RSM is pleased to offer a three-part webcast series exploring how family offices can take a holistic approach to technology ecosystems.
RSM is pleased to offer a three-part webcast series exploring how family offices can take a holistic approach to technology ecosystems.
Changes in global mobility and immigration and how these affect international assignment programs for global employers.
This webcast will discuss carried interest regulations and what the proposed rules mean for investment fund managers.
Former Vice President Joe Biden’s tax plan features significant changes. Rates seem likely to rise, even if President Trump wins re-election
This Alert summarizes impacts of the recently-issued interest deduction limitation guidance on the real estate industry.
Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.
The United States’ fiscal response to the pandemic and the upcoming federal election signal tax rate increases and a need for planning.
The future of state and local incentives in a post-pandemic economy will be highly influenced by remote workforces – states may act soon.
An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.
The IRS postponed the first quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
Learn more on CARES Act tax provisions relating to C corporations and the historical context for the changes contained in the legislation.
Taxpayers often struggle to quantify participation for the passive activity rules. A recent court decision may affect those calculations.
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.
New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.
The department found the business did not engage in qualifying research or submit proper documentation to substantiate the claim.
Tax law and policy changes may increase state and local taxes for many businesses as states look to make up pandemic shortfalls.
The court ruled that DOL regulations unduly restrict paid leave, thus expanding the eligibility of FFCRA paid leave.
Global mobility requires cross-border tax planning with a global perspective, assignment planning and payroll reporting obligations.
IRS tax transcripts can be a valuable tool for helping to resolve various tax issues promptly and effectively.
These Frequently Asked Questions will help you understand the stock options you have been granted and their tax consequences.
Digital tools like artificial intelligence, digital analytics and machine learning minimize repetitive manual tasks and streamline systems.
Proposed carried interest regulations are mostly as expected with a few new items and detailed computational rules.
The proposed regulations clarify rules on simplified accounting methods for qualified small business taxpayers.
A judge found that taxpayers did not abandon their residency and were therefore still subject to Arkansas personal income tax.
Data-driven economic insights and outlooks for a variety of family offices provided by RSM US LLP senior analysts.
Notice 2020-59 proposes a revenue procedure clarifying real property trade or business elections for residential living facilities.
These treasury regulations affirm the statutes the IRS will use to assess, reconcile, and recapture the COVID-19 payroll tax credits.
Treasury proposes clean up to air trans excise tax regulations and rules to exempt payments by aircraft owners to management companies.
Recent memo provides IRS view that certain stockless contributions create a split holding period on the stock.
Finalized legislation will evolve but the proposal is a starting point for bipartisan negotiations for a new round of economic relief.
Final regulations generally taxpayer-favorable versus 2018 proposal, additional proposed regulations give guidance on pass-throughs, others.
The IRS clarifies overpayment claims for tax attributes created or released by carrying back an NOL enjoy an extended limitation period.
Coronavirus relief legislation creates tax pathways to boost liquidity for businesses amid economic downturn. Read more.
Seattle payroll expense tax to be imposed on employee compensation of at least $150,000 for businesses with $7 million or more in payroll.
Final and proposed regulations related to the GILTI high tax exclusion and subpart F high tax exception released.
The state will decouple from CARES Act net operating loss, interest expense and excess business losses provisions.
The Federal Reserve Board has established two new loan facilities to expand credit options for nonprofit organizations.
Final regulations allow any reasonable method to be applied in calculating deduction amounts allowed under sections 250, 172, and 163(j).
The Community Development Financial Institutions Fund announces over $3.5 Billion in New Markets Tax Credit allocation.
Taxpayers that properly secured a first extension may file a request for a second extension on or before Aug. 17, 2020.
Volatility and uncertainty in the markets create an unprecedented opportunity to transfer carried interests at low tax cost.
Notice 2020-56 extends until Dec. 31, 2020, the due date for CHNAs or implementation strategies due on or after April 1, 2020.
Treasury and the IRS have issued final regulations on determining the amount of the deduction for FDII and GILTI.
Here are five matters that board members may want to think about prior to their next virtual or socially distant meeting.
TEGE will resume exam activities on July 16, 2020 and will allow agents and managers to exercise discretion in granting IDR extensions.
