Recent Articles
Understanding Changes to Sec. 174 R&E Costs
What You Need to Know About the Capitalization and Amortization of R&D Costs Under the New IRS Regulations The new provisions in Section 174 of the Internal Revenue Code have led to significant changes that will affect businesses. These provisions...
Navigating IRS Audits for Partnerships under New Procedural Rules
Five Time-Sensitive Actions to Take Upon Receiving a Notice of Selection for Examination. Due to the IRS’s increased focus on enforcement, many partnerships may be subject to their first IRS audits under the new, complicated partnership audit rules. Under these...
Increasing Accountants’ Credibility with Financial Planning
Why Financial Planning is Essential for Accountants and How They Can Help Their Clients. As an accountant, your credibility is everything. Clients rely on you to manage their finances and provide sound financial advice to help them reach their goals....
A Brief Summary Of Current Tax Issues – 28th April 2023
Strategies for Supercharging, Extending, and Rollover of 529 Accounts. A section 529 plan is a tax-advantaged way to save for a child’s college education, and it is important to stay informed about current tax issues that may affect it. Contributions...
Life Settlement Taxation at the Federal and State Levels.
Implications for Policyholders and Financial Reorganization Strategies Selling policyholders life settlement were subject to a greater tax burden due to the lower cost basis because proceeds up to the policyholder’s cost basis are not subject to taxation. As record-high inflation...
IRS No Longer Able to Impose Penalties for Late Foreign Information Forms
Farhy v. Commissioner Case Paves the Way for Taxpayers to Reclaim Penalties Fees Under new regulations, the IRS can no longer administratively assess penalties for not filing or being late with foreign information forms, such as Forms 5471, 5472, 8865,...