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.
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 […]
Time is up for private companies to comply with the new lease accounting standards (ASC 842), which require businesses to begin recording the assets and liabilities of all leases, including operating leases, on their balance sheets. For calendar-year companies, the new lease accounting standard is effective on January 1, 2022. Private companies that have already […]
After numerous false starts, the time has finally come for private companies to begin reporting leases on their balance sheets and comply with the lease-accounting standards first introduced by the Financial Accounting Standards Board (FASB) in late 2015. While most public companies adopted Accounting Standards Update (ASU) Topic 842 in 2019, privately held business were […]
For the first time in two years, the IRS has raised some of the optional standard mileage rate that taxpayers may use to calculate deductible costs of operating cars, vans or trucks for business, charitable, medical or moving purposes in 2022. Taxpayers also have the option to calculate these expenses based on the actual costs […]
The IRS has released the annual inflation adjustments to various provisions of the tax code for 2022, noting that the changes are significant due to increases in consumer prices and inflation over the past 12 months. Individual taxpayers should consider these changes very carefully as they plan for tax efficiency in the year ahead and […]
Included in the $1 trillion U.S. Infrastructure Investment and Jobs Act (IIJA) signed into law on Nov. 15, 2021, is an early termination of the employee retention tax credit (ERTC) that has helped incentivize qualifying businesses and not-for-profits to keep employees on payroll through the COVID-19 pandemic. Under the Act, the availability of the ERTC […]
Once again, year-end planning is complicated by an uncertain tax landscape that hinges on the government’s ability to pass legislation. As Congress continues to negotiate and pare down the administration’s original $3.5 trillion Build Back Better spending bill, taxpayers must tread carefully when making decisions that could impact their businesses and personal wealth for many […]
For tax year 2021, business interest expense deduction limitations return to their pre-COVID levels, impacting a broad range of business activities, including merger and acquisitions (M&As). Affected companies must prepare to quantify how this reduced benefit will impact their bottom lines and these transactions moving forward. Under the Tax Cuts and Jobs Act (TCJA) enacted […]