Tax Articles

The IRS in the past year has continued to ramp up its scrutiny of partnerships’ tax positions, including several pieces of new guidance taking a multiprong approach to partnership “basis shifting” transactions that the agency views as having the potential for abuse. At the same time, IRS is dedicating new funding and resources to examining partnerships. 

The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who hire individuals from targeted groups facing significant barriers to employment. The credit can be as much as $2,400 per eligible employee. To qualify, employers must complete a pre-screening notice and file Form 8850.

An advance health care directive allows you to outline your medical care preferences in case you become incapacitated. This document is a crucial part of your estate plan, ensuring that your health care decisions are respected and followed. It includes directives like a health care power of attorney, living will, and DNR/DNI orders, which can be tailored to your specific needs and state laws.

Operating as a C corporation offers benefits such as limited liability protection and the ability to raise capital through multiple classes of stock. However, it also comes with drawbacks like double taxation and the need to comply with various state-mandated formalities. Overall, it's important to weigh these pros and cons to determine if a C corporation is the right choice for your business.

As businesses prioritize innovation, tax leaders need to stay informed about recent and potential changes to R&D tax policy. These include proposed modifications to R&D tax credit reporting requirements and ongoing guidance on capitalizing certain R&D expenses. Understanding the implications of these changes is essential for advising the C-suite and preparing for shifts in the regulatory environment. This article offers a concise overview of the current tax policies impacting R&D.

This guide examines base erosion anti-abuse tax, known as BEAT, proactive approaches to transfer pricing, and more as businesses plan for the year end and the coming year.

Understanding how to deduct local transportation costs can significantly reduce your small business’s tax burden. While commuting costs aren’t deductible, travel expenses for business purposes, such as trips from your office to a client’s location, are deductible. Proper recordkeeping is essential to ensure these deductions are accurately claimed.

As we approach year end, it's time for individuals, business owners and family offices to review their 2024 and 2025 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations. With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. 

Corporations are responsible for a wide range of distinct tax regulations and challenges. It's important to consider key developments as corporations wrap up the 2024 tax year and move into 2025.

A well-crafted, up-to-date will is essential for an effective estate plan, helping to ease the burden on your family during difficult times. Key elements to include are an introductory clause, provisions for debt repayment, specific bequests, and the appointment of an executor. Ensuring compliance with federal and state laws is crucial for the validity of your will.