CPA Practice

DECEMBER 1, 2023

The Department of the Treasury and the Internal Revenue Service have issued two items of guidance on the excluded entity restriction of the section 30D clean vehicle credit, as amended by the Inflation Reduction Act. For more information about tax benefits from the Inflation Reduction Act, go to Inflation Reduction Act of 2022.

Manufacturing 122

Manufacturing Tax 122

ThomsonReuters

MAY 25, 2023

Health Benefit Plan, 2023 WL 3452353 (S.D. The court also declined to dismiss the provider’s claim for benefits under ERISA § 502, to the extent it was based on the plan’s alleged HIPAA violation and corresponding ERISA breach. DaVita Inc. Marietta Mem’l Hosp. However, the court has allowed two separate claims to continue to trial.

Ohio 118

Ohio Legal Tax Account 118

Cherry Bekaert

NOVEMBER 14, 2023

Defer Revenue Like-Kind Exchange Section 1031 exchanges allow investors to defer capital gains tax on the sale of real property used in a trade or business or held for investment. Bonus Depreciation Effective January 1, 2023, Section 168(k) bonus depreciation has begun to phase out over the next five years.

Real Estate 109

Real Estate tax planning Construction Tax 109

CPA Practice

JULY 6, 2023

On the other hand, you might benefit from a unique tax break if the stock qualifies as “Section 1244 stock.” Essentially, acquiring Section 1244 stock is like getting a form of tax insurance from Uncle Sam—except you don’t have to pay any premiums. There’s no corresponding tax break under Section 1244 for gains.

Tax 107

Tax Maine Sales income tax 107

CPA Practice

APRIL 10, 2024

The American Institute of CPAs has submitted a letter to the Internal Revenue Service requesting simplified procedures for when taxpayers either fail to make a timely election out of automatic allocation of Generation-Skipping Tax (GST) exemption or make a section 2632(c) election inadvertently.

Tax 59

Tax cpas Legal 59

ThomsonReuters

MAY 18, 2023

QUESTION: We are considering offering a telehealth benefit to our employees that would be separate from our major medical plan. ANSWER: Telehealth benefits (also referred to as telemedicine benefits) are often offered under an employer’s group health plan, which is governed by ERISA if sponsored by a private sector employer.

Legal 95

Legal Government Tax Account 95

CPA Practice

MARCH 22, 2023

Background : An ABLE account works pretty much like a Section 529 plan account for higher education expenses. This limitation often shut out deserving people who could benefit from ABLE accounts. One other key rule is that the money in the ABLE account won’t count towards the $2,000 limit on personal assets for these public benefits.

Tax 124

Tax Account accountant accounted 124

Cherry Bekaert

NOVEMBER 6, 2023

Company Background An award-winning residential real estate home builder with projects in Georgia and South Carolina was able to take advantage of the Section 45L Energy Efficient Home Credit (Section 45L) to save more than $350,000. The Company has five operating locations and 19 employees.

Real Estate 75

Real Estate Construction South Carolina Tax 75

CPA Practice

APRIL 9, 2024

See section 1016(a)(1) (proper adjustment in respect of property shall in all cases be made for expenditures, receipts, losses, or other items, properly chargeable to capital account). Additional information about energy-related tax benefits under the Inflation Reduction Act, such as energy efficient homes, can be found on IRS.gov.

income tax 115

income tax tax return Tax Sales 115

Cherry Bekaert

SEPTEMBER 13, 2023

United States to determine the constitutionality of Internal Revenue Code (IRC) Section 965, the transition tax on the earnings and profits of foreign subsidiaries. For example, should there be an agreed upon definition of income, such as the receipt of an economic benefit or realization event before wealth becomes income?

Tax 104

Tax income tax 104

CPA Practice

APRIL 24, 2023

A Section 529 plan is a tax-favored way to save for a child’s college education. Contributions to a Section 529 plan are subject to gift tax, but may be sheltered from tax by the annual gift tax exclusion. Suppose you set up a Section 529 plan account for your oldest child. Either way, your younger child benefits.

