As we navigate through changes brought by the new administration in 2025, there are significant developments within the Internal Revenue Service (IRS) that will impact taxpayers and tax professionals. The IRS is aiming to streamline its operati...

Earlier this year, final regulations were issued under Prop. Reg. Section 1.6011-10, sett...

Navigating the complex terrain of financial statement reporting and income tax disclosures is a major challenge for companies as they face heightened regulatory scrutiny and evolving standards. The Financial Accounting Standards Board (FASB) co...

In 2024, a year marked by numerous natural disasters, the IRS has stepped up to provide taxpayers with crucial relief measures. More than 60 disaster relief notices have been issued, offering postponement of tax return filing and tax payment du...

The employee retention credit (ERC) remains a hot topic as the Internal Revenue Service (IRS) has opened a new window for its voluntary disclosure program, allowing emplo...

The Section 179D Energy Efficient Commercial Building Deduction (Section 179D) and cost segregation studies can help commercial building owners save significantly on taxes. Section 179D provides a tax deduction for new construction and renovati...

For fast-growing companies, becoming a C corporation for income tax purposes can offer significant tax savings for their shareholders. Section 1202 of the Internal Revenue Code (IRC) is a powerful tool for attracting investors with funds to fue...

Public Law 86-272 (PL 86-272) offers limited protection to out-of-state companies that solely solicit sales for tangible personal property within a state. Small and medium-sized businesses in the manufacturing, distribution and retail sectors h...

Private aircraft ownership can be a great asset for companies, providing convenience, flexibility and efficiency for business travel. However, ownership also comes with significant costs, including purchase, maintenance, fuel and insurance. In ...

When expanding operations into the U.S. market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a goods and services tax (GS...

On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in

The Internal Revenue Service (IRS) has taken several steps to tackle the millions of invalid Employee Retention Credit (ERC) claims. First, they temporarily halted all ERC claims until the beginning of 2024. Two new programs were introduced by ...

The New Markets Tax Credit (NMTC) program has been issuing tax credits for more than two decades as a driving force for investors to aid low-income communities across the United States. In September 2023, Cherry Bekaert’s

The Tax Cuts and Jobs Act (TCJA) was enacted in 2017, and part of this bill amended the lifetime exclusion amount for estate and gift tax planning. Over the last 6 years, the lifetime exclusion has ballooned from $10 million to over $13 million...

The Inflation Reduction Act of 2022 (IRA) bolstered existing clean energy tax credits and incentives and added new ones. Looking forward to 2024, it is important to stay up to date with the qualifications for these various tax credits and incen...

The Employee Retention Credit (ERC) was created to reward companies that continued paying employees when operations were negatively impacted by the COVID-19 pandemic.  It is a proven program that helps companies recover from the...

On September 8, the Internal Revenue Service (IRS) released Notice 2023-63, providing much anticipated guidance on the application of Section 174. The Notice addresses key issues for handling specified research or experimental (SRE) expenditure...

When thinking about not-for-profit or tax-exempt organizations, abiding by strict tax rules is probably not top of mind. However, it is important for members of the board of directors and organization leaders to stay informed about tax laws, re...

Often, after much negotiation, debt may be reduced on various projects to realign debtor and equity holders' interests in properties. Property owners restructuring debt should be wary of tax consequences that could occur. Debt cancellation, for...

Wayfair v. South Dakota was a landmark case that clarified how sales tax is determined and collected. Brought about by a group of online retailers that challenged a South Dakota law, the case has had major impacts on how state and local jurisdi...

Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) was significantly enhanced through the Inflation Reduction Act (IRA), offering commercial building owners and designers, like architects and engineers, potential lucrat...

U.S. taxpayers that own or control certain foreign corporations, foreign partnerships or foreign trusts are required to disclose the activities, usually with forms attached to a tax return. If not reported timely or properly on the designated f...

The Internal Revenue Service (IRS) made headlines this past year with the news that they would be receiving an additional $80 billion towards their budget over 10 years through the Inflation Reduction Act of 2022. With the IRS facing many of th...

On March 9, 2023, the Biden Administration released The President’s Budget for Fiscal Year 2024. It is currently unlikely that this budget proposal will becom...

In July 2021, the Internal Revenue Service (IRS) formally introduced Schedules K-2 and K-3. These forms bring uniformity and consistency to reporting items of international tax relevance to partners and S corporation shareholders on the foreign...