Changes to NOL rules under the TCJA and CARES Act are implemented for consolidated corporate groups under new proposed regulations.
Plan sponsors have until July 31, 2019, to pay the patient-centered outcomes research fee on health plans for plan years ending in 2018.
Temporary regulations provide election filing procedures to implement retention of NOL tax benefits by acquiring consolidated group.
Revenue Procedure 2020-37 lists depreciation limits for owners and lessees of passenger automobiles placed in service or leased in 2020.
California Office of Tax Appeals determined that a construction company could not use a resale certificate for material purchases.
Congress extends PPP timeline for approved applications through Aug. 8, 2020; SBA releases data set of borrower information.
DOL proposes prohibited transaction exemption for Financial Institutions and Investment Professionals providing advice to participants.
Expanded eligibility ending Nov. 30, 2020 presents an opportunity for businesses to come into compliance with certain state taxes.
IRS explains taxability of Provider Relief Fund reimbursements made to health care providers pursuant to the CARES Act.
The revised sales tax nexus standards reduce the current $500,000 threshold to $100,000 beginning Oct. 1, 2020.
Applications to sell unused state net operating losses and state research and development credits available the week of May 1, 2020.
The previous June 30 deadline to carryback 2018 NOLs on Form 1139 and Form 1045 has been extended to July 15.
Revised conformity excludes certain net operating loss and excess business loss provisions effective for 2019 tax years.
Mississippi will require marketplace facilitators to register to collect and remit sales and use taxes beginning July 1, 2020.
The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.
Join RSM in a discussion of the changes and considerations covered by the exempt organization executive compensation proposed regulations.
The Sixth Circuit held that the DOJ should have been permitted to provide evidence regarding a taxpayer’s historic R&D credit information.
Due to the COVID-19 pandemic and economic crisis, the IRS will permit employers to adopt midyear amendments to plan contribution formulas.
RSM is pleased to provide a series of webcast discussions that will drill into the operational planning perspective family offices now face.
Expansive tax bill provides taxpayer-friendly changes while balancing reduced tax revenue in the COVID-19 economy.
Fiscal year 2021 budget includes temporary tax changes in order to generate much needed revenue in the COVID-19 economy.
New York enacts legislation further decoupling New York City corporate and UBT taxes from certain CARES Act provisions.
Notice 2020-51 affords welcome additional flexibility for individuals to deal with required minimum distributions they took in 2020.
TTB FAQs allowing for the destruction of beer off brewery premises and waiver of notice of intent to destroy were extended through Sept. 1.
Refundable credit receives taxpayer-friendly updates, including increased availability and extended application deadline and sunset dates.
Recently issued final section 199A regulations clarify the treatment of suspended losses and provide guidance on certain RIC dividends.
The proposal concerns ERISA plans that make investment decisions based on environmental, social and corporate governance (ESG) factors.
SBA / Treasury release additional changes to Interim Final Rules that further clarify loan forgiveness process.
Delaware notices advise businesses to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
The TTB now allows tobacco proprietors to file their special occupation tax online via the agency’s Permit Online program.
The shift toward remote work is an opportunity for family offices to upgrade technological systems by adopting outsourcing and automation.
The IRS extended the second quarter filing and payment deadline for federal sporting goods excise taxes until Oct. 31, 2020.
Guidance relating to the application of the Cares Act to coronavirus-related distributions and loans from retirement plans.
The IRS issued guidance clarifying the definition of gross receipts for tax-exempt employers utilizing the employee retention credit.
The proposed regulations provide long-awaited guidance for the disallowance of qualified transportation benefits and commuting expenses.
The Office of Tax Appeals determined that the taxpayer did not show that it undertook a process of experimentation.
SBA/Treasury release various guidance items over the past week; updated and streamlined loan forgiveness applications.
Employers impacted by COVID-19 may be eligible for payroll tax credits and deferrals reportable on their quarterly payroll tax returns.
How family offices can maximize tax deductions and estate planning objectives during the economic downturn caused by the coronavirus.
The state responses have created a fragmented landscape of thresholds and compliance obligations with more questions than answers.
Louisiana will require marketplace facilitators to register and collect and remit the state and local sales tax beginning July 1.
RSM and Crimson Tree Software collaborate to transform how partnerships manage tax compliance and reporting in the middle market.
