services Scott Bouchner explains business valuations, when they are useful and how to get started.
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, […]
The IRS, buried under millions of unprocessed tax returns from tax year 2020, is suspending the automatic mailings of certain letters and notices it usually generates when it identifies individuals and businesses that failed to file required tax returns or that owe additional taxes. The announcement comes just weeks after the IRS began accepting tax […]
Before filing your 2021 individual tax returns, consider if there is anything else you can do to reduce the taxes you owe Uncle Sam. While your annual tax liability is based primarily on the income you earned and the actions you took before December 31, 2021, you may qualify for a last-minute opportunity to cut […]
In this episode Real Estate Tax Director John Ebenger shares an overview of 1031 exchanges, a tax deferral strategy for real estate investors.
In this episode Director of Tax Services Andrew Leonard shares the latest in ERTC deadlines and requirements.
Under the IRS’s 65-day rule, estates and certain complex trusts still have some time to reduce their income-tax liabilities for 2021, but immediate action is required. Calendar year-end trusts have until Sunday, March 6, to distribute trust income to beneficiaries and treat those payments as if they occurred in 2021. Doing so not only reduces […]
When establishing a trust, grantors must take special care to ensure trust documents clearly communicate how they intend the trust and its assets be treated for income-tax purposes. While there are a variety of different types of trusts with assorted names and features to meet an equally broad range of needs and goals, one of […]
Plaintiffs seeking compensatory and punitive damages for physical injury or mental distress often fail to recognize the tax implications of the lawsuit damages awarded to them. That information typically is revealed by legal counsel, who must have a firm understanding of the nuances of the U.S. tax code and, more importantly, how to apply those […]