Despite the recently concluded political elections, taxpayers continue to have uncertainty regarding potential future tax changes. The impact of these elections, the potential sunset of many individual provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) and a more aggressive tax enforcement...
Read MoreGoing through a financial statement audit can sound like a daunting task, especially if your company has never been audited before. Why are we being audited? What does the process entail? What do we do once the audit is complete?These are all valid and common questions asked by first-time audited...
Read MoreAn underlying theme in year-end tax planning for high-net-worth individuals last year was planning around the impending sunset of the 2017 Tax Cuts and Jobs Act (TCJA). That theme continues this year, albeit with even more uncertainty. The election of former President Donald Trump along with a...
Read MoreArtificial Intelligence (AI) is like that shiny new gadget we can't wait to get our hands on. It's exciting, it's transformative — a true game-changer. However, much like any powerful tool, behind AI’s luster there are challenges. And for responsible companies, being aware...
Read MoreAs a business owner, you’ve likely dedicated a significant portion of your life nurturing and growing your business into a success. And now, regardless of the reason — and there are plenty — it’s time to sell. What are your next steps? What are the best practices to...
Read MoreArtificial intelligence — are there any two words that evoke more excitement and fear in today’s business environment? Experts predict artificial intelligence (AI) will either be the most transformative technology in the history of mankind or will lead to our demise. Ultimately, the...
Read MoreEarlier this summer the IRS issued final regulations on information reporting requirements for digital assets, including determining amount realized and basis allocations. At the same time, the regulatory body also provided safe harbor relief for taxpayers to substantiate their basis allocations...
Read MoreNot-for-profit and for-profit entities receive federal grants in many capacities. If your entity receives any federal dollars, you must understand the applicable requirements, which include understanding allowable costs to be reimbursed under the grant.Track Grant Expenditures SeparatelyFirst...
Read MoreOn April 25, 2024, the Treasury Department released final regulations under Internal Revenue Code Section 6418, providing clarity regarding the transfer and sale of certain tax credits by, or on behalf of, a Real Estate Investment Trust (REIT). The overview below illustrates how these...
Read MoreIt was my pleasure to serve as editor of this year’s AICPA Tax Adviser August Tax Clinic, a special section our firm has been honored to oversee and contribute to for decades under my colleague Tony Bakale.With the passing of this torch, I was excited to be entrusted with delivering...
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