Notice 2020-46 provides guidance for cash payments from foregone vacation, sick or personal leave made by employers to charities.
The new proposed regulations clarify what constitutes ‘real property’ for purposes of section 1031 to help implement changes in TCJA.
Depleted trust fund balances due to COVID-19 may cause state legislatures to act now to prevent further reductions.
OIRA has begun reviewing the FDII and GILTI deduction regulations and the final regulations are expected to be released soon.
Taxpayer permitted alternative apportionment when calculating Michigan sourced income from the sale of an out-of-state business.
Section 4960 proposed rules add examples and clarity while generally following interim guidance and providing taxpayer-friendly exceptions.
AICPA requests electronic signatures on additional tax forms, easing the burden of manual signatures for taxpayers and preparers.
The recent IRS Notice provides relief in the form of flexibility for investment timing and testing periods for QOFs and their investors.
As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance.
Exempt organizations may carryback siloed NOLs to tax years beginning before 2018 and apply them to net unrelated business income.
In a request for comments, the service outlines potential calculation methods – but also suggests disallowing an extremely common method.
Long awaited proposed regulations clarify a number of open questions that remained with the carbon sequestration credit.
RSM creates a holistic solution to solve the multifaceted complex business issues a company faces when it considers global expansion.
IRS FAQs outline procedures for alien individuals in U.S. to claim the medical condition exception to avoid U.S. resident status.
Retroactive law changes found in the CARES Act raise questions on the proper timing for adjusting corporate E&P.
PPP legislation extends covered period for loan forgiveness and Congress amends 75% payroll requirement; bill heads to President Trump.
President held personally liable for unpaid income tax withholding even after another corporate officer found responsible.
Plan participants may use an electronic system facilitating remote notarization or witnessing if executed via live audio-video technology.
RSM is partnering with TEI for a live webcast on June 3 for an update on tax considerations for the COVID-19 environment.
Careful attention to transfer pricing policies can help middle market companies identify opportunities in the current market turbulence.
TTB adopted, with minor changes, temporary regulations on alcohol tax filing dates implementing 2015 PATH Act for eligible excise taxpayers.
Effective July 1, Maryland has exempted from sales and use tax the sale of certain personal property to qualified data centers.
Final regulations promulgated under section 6033 reduce Form 990, Schedule B reporting for certain exempt organizations.
The IRS released proposed regulations that clarify five-year rehabilitation credit period created by the Tax Cuts and Jobs Act.
IRS Notice 2020-41 grants an extension to place renewable energy property in service and expands a safe harbor for beginning construction.
The IRS has issued updated questions and answers regarding CARES Act employee retention credits for employers impacted by COVID-19.
Deadlines postponed for certain employment taxes, employee benefit plans, IRAs, HSAs, MSAs and other time-sensitive actions.
Questions and answers about how NOL carryback refund claims should address AMT calculations are now available on the IRS’ website.
The IRS announced the addition of 2019 Form 1040X to the library of electronic filings beginning this summer.
A sales tax bad debt analysis and review can provide necessary cash flow for many businesses in a distressed economy.
Recently published IRS guidance provides insight into the Service’s expectations regarding transfer pricing documentation
Services performed in Detroit for clients located outside the city should be sourced to Detroit for purposes of the city’s income tax.
Manufacturers changing over operations in order to create personal protective equipment may be exposed to new state tax liabilities.
A handy, easy to follow playbook for the stay at home athlete who wants to keep their financial house in order.
Businesses buying or selling real estate should be aware of the transfer taxes that accompany those transactions.
Technology subsectors are not immune to the economic shock of COVID-19. However, they could see growth during this perilous environment.
Treasury released guidance indicating that references to NAFTA can be interpreted as USMCA for purposes of U.S. tax treaties.
SBA releases authoritative loan forgiveness guidance as well as SBA loan review procedures and borrower responsibility.
Understanding the myriad of Net Operating Loss rules and regulations is increasing important, especially in a distressed economy.
Listen to RSM professionals provide insights and resources to help businesses deal with the coronavirus fallout.
New regulations provide guidance on computing unrelated business taxable income that likely will affect most tax-exempt private clubs.
IRS issues new release detailing limited resumption of certain operations and advising taxpayers on alternatives for inoperative functions.
