Search Results

This article offers a view of the Accelerating Charitable Efforts Act, introduced into Congress, which proposes several changes to the tax consequences of donor-advised funds.

The Tax Court’s ruling in Treece Financial Services gives taxpayers more leverage in negotiating with the IRS about the application of these programs, as well as offering due process to taxpayers who are denied participation in the programs by the IRS.

This article offers insight into IRS and California pronouncements that taxpayers who reside or have businesses within designated counties will be able to defer complying with various deadlines falling on or after January 8, 2023, and before May 15, 2023.

The estate of Aretha Franklin has settled its long-standing debt with the IRS following negotiations.

The CARES Act, enacted in response to the COVID-19 pandemic, allowed employers to defer the payment and deposit of the employer’s share of Social Security tax. Those payments are coming due.

A thorough overview of the IRS Criminal Investigation Division’s (“IRS-CI’s”) current voluntary disclosure practice, designed for taxpayers to potentially avoid or mitigate prosecution for violating IRS and information reporting laws.

This paper is intended to be a general overview of the various types of equity arrangements that can be offered by C corporations. There are, in general, six types of equity compensation plans that can be offered to employees.

On August 7, the Senate passed the Inflation Reduction Act of 2022. A significantly slimmed-down version of the Build Back Better Act, the Inflation Reduction Act is intended to address climate change, health care, inflation, and taxes. Highlights include a new corporate alternative minimum tax, excise tax on stock buybacks, changes to research and clean energy tax credits, and limits on deductibility of excess business loans.

IRS Notice 2022-36 provides penalty relief for taxpayers who have failure-to-file penalties and certain information return penalties for tax years 2019 and 2020—but you need to be aware of the requirements.

To promote innovation and entrepreneurship within NJ, The Evergreen Program established the New Jersey Innovation Evergreen Fund, which will secure funding from the auctioning of state corporate tax credits and then partner with VC firms to invest in eligible start-up companies.

The IRS recently released a favorable private letter ruling (PLR) with respect to IRC Sec. 1202. The PLR provided welcome insight into the treatment of qualified small business stock (QSBS) and the potential to save eligible taxpayers millions in federal income tax.

A discussion of some of the tax law changes that may have potential financial statement accounting impact.

Seeking to bolster the U.S. semiconductor supply chain and promote research and development of advanced technologies in the U.S., President Biden signed the CHIPS and Science Act. Included in the Act is IRC Sec. 48D, which creates a new “advanced manufacturing investment credit.”

Foreign investment in U.S. real estate can be complicated from a tax perspective, including potential U.S. estate tax exposure as well as income and information reporting obligations.

It has been reported that the U.S. Treasury sent a notice to Hungary of its intention to terminate the U.S.-Hungary Tax Treaty.

The Supreme Court has been asked to weigh-in regarding the amount of penalties that can be assessed by the IRS per year for a non-willful failure to report offshore accounts, following a split between the Fifth and Ninth Circuit Courts of Appeal.

This article focuses on Streamlined Foreign Offshore Procedures that allow qualifying U.S. citizens or lawful permanent residents, or estates of U.S. citizens or lawful permanent residents, with undisclosed foreign income, investments, or accounts, to come into compliance with U.S. tax reporting obligations.

This article discusses numerous tax changes, effective for the first time beginning in Q1, that executives responsible for the tax provision should be aware of. Companies should consider the impact these changes will have on their income tax provision, and whether they should be accounted for discretely or through the annual estimated effective tax rate.

The IRS recently released Private Letter Ruling (PLR) 202204007 in response to a request by a business. This PLR provides insight and clarity into IRC Sec. 1202 and whether a certain business was engaged in the field of “brokerage services.”

The disclosure of virtual currency transactions is required on all individual income tax returns, but limited guidance exists today on the tax treatment of the breadth of virtual currency transactions that have emerged.