Tax 119

Tax Education Account accountant 119

CPA Practice

OCTOBER 20, 2023

Nor does the employer have to provide fringe benefits, like health insurance and retirement plan benefits, that are offered to other employees. An employer in danger of being assessed back taxes for certain workers may avoid liability if qualifies for “Section 530 relief.”

payroll tax 116

payroll tax payroll income tax Tax 116

ThomsonReuters

JUNE 30, 2022

This may raise a variety of issues for employee benefit plan sponsors. Furthermore, employers will have to consider whether to provide such benefits on a tax-favored basis (which limits the type and amount of expenses that may be covered) and whether to use an existing plan or establish a separate arrangement.

Expense Reimbursements 98

Expense Reimbursements Mississippi Transportation Tax 98

Cherry Bekaert

JULY 20, 2023

Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) was significantly enhanced through the Inflation Reduction Act (IRA), offering commercial building owners and designers, like architects and engineers, potential lucrative tax credits.

Tax 75

Tax 75

Cherry Bekaert

FEBRUARY 2, 2024

For years, taxpayers have been able to take advantage of cost segregation and the Section 179D Energy Efficient Commercial Building Deduction (Section 179D) studies. Section 179D Changes: Maximum deduction increased from $1.88 This analysis must be done to maximize all available tax deductions. per square foot to $5.36

Construction 52

Construction audit cpas Real Estate 52

Cherry Bekaert

JUNE 7, 2023

Listeners will learn about: Government assistance for technology companies experiencing staffing issues Why it’s important to look into R&D credits sooner rather than later How to monetize credits even if your company is in losses How to plan around and offset Section 174 costs Other Relevant Guidance Section 174 New Requirements and Its Impact (..)

Technology 98

Technology Tax Government 98

CPA Practice

DECEMBER 13, 2023

Section 1033 of the Internal Revenue Code allows taxpayers who lose a home or business in a major disaster a certain amount of time to replace their property with no taxable gain being recognized. 2 Publicize the number of section 1033 extension requests received and approved each year.

cpas 64

cpas Education Tax 64

ThomsonReuters

MAY 4, 2023

QUESTION: During the COVID-19 pandemic, we established a telehealth-only plan to provide benefits to individuals who were not eligible for coverage under our regular group health plan. Can we continue to offer this benefit? For more information, see EBIA’s Self-Insured Health Plans manual at Section XI.E.5

Tax 105

Tax Account accountant accounted 105

Withum

FEBRUARY 1, 2024

The benefits provided by the bill will be largely offset by accelerating the deadline for submitting employee retention credit claims to Jan. The refundable child tax credit would continue to increase by $100 per year through Dec. The bill would also expand low-income housing credit and financing, disaster tax relief, and U.S.-Taiwan

Tax 124

Tax Finance tax services business tax 124

ThomsonReuters

MAY 18, 2023

2023-23 (May 16, 2023) Available at [link] The IRS has released the 2024 cost-of-living adjusted limits for health savings accounts (HSAs), high-deductible health plans (HDHPs), and excepted benefit health reimbursement arrangements (EBHRAs). Here are the details: HSA Contribution Limits.

Tax 98

Tax Account accountant accounted 98

CPA Practice

JUNE 14, 2023

Background : The tax law provides the following three depreciation-related tax breaks for business owners: the Section 179 expensing deduction, the first-year bonus depreciation deduction and regular depreciation deductions under the Modified Cost Accelerated Cost Recovery System (MACRS).

Tax 111

Tax income tax business tax 111

CPA Practice

MARCH 7, 2023

There will be a new infrastructure, new discipline sections, and a greater emphasis on technology throughout. A fourth core section, Business Environment and Concepts (BEC), will be reallocated across the three remaining core sections and the three new discipline sections.

Technology 137

Technology CPA cpas audit 137

CTP

MAY 10, 2023

This blog will review the two main ways to leverage a business vehicle tax deduction: Section 179 and bonus depreciation. Section 179 This part of the US internal revenue code allows business owners to immediately deduct the cost of depreciable business expenses, such as a vehicle, instead of depreciating the asset over time.