In response to the COVID-19 crisis, the European Commission has formally proposed the deferral of certain deadlines under DAC6.
Delay in ASC 606 for private companies that have not yet issued financial statements may have tax implications.
The Louisiana Sales and Use Tax Commission announced guidance for remote sellers exceeding the nexus thresholds beginning July 1, 2020.
Write-off of capitalized IPO costs after a go-private transaction disallowed because the costs do not create a separate and distinct asset.
As the Main Street Lending program rolls out, family offices that are eligible must consider pitfalls of borrowing one.
TTB issues new guidance in Q&A format about tax-free withdrawals of distilled spirits and hand sanitizer under the CARES Act.
PPP loan forgiveness application provides clarity on measuring payroll periods, eligible costs and loan forgiveness reduction calculations.
The elective tax is intended as a state and local tax deduction limitation workaround, joining six other states with similar provisions.
New TTB FAQ addresses requirements for a winery holding remote wine tastings with customers, including tax, labeling, and container sizes.
First-of-its-kind tax would have imposed a gross receipts tax on large companies purchasing digital advertising in Maryland.
A recent IRS private letter ruling granted an extension of time for the required certification of a Qualified Opportunity Fund.
Many companies miscalculate the available accelerated depreciation on qualified leasehold improvements. Is your company one of them?
Finalized section 385 debt-equity regulations proposed in 2016, government still plans to issue some less harsh rules in the future.
SBA continues to issue guidance on PPP loan repayment criteria; however more loan forgiveness guidance is necessary.
IRS released CARES Act FAQs on aviation excise tax holiday. FAQs provide clarification on issues related to jet fuel and ticket tax.
Ten-year net deferred tax liability deduction may be claimed beginning in 2023 as long as Form DT-1 is timely filed by July 1, 2020.
Proposed regulations, issued on May 12, 2020, address changes enacted in TCJA to section 162(f) and the addition of section 6050X.
While rent forbearance may provide lessees with much needed cash, tax implications should be carefully considered.
Proposed regulations provide guidance on treatment of administration expenses and treatment of excess deductions in the year of termination.
The IRS released a proposed revenue procedure intended to update existing rules with respect to obtaining and maintaining a group exemption.
When determining whether an S corp distribution is a dividend, Arkansas taxpayers must use state-specific AAA rather than federal AAA.
Employers should use the updated Form 941 to properly report new CARES Act and FFCRA credits beginning in the second quarter of 2020.
The IRS updated the Economic Impact Payment FAQ to include guidance for returning payments made to deceased taxpayers.
Proposed budget would freeze planned rate reductions and calls for a non-resident wage tax increase to offset the impact of COVID-19.
The CARES Act includes beneficial tax relief. Coupled with sophisticated planning, now is the time to revisit your individual tax strategy.
Taxpayer-friendly measures provide interest waivers, extension of limitations periods and assistance to impacted businesses.
Here are some ways coronavirus could leave its mark on the global VAT, trade and tariff landscape for the life sciences industry.
TTB issued FAQs providing guidance for refund claims on taxpaid beer for brewers when unmerchantable beer is destroyed during COVID-19.
IRS issued Rev. Proc. 2020-29, which temporarily allows taxpayers to electronically request private letter rulings.
Notice 2020-32 disallows deductions for expenses paid with loan proceeds from the PPP when loan forgiveness occurs.
The IRS provided additional guidance regarding fax submissions of tentative carryback claims, Forms 1139 and 1045.
The CARES Act adds to the complexity of state tax conformity to qualified improvement property. Learn how states approach the issue.
State nexus, income characterization and sourcing all potential and material concerns for businesses holding remote meetings.
The Coronavirus Aid, Relief and Economic Security Act has led to significant tax changes and relief for real estate owners and operators.
Time in U.S. counts as time in a foreign country under foreign earned income exclusion for taxpayers who returned to U.S. due to COVID-19.
The federal five-year NOL carryback may have substantial ramifications on state income tax returns beyond simple conformity.
The Arizona Court of Appeals upheld a lower court finding that a CEO was responsible for unremitted transaction privilege tax.
Congress authorizes additional $310 billion for PPP; SBA issues additional eligibility guidance for hedge funds and private equity.
