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.
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.
Remote workforces are complicating state tax nexus and withholding
(authored by RSM US LLP) As businesses increase the use of remote workforces, nexus and withholding determinations can greatly complicate state tax compliance.
New guidance on section 174 research expenditures
(authored by RSM US LLP) Notice 2024-12 clarifies rules regarding research performed under a contract while Rev. Proc. 2024-9 updates guidance on accounting method changes.
IRS Releases 2024 tax inflation adjustments
(authored by RSM US LLP) IRS releases inflation adjustments for 2024. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
Supreme Court tax case could have outsized ramifications on income taxation
(authored by RSM US LLP) The Supreme Court’s ruling in Moore v. United States could reshape Congress’ authorization to tax income.
LA Parishes Affected by Saltwater Intrusion Have More Time to File Returns
The Internal Revenue Service announced that individuals and businesses affected by seawater intrusion in parts of Louisiana now have until Feb. 15, 2024, to file
IRS expands e-filing with new penalties for more paper forms
(authored by RSM US LLP) Final regulations expand IRS e-filing requirements issued with most changes effective for returns due to be filed in 2024. Filers of more than 10 returns or forms required to e-file in most cases.
FinCen releases FAQs to clarify Beneficial Ownership Information (BOI) reporting
(authored by RSM US LLP) FinCen’s new FAQs aim to clarify beneficial ownership information reporting requirements
What to do if you filed an employee retention credit claim with the IRS
(authored by RSM US LLP) ERC submissions are under scrutiny by the IRS due to a surge in questionable claims. Are you confident your claim meets the eligibility requirements and can stand up to a potential audit?
IRS Temporarily Halts Processing of New ERC Claims
Amid a surge in new (and improper) Employee Retention Credit (ERC) claims, the IRS has put a moratorium on processing of any new ERC claims