The Tax Cuts and Jobs Act of 2017 changed the required tax treatment of research and development expenses, creating new costs and tax liabilities for buyers when considering mergers and acquisitions. This is particularly relevant in certain industries such as…

Pass-through entities are generally not taxed at the entity level, but instead, the profits and losses of the entity flow through to the partners, who report this information on their individual tax returns. Beginning with the 2021 tax year, domestic…

The Internal Revenue Service is urging taxpayers to remain vigilant and cautious of tax scams year around, not just during tax season. Fraudsters are repeatedly looking for ways to steal money and personal information from taxpayers, and they often use…

The recent collapse of Silicon Valley Bank once considered a stronghold for tech startups, was a shocking event that raised concerns about bank deposits’ safety. The Federal Deposit Insurance Corporation (FDIC) stepped in immediately to protect depositors at both Silicon…

IRAs are an important tool for many individuals when it comes to managing their long-term financial goals. IRAs are generally considered investment vehicles that are exempt from unrelated business income tax (UBIT), but this may not always be the case…

In the United States, the tax treatment of business interest expense is governed by Section 163(j) of the Internal Revenue Code. This provision places limits on the amount of interest businesses can deduct on their tax returns based on their…

The banking industry is facing a number of significant changes in the coming year, with several important regulatory themes emerging. The Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Federal Reserve are all zeroing in on…

If you’re a sole proprietor or a single-member LLC owner, you’re likely familiar with the unique advantages and challenges of running your own business. While these business structures offer simplicity and flexibility, they also require careful attention to tax and…

On March 29, 2023, the Internal Revenue Service (IRS) issued Revenue Ruling 2023-02, which clarifies the treatment of assets in irrevocable grantor trusts for tax purposes. This ruling aims to curb potential abuse of the stepped-up basis adjustment in trust…

Tax season is upon us again, and this time of year can be stressful for many taxpayers. Not only do you have to gather all your financial documents for your tax return, but you also have to face the possibility…