The U.S., Cayman, and other jurisdictions extend deadlines for filing FATCA and CRS reports, but exams and compliance programs continue.
The COVID-19 pandemic may relieve recipients of tax incentives from the recapture provisions under the Nebraska Advantage Act.
New or broader sales taxes or gross receipts taxes on digital goods and services may provide states much needed revenue.
Treasury and the IRS release long-awaited guidance to exempt organizations under section 512(a)(6) for separately computing UBTI.
The ability to revoke elections and file amended returns means partnership may have more than one option to benefit from CARES Act.
The economic impact of COVID-19 is immense. Distressed companies in need of capital may drive future M&A deals.
Nonresident alien individuals unable to leave the U.S. because of travel restrictions may avoid U.S. resident status under new IRS guidance.
TTB has extended its waivers for certain distilleries wishing to produce hand sanitizer through the 2020 calendar year.
Emergency regulations and technical guidance provide clarifications for telecommuter withholding and nexus safe harbors.
Many employers are transitioning to virtual internship programs due to the COVID-19 crisis. Understand the state and local tax consequences.
Securities and Exchange Commission has provided some relief to regulated investment companies, but Internal Revenue Service has yet to act.
Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.
France enacted an intellectual property tax regime. Find out what this means for U.S. multinational businesses with operations in France.
IRS considers revoking 10 year limitation period for FTC carryback when an NOL carryback from a subsequent year creates the excess FTC.
The decision may impact sourcing positions taken by the financial service industry for New York State and New York City tax purposes.
Additional guidance was provided by IRS regarding fax submissions of Form 1139 and Form 1045 filings just before the April 17 start date.
Funds holding distressed debt may consider whether accrual of interest income may be stopped under the ‘doubtful collectability’ exception.
After you have protected your company, people and customers, you will need to start assess where your business will be after the pandemic.
Maintaining static conformity to the IRC, Wisconsin adopts several taxpayer-friendly provisions of the federal CARES Act.
Taxpayers should contact their tax professionals to proactively discuss documentation needed to withstand IRS scrutiny.
Businesses seeking to increase cash flow should evaluate accelerating COVID-19 losses into 2019 federal income tax returns.
Industry groups are requesting clarification of the deadlines as extended by Notice 2020-23, which appears to offer a limited time frame.
Remote programming employee directly impacted an Arkansas employer's ability to carry out its mission and purpose.
Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.
In late March 2020 Mexico’s Secretary of Health issued measures that are to be followed in response to the COVID-19 pandemic
Some individuals who took RMDs this year before they were waived by the CARES Act have more than 60 days to roll the RMDs back in.
Corporate taxpayers filing a consolidated return have an added layer of rules to navigate when carrying back a net operating loss.
In response to the COVID-19 pandemic, the IRS is encouraging taxpayers to fax – rather than mail – Form 1139 and Form 1045 filings.
Notice 2020-23 postpones the due date for Form 5500 (Annual Return/Report for Employer Plans) filings for some plans.
The five-year carryback rule applies to insurance companies, both life and non-life, although both categories are singled out in the Act.
Taxpayers should consider the state and local tax controversy opportunities and considerations created by the COVID-19 pandemic.
Notice 2020-23 provides corporate filers with guidance on extended filing and payment dates, with additional specifics and clarifications.
Easing some of the industry’s widespread financial pressures from a state and local tax perspective may increase cash flow.
Globally mobile employers and their employees may face complications in addressing the individual rebates provided by the CARES Act.
A foreign tax credit transaction that was previously referenced in Notice 2004-20 has been removed by the IRS.
IRS releases Notice 2020-23 which further expands COVID-19 filing and payment relief and revises the extension period.
The IRS provided long-awaited guidance for taxpayers anxious to take advantage of the NOL provisions in the CARES Act.
Recent guidance extends certain deadlines for LIHTC, WOTC, and Historic Rehabilitation tax credits because of COVID-19.
Notice 2020-23 incorporates Rev. Proc. 2018-58 filing postponements to extend certain excise tax filing deadlines.
Recent guidance provides that certain deadlines, including the allowable time to invest in a QOF, are now extended because of COVID-19.
Investors looking to accelerate write-offs on investments should be aware of an obscure section 382 rule that could destroy the tax-shield.
