In response to recent unfavorable court rulings, the IRS has issued new proposed regulations that define some syndicated conservation easements as “listed transactions,” or abusive tax shelters. The proposed regs are designed to clarify the need for partnerships to report such transactions to the IRS. The regs also aim to keep judicial rulings from interfering … Read More
When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors. However, … Read More
The U.S. Congress is likely to try and “extend” several provisions of the Tax Cuts and Jobs Act (TCJA) due to expire Dec. 31, 2022. Extending certain tax items isn’t usually controversial, but party-line divisions and expiring TCJA provisions may make it tough to strike a deal this year. Democrats favor extending the expanded Child … Read More
What do Tesla cars, smart TVs and equipment used for making french fries have in common? The answer is embedded software, according to recent comments by Financial Accounting Standards Board (FASB) Vice Chair James Kroeker. He also told the Private Company Council that today’s mixed accounting model for software costs is outdated and should be … Read More
The Inflation Reduction Act (IRA) includes modified tax incentives for the purchase of qualifying electric vehicles (EVs). The European Union (EU) contends that the IRA’s EV tax incentives put European automotive manufacturers at a competitive disadvantage. This concern was discussed at a recent U.S.-EU Trade and Technology Council (TTC) meeting. The EU is at odds … Read More
One of the roles of the Treasury Inspector General for Tax Administration (TIGTA) is to perform inspections and evaluations to help improve the IRS and TIGTA’s own programs. Recently, the oversight group published its “2023 Inspections and Evaluations Program Plan” to outline fiscal year 2023 priorities. One review (focusing on TIGTA’s expert witness program) is … Read More
Individual provisions in the Tax Cuts and Jobs Act (TCJA) are set to expire after 2025, as Congress debates whether to make some or all of them permanent. A Tax Policy Center (TPC) analysis found that making the cuts permanent would raise the budget deficit more than $3 trillion over 10 years and would mostly … Read More
When a company’s leadership engages in strategic planning, growing the business is typically at the top of the agenda. This is as it should be — ambition is part and parcel of being a successful business owner. What’s more, in many industries, failing to grow could leave the company at the mercy of competitors. However, … Read More
The United Nations Economic and Financial Committee recently approved a resolution to begin international tax discussions that would give developing nations greater input and potentially lead to a new blueprint for cross-border uniformity. The resolution was brought forth by Nigeria on behalf of the UN’s African Group. It mandates the body’s new leadership role in … Read More
Whether you’re considering selling your business or acquiring another one, due diligence is a must. In many mergers and acquisitions (M&A), prospective buyers obtain a quality of earnings (QOE) report to evaluate the accuracy and sustainability of the seller’s reported earnings. Sometimes sellers get their own QOE reports to spot potential problems that might derail … Read More