IRS announces new phase of ERC Processing
(authored by RSM US LLP) The IRS is entering a new stage of Employee Retention Credit claim processing. The September 2023 moratorium continues, and claims filed before then are being slowly processed.
Plan Sponsors, are You Ready for New Forfeiture Rules?
In February 2023, the IRS released proposed regulations that address how plan administrators should treat and report contributions that have been forfeited back to their
What are the different types of financial statement services?
The term “audit” gets used liberally when businesses need to provide financial statements to outside parties, but an audit may not actually be what many businesses need to meet their financial requirements.
Tax effects of cancellation of debt across different entities
(authored by RSM US LLP) Explore the tax implications of debt cancellation across different entities with our introductory guide on CODI.
Death and taxes: Critical opportunities for nonprofits
(authored by RSM US LLP) With the American population aging, postmortem contributions are critical opportunities for nonprofits to receive charitable contributions
IRS releases plan to triple its audit rates on large corporations
(authored by RSM US LLP) Audit rates on large corporations to increase threefold, per newly released IRS roadmap for spending Inflation Reduction Act funds.
New retirement plan distribution options introduced by SECURE 2.0
(authored by RSM US LLP) SECURE 2.0 provides new opportunities for plan participants to take retirement distributions without incurring early withdrawal penalties.
The journey to 2025 tax reform begins
(authored by RSM US LLP) House Ways & Means Committee Chairman Jason Smith (R-MO) and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 “Committee Tax Teams”. Each team will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025 and identify legislative solutions.
Credits and incentives available to retirement plan sponsors
(authored by RSM US LLP) Employers with less than 100 employees who have recently adopted or are considering a retirement plan have a tax savings opportunity.
Cybersecurity perception is reality until facts intervene
(authored by RSM US LLP) To ensure cybersecurity preparedness, boards need to transform their perception of cybersecurity governance into reality.
Corporate Transparency Act: Beneficial Ownership Reporting
Background In 2021, Congress enacted the Corporate Transparency Act (CTA) which requires enhanced reporting of beneficial ownership in reporting companies. Most businesses will be subject
The IRS urges businesses to review ERC claims for 7 common red flags
(authored by RSM US LLP) IRS urges employers to review ERC claims before the Voluntary Disclosure Program deadline of March 22, 2024. The agency warns of 7 common signs that their claims may be incorrect.