Author Archives: mgracey
U.S. tax laws provide domestic and foreign real estate investors and developers with some of the most generous tax breaks, including the deferral of capital gain tax on the sale of highly appreciated property. This benefit of a 1031 exchange requires taxpayers to follow a unique set of rules and regulations. What is a 1031 […]
The frequency and sophistication of cybersecurity attacks continue to intensify, leaving businesses, governments and not-for-profits with an ever-present risk of falling victim to data breaches. These data breaches can impact normal business operations and erode public trust, leading to irreparable reputational damage, loss of customers and even litigation, fines and penalties. While no one tool […]
The research and experimental (R&E) tax deduction under Section 174 of the Tax Code has been a boon to U.S. businesses since its introduction in 1954. However, the rules for how taxpayers may claim a benefit for these costs changed in 2022, restricting short-term cash flow. Now, two years later, Congress may have found a […]
Growing one’s family through adoption provides prospective parents with an opportunity to experience the joys of raising children and providing them with loving and permanent homes. While the process can be costly, the federal government offers a tax credit to help families offset some of those expenses and reduce their federal tax liabilities. Families who […]
The IRS has released the inflation-adjusted limits that qualifying taxpayers may contribute to health savings accounts (HSAs) in 2025. These triple-tax-advantaged accounts can help participants afford the rising costs of healthcare today and save for even higher expenses during retirement. Background HSAs are powerful healthcare savings tools that provide participants with the following tax benefits: […]
In this episode Associate Director of Tax Services Max Jewell shares opportunities and challenges related to the pass-through entity tax and states where it can make a big tax difference.
According to the latest industry reports, ransomware attacks surged in 2023, accounting for nearly one-quarter of all data breaches and costing businesses worldwide an average of $5.13 million.[1] More alarming still, businesses’ security teams detected only 33 percent of all ransomware breaches, whereas 27 percent were disclosed by the attackers, and 40 percent were uncovered […]
To help Floridians prepare for hurricane season, the state legislature has enacted two 14-day sales-tax holidays for the purchase of a wide variety of qualifying disaster-preparedness supplies. The first holiday runs June 1 through 14. The second one, a first in the state, is set for August 24 through September 6. During both of these […]
Wire payments continue to be one the quickest and easiest methods for individuals to send large amounts of money to others anywhere in the world. However, these electronic transfers made through banks or third-party service providers like Western Union can be rife with fraud and legal risks for the parties involved. Some of the most […]
Effective June 1, 2024, Florida sales tax on rent and license fees for commercial property will be reduced from 4.5 percent to 2.0 percent, representing an estimated $1 billion in tax relief for Florida businesses. Florida is one of nine states that does not impose income tax on its residents, but it is also the […]