The IRS issued Notice 2020-23 granting broad filing and payment relief to most taxpayers including individuals, estates and trusts.
The IRS issued guidance extending the time for taxpayers to file certain Form 3115s and Form 1128s to July 15, 2020.
Notice 2020-23 clarifies that most filing, payment and election obligations for S corporations and partnerships is postponed until July 15.
Notice 2020-23 extends deadlines for like-kind exchanges under section 1031 and involuntary conversion replacements under section 1033.
IRS announces new July 15, 2020 deadline for Americans living abroad, nonresident aliens, and foreign corporations.
Temporarily increased federal limits on business interest deductions under section 163(j) may impact some state taxpayers.
California-based employers have limited window to submit requests for cash grants from COVID-19 related employee training program.
The bills address the state's IRC conformity as it relates to new federal section 163(j) limitation rules, among other provisions.
Changes to the federal net operating loss rules under the CARES Act create state tax risks and opportunities for many businesses.
As businesses renegotiate debts in the aftermath of COVID-19, it is critical to understand whether the debt is considered publicly traded.
Technology investments in response to the COVID-19 outbreak may be eligible for the research and development tax credit.
Motivated by the tax relief provisions of the CARES Act, the IRS is allowing all partnerships to file 2018 and 2019 amended returns.
Three recent cost of goods sold cases represent the highly nuanced nature of the Texas franchise tax calculation.
State tax cash-flow maximization and risk minimization are available for private equity groups and their portfolio companies.
Cash-flow maximization and support opportunities are available to the fashion and beauty industry reeling from COVID-19.
Employer social security payroll tax payment deferral for taxes incurred from March 27th through Dec. 31, 2020.
The new law intends to help Main Street businesses. Some family offices might be classified as a small business and eligible for loans.
Income and sales tax refund reviews may help companies improve cash flow in the short term and provide savings in the long term.
The IRS recently issued 66 FAQs addressing payroll tax credits for COVID-19-related paid family and sick leave.
The Department of Labor has issued updated questions and answers regarding paid leave for employees impacted by COVID-19.
Accelerating worthless stock deductions on an insolvent subsidiary without disposing of the business to increase NOL carrybacks.
Delaware notices advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.
State tax considerations and opportunities as the pandemic impacts grocer revenues, supply chains and employment.
COVID-19 has caused many businesses to be concerned about short-term liquidity. New federal programs aim to help payroll, operating costs.
SBA issues interim final PPP guidance for lenders and borrowers at 6:47pm day before loan program is set to begin.
The CARES Act provides business and tax relief to portfolio companies and investors. However, affiliation rules could limit SBA loan relief.
In response to the coronavirus impact, tax policy changes are being proposed and enacted in countries around the globe.
Basic questions answered to help taxpayers interpret and claim the Employee Retention Tax Credit of the CARES Act.
Employees working remotely due to the COVID-19 pandemic may result in income tax consequences to both the employee and the employer.
Job losses and hardships have some investors tapping into employer-sponsored retirement savings. Learn what questions you may face.
Companies can now avoid traditional funding routes and raise millions of dollars online. But the approach is not without risk.
State and local tax filing and penalty relief guidance in response to COVID-19 has accelerated as deadlines approach.
Before filing NOL carryback claims it is important to understand whether a previous M&A transaction impacts who benefits from the refund.
IRS grants limited penalty relief for failure to deposit and pay employment taxes pursuant to the Families First Act and CARES Act.
Examples of tax-free payments under section 139 that employers may provide employee affected by the COVID-19 pandemic.
Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.
Employers should review retirement plan provisions for employee assistance and cash saving opportunities in response to economic conditions.
Because of COVID-19 concerns, the IRS is extending pending deadlines for employers to adopt updated 403(b) retirement plan documents.
IRS to temporarily accept scanned or digital signatures and will electronically share certain documents via Email.
State and local tax opportunities are available for restaurants for cash flow maximization and support during the pandemic.
The IRS has moved the due date for adopting IRS preapproved pension plan document from to April 30, 2020 to July 31, 2020.
The CARES Act provides broad support and relief for tax-exempt organizations affected by the coronavirus pandemic.
Bringing stability to your supply chain and maximizing liquidity is critical to maximize your organization’s financial results.
