Tag: tax

March 8, 2023

Have you ever wondered whether you were barking up the wrong tree? That the solution to a problem may be found, not in the approach to which you were already committed and invested, but in an altogether different direction? Query […]

February 24, 2023

President Biden recently announced that the national emergency relating to the COVID-19 pandemic will end on May 11, 2023. This move may result in unexpected tax issues for employers with remote workers in states where they do not have a […]

February 23, 2023

As we turn the calendar to 2023 and the holiday gift-giving season is behind us, now is the time to consider this year’s changes to the estate and gift tax exemption. You may recall from earlier columns that the estate […]

February 22, 2023

Despite the recent “Crypto Winter,” digital assets continue to gain in popularity and adoption. While many cynics have predicted a downfall, it seems the nascent industry is continuing on its growth trajectory — and at the same time, consumer protections […]

February 22, 2023

As we settle into the new year, let’s take a moment to first consider last year’s tax developments and then take a look ahead to what 2023 might have in store for us. Review of U.S. Tax Developments in 2022 […]

February 21, 2023

Digital marketing isn’t a set-and-forget strategy. New marketing trends, technology and evolving consumer and market demands keep digital marketing in a constant state of metamorphosis. If the last decade has shown us anything, the digital landscape is ever-changing, and to […]

February 21, 2023

HEY, ANOTHER STRESS POINT: Much of the chatter about the global tax deal in the U.S. has focused, understandably, on the 15 percent minimum tax. But there’s a whole other pillar to the agreement negotiated through the Organization for Economic […]

February 17, 2023

The Inflation Reduction Act of 2022 (IRA) created several new tax incentives to encourage developing clean energy projects that would benefit underserved communities and individuals. Among these incentives, Congress included generous adders to the Section 48 investment tax credit (ITC) […]

February 16, 2023

Small business tax returns are complicated, and it’s usually worth it to hire a professional to prepare your partnership, corporation, or individual business return. However, you don’t have to spend a fortune on a local certified public accountant (CPA). This […]

February 15, 2023

As of February 3, the IRS had issued eight million refunds totaling nearly $15.7 billion, the agency reported. The IRS also received a significantly higher number of returns for this period as compared to last year, with about 18.9 million […]

February 14, 2023

Nothing in life is certain except death and taxes. And if you fail to understand Mississippi’s unique contractor’s tax framework before a project begins, it is almost certain to create problems down the road. A. What is contractor’s tax? The […]

February 9, 2023

As more of our lives and work become digitized, an inherent overlap continues to grow between data privacy and cyber security programs. Think of two similarly sized circles: in the past, data privacy and cyber security may have overlapped on […]

February 9, 2023

The United States Virgin Islands (“USVI”) is an unincorporated territory of the United States.[1] But that doesn’t mean that they’re subject to exactly the same laws as in the United States—especially when it comes to taxes. The Mirror Code As […]

February 6, 2023

On January 19, 2023, the Michigan Court of Appeals held that a taxpayer, transitioning from the Michigan Business Tax (MBT) to the Corporate Income Tax (CIT), cannot claim prior MBT business losses on its first CIT return. For tax years […]

February 1, 2023

SPACs, or special acquisition corporations, were all the rage in 2020 and 2021, including investors such as sports icons and media moguls. Also referred to as “blank-check companies,” SPACs offer an alternative way for private firms to go public and […]

January 31, 2023

There is one time a year that requires a detailed level of attention for a business owner, no matter the size of your business. When tax season comes around, entrepreneurs initiate survival mode sometime between January and April 15 and […]

January 24, 2023

Percentage depletion is a tax provision that helps independent producers and royalty owners account for the reduction of a nonrenewable mineral resource, such as oil, gold, and iron, and to recover the associated cost. Another option for depletion is the […]

January 24, 2023

I suspect “The Quiet One” would be appalled to know the taxes facing cannabis operators – specifically Internal Revenue Code at 26 USC § 280E. That provision, discussed more fully below, often subjects cannabis operators to effective tax rates far […]

January 18, 2023

Earlier this month, the New York State Senate (S318) and Assembly (A407) reintroduced proposed legislation seeking to extend the New York State mortgage recording tax to mezzanine debt and preferred equity financings. This proposed legislation provides that mortgage recording taxes […]

January 3, 2023

LOT TO CATCH UP ON: If you decided to essentially check out on tax news a couple days before Christmas — well, you missed a lot. The Democrats’ release of former President Donald Trump’s tax returns last week was front […]