While the recently announced student loan debt relief has captured numerous headlines, it’s estimated that another federal relief program announced on the same day will provide more than $1.2 billion in tax refunds or credits. Specifically, IRS Notice 2022-36 extends penalty relief to both individuals and businesses who missed the filing deadlines for certain 2019 and/or 2020 […]
The Financial Accounting Standards Board (FASB) could have congressional lobbyists nipping at its heels over a “book minimum tax” rule in the newly enacted Inflation Reduction Act of 2022 (IRA). This would be the first corporate alternative minimum tax based on financial statement book income since the 1980s. And many in the accounting profession are […]
In Revenue Procedure 2022-34, the IRS recently announced an important indexing adjustment related to the Affordable Care Act (ACA). That makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care coverage you offer employees will still be considered “affordable” […]
No one likes to contemplate his or her own mortality. But ignoring the need for an estate plan or procrastinating in the creation of one is asking for trouble. If you haven’t started the process, don’t delay any longer. For your estate plan to achieve your goals, avoid these four pitfalls: Pitfall #1: Failing to […]
If you’ve been in business for a while, you’ve probably considered many different employee benefits. One option that might have crossed your desk is an employee stock ownership plan (ESOP). Strictly defined, an ESOP is considered a retirement plan for employees. But it can also play a role in succession planning by facilitating the transfer of […]
As businesses and not-for-profit entities increasingly rely on technology, cyberthreats are becoming more sophisticated and aggressive. Auditors must factor these threats into their risk assessments. They can also help you draft cybersecurity disclosures and brainstorm ways to mitigate your risk of an attack. Increasing risks How much does a data breach cost? The average has […]
President Biden has just signed the Inflation Reduction Act (IRA) into law. The IRA includes significant provisions related to climate change, health care, and, of course, taxes. The IRA also addresses the federal budget deficit. According to the Congressional Budget Office (CBO), the IRA is projected to reduce the deficit by around $90 billion over […]
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this doesn’t happen again next year. You might even want to adjust your withholding if you got a big refund. Receiving a tax refund essentially means you’re giving the […]
Defined-benefit retirement plans, commonly referred to as pensions, aren’t as popular as they used to be — and for good reason. Many such plans are underfunded and in danger of failure. The Pension Benefit Guaranty Corporation (PBGC), a federal agency, recently published a final rule that sets forth requirements for special financial assistance applications, as […]
In 2022, for most people, it may seem like planning for gift and estate taxes is unnecessary because of the $12.06 million federal gift and estate tax exemption. But even if your net worth is only a fraction of the current exemption amount, there are good reasons to adopt strategies — such as making regular […]
Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device. Or a watchdog group might work with a production company to create and distribute a documentary film. How revenue and other payments between the parties […]
Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides parking as a fringe benefit — either on or near your premises or at a location from which employees commute — the IRS may take an interest in […]