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US transfer pricing rules offer several methods to determine appropriate transfer pricing, but the rules also require that taxpayers use the method that yields the most reliable results. Known as the “best method rule," it’s an issue that has sparked significant debate and controversy in audits and recent cases.

The IRS has launched a compliance campaign focused on Sports Industry Partnership Losses, focusing on identifying partnerships in the sports industry that report significant losses. Learn how to make sure you can stay compliant.

This article outlines a recent Court of Federal Claims where the Court held that the taxpayer failed to prove that the requirements of IRC Sec. 1202 were met, and as such, was therefore ruled ineligible to exclude the gain from the sale of the stock.

A recent private letter ruling allowing a taxpayer to make a late filed IRC Sec. 1045 election shows just how critical it can be to have tax advisors who are familiar with the intricate requirements for qualified small business stock.

The state passthrough entity tax credit (PTET) allows taxpayers to reduce their federal tax burden. California has a unique rule regarding PTET that may soon be changed to make it easier for taxpayers to qualify for the credit.

President Biden’s budget proposals include several provisions relating to the treatment of digital assets, including imposing an excise tax on energy used for digital asset mining and applying the wash-sale rule to digital asset transactions.

This article offers a brief overview of several tax-related provisions in President Biden’s proposed budget for FY 2025.  

Tennessee recently enacted legislation to repeal the property measure of the franchise tax. This legislation, passed by the Tennessee House and Senate and expected to become finalized shortly marks a significant departure from the state's previous tax policies and heralds a new era for businesses operating within its borders.

This article examines the effects of the Tax Cuts and Jobs Act, the Coronavirus Aid, Relief, and Economic Security Act, and the Inflation Reduction Act tax reforms and subsequent legislation on bonus depreciation and related incentives.

Learn how proper monitoring can mitigate risks, enhance accountability, and safeguard the integrity of the funding process.

Unlock financial incentives for your life sciences company with the Massachusetts Life Sciences Center Tax Incentives Program. Apply by February 19, 2025.

Learn more about the benefits of outsourced accounting for nonprofit organizations, including how leveraging expert accounting services can enhance efficiency, ensure compliance, and allow nonprofits to focus on their core mission.

High-net-worth individuals often seek to make charitable contributions for community benefit and tax deductions. However, recent IRS guidance warns against fraudulent 'Charitable LLC' schemes. Learn about the red flags and how to make sure your donations are compliant and properly structured.

Recent natural disasters have left many grappling with significant losses. Amidst the recovery process, insurance recoveries can provide vital financial relief. However, understanding the tax implications of these funds and the related casualty loss rules is crucial to avoid unexpected tax consequences.

Justice Alito granted the federal government’s request to stay a nationwide injunction against enforcement of the Corporate Transparency Act (CTA) on January 23, 2025. Accordingly, FinCEN may once again begin enforcing penalties against those who fail to provide their beneficial ownership information (BOI) as required under the CTA.

New York City Mayor Eric Adams recently signed legislation to reinstate the NYC Biotech Tax Credit as part of the ongoing commitment to the growing biotechnology sector. The application deadline to claim the Credit for the 2024 calendar year is January 15, 2025.

The SECURE Act and SECURE 2.0 Act have significantly changed RMD rules for inherited IRAs. Learn how these new regulations impact your inherited IRA and how to ensure you comply with the 10-year rule to avoid penalties. Get expert guidance on RMDs, IRA distributions, and tax implications.

President Biden recently signed the Federal Disaster Tax Relief Act of 2023 into law, granting taxpayers relief for payments received for certain disasters and extending the ability to deduct personal casualty losses. Some taxpayers have waited nearly two years for this relief. Accordingly, many impacted taxpayers will need to file amended returns in order to take full advantage of the relief granted in the Act.

A Federal District Court Judge in the Eastern District of Texas held that the Corporate Transparency Act (“CTA”) is unconstitutional and issued a nationwide preliminary injunction against its enforcement. FinCEN has not yet provided any additional guidance.

The nationwide injunction against the enforcement of the Corporate Transparency Act is back in effect. The Fifth Circuit vacated its own order to stay the injunction on December 26, 2024. Accordingly, reporting companies are currently not required to report their beneficial ownership information by the January 1, 2025, deadline.