Withum
JUNE 6, 2022
The taxpayer in PLR 202221006 (March 3, 2022) is a pharmaceutical distributor that engages in the retail sale of a limited number of drugs. This second point is particularly helpful to selling shareholders who want clarity on whether their business is a QTB so they can calculate how much tax will be due on their sale of stock.
Withum
JUNE 1, 2022
Unfortunately, a deteriorated supply chain and increased inflation most likely will increase the tax bill for businesses that use the LIFO method of accounting. Utilizing LIFO when costs are rising due to inflation is generally advantageous for income tax purposes because sales prices are offset by higher inflated purchase costs.
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Withum
DECEMBER 23, 2023
Small business owners have been suffering in recent years with various federal tax laws impeding their ability to operate and grow. Congressional leaders went home this week for winter recess so there is no way for a tax extender bill to be passed in 2023, but there remains a glimmer of hope for action in early 2024. Ensuring the U.S.
CPA Practice
FEBRUARY 8, 2023
Following another strong year of aggressive growth, Andersen , a global provider of tax, valuation, financial advisory and related consulting services, has expanded its presence in Orange County, Calif. Likewise, clients in these markets will have access to Andersen’s full suite of tax services and extensive global platform.
Cherry Bekaert
JULY 20, 2023
The LIHTC provides a tax incentive to construct or rehabilitate affordable rental housing for low-income households. The federal government issues tax credits to state and territorial governments. If the proportional amortization method is not used, then ASC 323-740 provides specialized accounting.
Going Concern
JULY 14, 2023
Prior to joining DLA, John served as a Partner with two National professional services firms, where he was the subject matter expert on business combinations, impairment analysis, income tax accounting, stock compensation, revenue recognition, and going concern analysis.
KROST
NOVEMBER 24, 2020
In the last few months of the year, it is important to consider year-end tax planning opportunities, as many may provide both immediate and long-lasting financial benefits. We have compiled a checklist of additional actions based on current tax rules that may help you save tax dollars if you act before year-end.
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