In February 2023, the Department of Labor, IRS and Pension Benefit Guaranty Corporation jointly released Federal Register notices that announced changes to the 2023 Form 5500. Among these changes for defined contribution plans is a change in the participant counting methodology used to determine...
Read MoreOn January 12, 2024, the U.S. Department of the Treasury released a new fact sheet that in part reiterates, and revamps, the IRS’ commitment to their initiative of auditing limited partnerships. The release comes after five years of scrutiny in this area and an important court case...
Read MoreThe IRS and the Department of Treasury recently unveiled proposed regulations detailing the implementation of the Section 45X Advanced Manufacturing Production Credit, a pivotal incentive established under the Inflation Reduction Act. This credit aims to stimulate domestic production and sales of...
Read MoreWith the passing of the Corporate Transparency Act of 2021 (CTA), some businesses are required to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Entities formed in 2024, in particular, will be subject to the reporting rules beginning this year...
Read MoreInvestors, lenders and other users of financial statements look to income tax footnote disclosures to evaluate how a company’s operations affect its tax rate and future cash flows. While investors use the disclosure of rate reconciliation tables and total cash paid for income taxes to...
Read MoreOn December 21, 2023, the IRS introduced a voluntary disclosure program that allows employers to pay back the majority of ERC funds they received under claims that may not have complied with legal requirements. The IRS recognizes many employers filed ERC claims with the assistance of third...
Read MoreUndoubtedly, businesses have experienced a plethora of major disruptions over the past few years, including accelerated labor market challenges. The shortage of skilled workers coupled with ongoing inflation is forcing employers to do more with less. One way to combat the problem is to...
Read MoreGrants and government backed loans can provide companies with critical alternatives to traditional financing, as well as opportunities to partner with their lenders in capital projects.
Read MoreThis past year was filled with twists and turns for businesses and their owners — from rising interest rates and inflation impacting cash flow, to the ups and downs of the M&A market, to planning for sunsetting provisions of the Tax Cuts and Jobs Act. New regulations also added...
Read MoreHistorically, entities recognized a credit loss when it was probable to occur under U.S. GAAP. Now, ASU 2016-13 has removed the “probable” threshold. The current expected credit loss (CECL) model in effect for private companies for the years beginning after December 15, 2022, requires...
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