Earlier this year, the IRS revised Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions, to help charities apply for 501(c)(3) tax-exempt status.
In...more
Companies with a history of consistent revenue growth and adjusted EBITDA make attractive acquisition targets for strategic and private equity buyers. Unlike a strategic buyer, which may have on hand a management team capable...more
Insights and Ideas to Expedite Your Business Recovery in 2021 -
Join us for the COVID-19 Comeback Convention, a virtual convention comprised of brief presentations tailored to meet the needs of senior executives and...more
11/18/2020
/ Borrowers ,
Business Development ,
Business Losses ,
Business Strategies ,
Business Taxes ,
Capital Raising ,
Coronavirus/COVID-19 ,
Corporate Branding ,
Corporate Executives ,
Employee Benefits ,
Employer Liability Issues ,
Insurance Claims ,
Risk Management ,
Strategic Planning ,
Tax Planning ,
Webinars
2020 has been an uncertain year on many fronts. As we head towards year-end, we’ve seen an uptick of questions and concerns from our clients on navigating potential rate changes that could occur pending the outcome of the...more
Do you often find yourself amid transactions that require a decision to sell a business to a private equity or other strategic buyer who are offering different consideration packages? Are you aware of the creative tax...more
The IRS has released 26 CFR Part 1, resolving questions regarding the five-year period to claim rehabilitation credits for qualified rehabilitation buildings (QRBs). Prior to the proposed regulation, practitioners were...more
In Notice 2020-32, released April 30, the IRS determined that expenses paid using the proceeds of Paycheck Protection Program (PPP) loans (Covered Loans) are not deductible expenses for income tax purposes if those loans...more
On April 9, 2020, the Department of the Treasury (Treasury Department) and the Internal Revenue Services (IRS) issued Notice 2020-23, announcing that certain additional tax return filing and payment deadlines have been pushed...more
4/15/2020
/ Coronavirus/COVID-19 ,
Corporate Taxes ,
Federal Taxes ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Popular ,
Relief Measures ,
Tax Extensions ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
On April 8, 2020, the Internal Revenue Service (IRS) released Revenue Procedure 2020-23 (the Revenue Procedure) allowing eligible partnerships subject to the centralized partnership audit regime (CPAR) to amend 2018 and 2019...more
The Senate has negotiated and passed a third COVID-19 relief bill titled the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act). The bill will now head to the House for approval, and the President has agreed to...more
The April 15 deadline for filing tax returns will be postponed until July 15, after comments from Treasury Secretary Steven Mnuchin and Notice 2020-18 posted March 20 by the IRS. This news follows Secretary Mnuchin’s...more
Individuals can delay payments of up to $1 million in taxes and corporations can get payments of up to $10 million deferred until July 15 without interest and penalties, according to a notice published Wednesday. “Americans...more
Treasury Secretary Mnuchin has announced that his department is pushing back the April 15 tax deadline. Individuals and businesses will be granted a 90 day extension to pay taxes they owe....more
As part of the 2017 tax overhaul, provisions were put in place that allowed those holding property for rental purposes to write off up to a fifth of their rental income for tax purposes. The deduction was included in Code...more
10/18/2019
/ Business Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Partnerships ,
Pass-Through Entities ,
Property Owners ,
Real Estate Brokers ,
Real Estate Investments ,
Rental Income ,
Revenue Procedures ,
S-Corporation ,
Safe Harbors ,
Sole Proprietorship ,
Tax Deductions ,
Tax Reform
Please join us for the Spring Tax Forum to be held at the Williams Mullen Center on Thursday, May 17, 2018.
We will provide an overview of the impact of The Tax Cuts and Jobs Act and share our best practices on tax...more
On Wednesday, December 20, 2017, the legislation previously known as the “Tax Cuts and Jobs Act” (the “Act”) passed the United States House and Senate. At this juncture, it appears President Trump will sign the Act into law...more
On September 27, 2017, the Trump Administration, the House Committee on Ways and Means, and the Senate Committee on Finance released a unified framework (the Framework) with the stated goal of achieving pro-American,...more
On April 26, 2017, the Trump Administration announced a blueprint of tax reform principles that is described as “The Biggest Individual and Business Tax Cut In American History.” The Administration identified four goals for...more
Please join us for the Spring Tax Forum to be held at the Williams Mullen Center on Thursday, May 12, 2016. Topics Include:
Contributions of Property to a Partnership: An Analysis of Section 704(c) Methods
Part II:...more
In its recently issued opinion in the case of Route 231, LLC v. Commissioner, T.C. Memo 2014-30 (2/24/14), the United States Tax Court (the “Court”) held that a transfer of state tax credits to a 1% member who had contributed...more
4/22/2014
/ Conservation Tax Credit ,
Corporate Taxes ,
IRS ,
Limited Liability Company (LLC) ,
Operating Agreements ,
Partnerships ,
Sale of Assets ,
State Taxes ,
Tax Credits ,
Transfer Taxes ,
Transfers
The Internal Revenue Service (“IRS”) released proposed regulations changing the analysis of whether a partner bears the economic risk of loss for a partnership liability under IRC Section 752. Also, the proposed regulations...more
On January 9, 2014, the Internal Revenue Service (“IRS”) issued a revised version of previously released Rev. Proc. 2014-12, providing a safe harbor for the allocation of IRC Sec. 47 rehabilitation tax credits in tax credit...more
The Internal Revenue Service (“IRS”) recently issued guidance in Rev. Proc. 2014-12, providing a safe harbor for the allocation of IRC Sec. 47 rehabilitation tax credits in tax credit partnerships under IRC Sec. 704(b). The...more
The United States Tax Court recently issued its opinion in Crescent Holdings, LLC v. Commissioner, 141 T.C. No. 15 (12/2/13), a ruling regarding allocations of income attributable to an unvested partnership interest. The...more