State and local tax strategies may alleviate some of the economic consequences of COVID-19 on the manufacturing industry.
Businesses in the technology industry may benefit from a roadmap of cash-flow maximization considerations during the COVID-19 pandemic.
Law firms and professional services businesses are experiencing challenges with the COVID-19 pandemic, creating state and local tax issues.
Immeasurable operational challenges face the industry as some sectors see opportunities while others see risk.
The IRS issued guidance permitting an automatic extension for gift and GST tax filings and payments until July 15th
Act contains broad relief for individuals and businesses; includes funding vehicles, recovery payments, and modifications to TCJA provisions
Companies should reflect the changes in tax law under the CARES Act in the period of enactment for financial statements.
Today, the House of Representatives passed the CARES Act on a voice vote and the President signed the bill enacting it into law.
The LB&I Division of the IRS announced that it would suspend the enforcement of information requests sent during audits.
Join us on Friday, March 27, when RSM tax professionals examine critical tax relief issues related to the COVID-19 pandemic.
CARES Act provides general increase to the limitation amount (i.e., the maximum allowable deduction) and special rule for partnerships
Proper tax planning in a workout or restructuring is necessary to provide valuable tax attributes to the restructured business.
Mandatory paid leave for employees impacted by COVID-19 is set to start April 1, 2020, per new Department of Labor guidance.
As part of the COVID-19 effort, IRS temporarily adjusts and suspends key compliance program April 1, 2020- July 15, 2020
During a debt workout or restructuring, it is critical that businesses evaluate their restructuring options and the related tax impact.
IRS is increasing its enforcement efforts relating to micro-captive transactions and providing guidance on how to remove benefits claimed.
Coronavirus Aid, Relief and Economic Security Act provides liquidity by providing five-year NOL carryback and other help for corporations.
The IRS has provided guidance to frequently asked questions related to Notice 2020-18 through 24 questions and answers published on IRS.gov.
Widespread availability of credits and economic incentives during the COVID-19 pandemic may help businesses increase cash flow.
Extensions for tax returns and payments due to the Coronavirus pandemic are largely inapplicable for most exempt organizations.
The IRS has implemented staff reductions and closed taxpayer assistance centers, which could affect mission-critical operations.
Federal income tax filing and payment relief extension to July 15, 2020 may not apply to all state income tax filings.
The conditions that cause uncertainty today create opportunities to transfer wealth to the next generations at historically low tax cost
The IRS issued Notice 2020-18 which supersedes Notice 2020-17 and provides income tax filing and payment relief to affected taxpayers.
Financial services businesses providing software and services to Illinois customers may have multiple transaction tax obligations.
Cayman Islands has extended the deadline for filing 2019 FATCA and CRS reports to September 2020 and intends to launch a new portal.
Questions surround new tax legislation in response to COVID-19. RSM’s Tax Policy Now examines extended deadlines, paid leave and cash flow.
Global employers need to be aware of the risks they face as they navigate through the complexities posed by COVID-19.
On March 19, the U.S. Senate released the third round of emergency assistance resulting from the 2020 COVID-19 pandemic.
Limited sales and use tax filing and payment relief has been included in some of the state and local COVID-19 response guidance.
IRS LB&I issued a memo to communicate the process to centralize compliance risk determinations for research credit cases.
Discussion of how tax-exempt organizations can provide assistance to those impacted by the coronavirus pandemic.
The IRS issued Notice 2020-17 to provide guidance to taxpayers regarding extended tax payment deadlines due to the Coronavirus pandemic
Congress passes the Families First Coronavirus Response Act that mandates paid leave for employees impacted by COVID-19.
As the human and economic toll of coronavirus mounts, no sector of the economy has been immune from a downturn, including family offices.
A taxpayer was assessed willful failure to file FBAR penalties after voluntarily withdrawing from OVDP program.
With evolving tax regulations on a federal, state and international level, understand the key tax due diligence when selling.
In this podcast, learn what provisions of the SECURE Act are likely to affect your financial, tax and estate plans.
Congress, the White House and Treasury have taken action to assist businesses and individuals cope with business issues.
From tariffs to coronavirus to shifting consumer tastes, auto suppliers confront an era of uncertainty as they look ahead to 2020 and 2021.
