Financial Resources & News
Tax implications of property upgrades: repairs vs. improvements
Navigating the fine line between repairs and improvements on your property can significantly impact your tax liabilities. Discover how the IRS classifies these expenses, explore key safe harbors, and learn strategies to maximize your tax benefits. Dive into this comprehensive guide to ensure you’re making informed financial decisions when tackling property-related projects.
IRS appraisal rules: what you need to know before gifting or donating noncash assets
Looking to donate or gift noncash assets? Don’t do it without understanding the IRS appraisal rules first! Delve into our article to make sure your generosity won’t bring unexpected tax complications.
Treasury Department Announces Suspension of Enforcement of the Corporate Transparency Act (CTA) Reporting for Domestic Reporting Companies
On March 2, 2025, the U.S. Treasury Department announced that it will not enforce any fines or penalties associated with the existing March 21, 2025 beneficial ownership information filing deadline under the Corporate Transparency Act (CTA). Additionally, it announced that after a forthcoming rule change is effective, it will not enforce any penalties against domestic reporting companies, its beneficial owners, or U.S. citizens.
BOI Filing Requirement Reinstated
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) have been reinstated. Financial Crimes Enforcement Network (FinCEN) has announced March 21, 2025 as the revised deadline for most entities that are required to file. This announcement follows a series of legal challenges that briefly halted the filing requirement, only for the courts to lift the injunctions and revive the law. There are ongoing legal challenges and potential legislation that could alter the filing requirements. In addition, FinCEN is assessing its options for further modifying the filing deadlines. As of February 21, 2025, most reporting entities created prior to January 1, 2024 are required to file by March 21, 2025.
2023 Year-End Guide – International Tax
2023 has seen important activity with regulation of international tax. Following is a list of items to consider and be aware of for 2023 year-end planning and beyond.
2023 Year-End Guide – State and Local Tax
With thousands of taxing jurisdictions, from school boards to counties and states, and many different types of taxes, state and local taxation is complex. Each tax type comes with its own set of rules — by jurisdiction — all of which require a different level of attention.
2023 Year-End Guide – Tax Accounting Methods
A taxpayer’s tax accounting methods determine when income is recognized and costs are deducted for income tax purposes. Strategically adopting or changing tax accounting methods can provide opportunities to drive tax savings and increase cash flow.
2023 Year End Guide – Business Incentives & Tax Credits
There has been a lot of activity with tax incentives and credits for business in 2023. Following is a list of incentives discussed in this article.
2023 Year End Guide – Business Incentives & Tax Credits
The employee retention credit (ERC) is a refundable payroll tax credit for wages and health plan expenses paid or incurred by an employer (1) whose operations were either fully or partially suspended due to a COVID-19-related governmental order; or (2) that experienced a significant decline in gross receipts during the COVID-19 pandemic.