IRS determines that high deductible health plans can pay for testing and treatment of the coronavirus without tax consequences.
Learn why exiting one’s business is not just about when you are ready. Watching market conditions often leads to an optimal divestiture.
Employers have several tax-advantaged methods for providing financial support to employees impacted by major disasters.
Rev. Proc. 2020-17 grants information reporting and penalty relief to individuals with respect to applicable tax-favored foreign trusts
The IRS recently released a PLR allowing a section 355 tax-free distribution, despite no revenue in the spun-off subsidiary’s business.
Altera petitions the Supreme Court of the United States to hear case regarding validity of cost sharing arrangement regulations.
If your company owns or leases energy-efficient commercial buildings, you may be eligible for a deduction for associated property costs.
New proposed regulations provide helpful examples of business entertainment and meals deductions still permissible after TCJA restrictions.
IRS LB&I announce campaigns to improve compliance with fuel mixture credits and research issues related to sections 41 and 174.
We explore the evolution of the digital economy and its impact on policies, populism, globalization and growth.
U.S. investment funds, banks and other FIs with foreign investors may need to remediate volumes of tax withholding certificates.
QOZ funds, operating businesses and private investors should understand the practical application of the final QOZ regulations.
Tax Policy Now podcast examines filing tax returns now or pursue an extension, given the wait for Treasury Department legislative action.
Guidance provides clarity to current and former small business farmers on procedural options for exemption from UNICAP for certain plants.
IRS issued guidance describing the start of construction requirement and partnership structure for the carbon sequestration credit.
Tax accounting professionals highlight the top three methods issues that may require your attention in 2020.
Advisor must document amounts used to “investigate” an actual buy or sell – a study may make sense if amounts are substantial.
In early September, Mexico released a proposed tax reform package with significant changes in the country’s international tax regime.
Publicly traded companies located in Illinois may be subject to new demographic reporting requirements by Jan. 1, 2021.
Recent reversal of long-standing exemption for medical billing services scheduled to be effective April 1, 2020.
If adopted, the accredited investor definition will be a test family office investors will need to pass before investing in private markets.
Massachusetts rejects change in domicile after Florida home purchase, driver’s license change and new voter registration.
Department issued compliance alert explains the sales and use tax collection responsibilities for marketplace facilitators and sellers.
A webcast covering new and noteworthy developments in IRS practice and procedures that you should be aware of in case of exam.
Last year’s service-based and advanced computing business surcharges receive significant makeover after public concern.
The ACA’s shared responsibility penalty on individuals without health insurance no longer applies after 2018, but state penalties may apply.
Online software products allowing remote access to a host computer as well as screen sharing capabilities were taxable.
Discusses recent case that Mail box rule applies to statute of limitation when late filed return is also a claim for refund.
Redesigned forms and instructions require partnerships to reconsider tax basis capital and section 704(c) compliance processes.
Fund management companies face difficult challenges in determining their state income tax filing obligations and apportionment rules.
Economic markets’ reaction to the coronavirus have been severe, resulting in a significant safe-haven move into U.S. government securities.
The IRS released the electronic Form 1023 and guidance for mandatory use of the online application, effective February 1, 2020
Six weeks after enacting significant tax changes, the Utah legislature and governor repealed the entire tax reform package.
Listed Transaction Penalty and Trust Fund Recovery Penalty (TFRP) require Supervisor Approval under I.R.C. Section 6751(b)
IRS has issued final regulations narrowing nonrecognition treatment for certain transfers of property to partnerships with foreign partners.
Ruling expresses IRS’ views in areas where regulations are silent; reinforces the need for transaction cost analysis.
This article discusses state, county, and local-level credits and incentives a company should consider in evaluating investment into the US.
The Wayfair decision goes beyond just retail and can impact manufacturers that sell exempt to resellers or distributors.
Corporate income tax regulations provide procedures for pass-through entities to elect to be taxed as C corporations.
Employers that do not provide Affordable Care Act-compliant health coverage are in danger of being assessed IRS penalties.
Holders of IRAs may need to withhold 10% federal tax and file Form 1099-R when escheating certain IRA distributions.
The IRS is willing to consider relief from double taxation resulting from the application of section 965 in limited circumstances.