Tax 91

Tax tax return Start-ups Education 91

Cherry Bekaert

FEBRUARY 14, 2023

Department of the Treasury (the Treasury) and Internal Revenue Service (IRS) issued Notice 2022-61 , Prevailing Wage and Apprenticeship Initial Guidance Under Section 45(b)(6)(B)(ii) and Other Substantially Similar Provisions (Notice 2022-61). What Is Prevailing Wage?

Construction 75

Construction Tax 75

CPA Practice

APRIL 17, 2024

The AICPA’s comments also include a matrix for the Form 990 series which focuses on specific sections and the recommendations for those sections.

Non-Profits 52

Non-Profits cpas Hospitality Tax 52

Patriot Software

JULY 26, 2021

Offering competitive benefits attracts, satisfies, and retains top talent. Benefits include everything from retirement plans to health insurance coverage. When you dive into different small business employee benefits, you might consider a section 125 plan. But, what is a section 125 plan? Is it a cafeteria plan?

Tax 98

Tax payroll 98

Cherry Bekaert

JANUARY 19, 2024

With the Federal Reserve’s recent signaling in December of expected rate cuts starting in 2024, now may be the best time to lock in the benefits of a CRAT before rates drop. The January 2024 Section 7520 rate is 5.2%, down from December 2023’s 5.8% rate, which is the highest the Section 7520 rate has been since 2007.

income tax 52

income tax tax return Tax tax planning 52

ThomsonReuters

JULY 14, 2022

QUESTION: We are considering offering a stand-alone telehealth benefit to our employees. ANSWER: Telehealth benefits (also referred to as telemedicine benefits) are often offered under an employer’s group health plan, which is governed by ERISA if sponsored by a private sector employer. Providing ERISA-listed benefits.

Legal 98

Legal Government Tax Account 98

Withum

MARCH 14, 2024

Listen as Jill Koonjy of Withum’s Founders and Tech Executive Services team discusses who qualifies for the rollover and the benefits of the election. Packing QSBS Packing is a strategic planning approach to maximize tax benefits under Sec. Stacking QSBS Stacking is a strategic planning approach to maximize tax benefits under Sec.

Tax 52

Tax tax services Sales 52

CPA Practice

NOVEMBER 22, 2023

174 Research and Expenses To pay for the tax cuts in the Tax Cuts and Jobs Act, beginning in 2022, Section 174 Expenses need to be amortized over 5 years (15 years for international), increasing many businesses’ taxable income. This impacts the Sec.

Tax 110

Tax cpas tax services audit 110

CPA Practice

MARCH 6, 2024

The AICPA recommends that FinCEN adopt a policy of automatically granting FBAR filing postponements to coincide with the relief provided by the IRS when the IRS grants postponements under section 7508A. AICPA Submits Comments to Treasury on Tax Issues of OECD Pillar Two The AICPA submitted comments to the U.S.

cpas 64

cpas Tax financial accounting Account 64

Cherry Bekaert

NOVEMBER 28, 2023

Section 174 Research and Experimentation Cost Capitalization The tax landscape for specified research and experimentation (SRE) activities is evolving with Section 174 changes effective from January 1, 2022. Investment tax credits are available under several Section 48 Energy Credit designations.

tax planning 64

tax planning Tax income tax tax return 64

CPA Practice

AUGUST 10, 2023

The IRS issued initial guidance last February when it launched the Low-Income Communities Bonus Credit Program under section 48(e) of the Internal Revenue Code, which gives eligible solar and wind facilities increased investment tax credits of 10% or 20%. Under the program, for example, certain energy projects in underserved U.S.

Tax 90

Tax Technology 90

ThomsonReuters

NOVEMBER 17, 2022

The requirement to maintain group health plan benefits during FMLA leave extends to any medical, surgical, hospital, dental, or vision care; mental health counseling; and substance abuse treatment provided under your company’s group health plans.

Hospitality 98

Hospitality Education Tax Account 98

Cherry Bekaert

APRIL 2, 2024

Before the IRA, there were clean energy tax credits available to tax-paying entities to take advantage of, but tax-exempt organizations couldn’t reap any benefits when choosing to invest in energy enhancements. Contact Us The post Direct Pay for Not-for-Profits appeared first on Cherry Bekaert.

Tax 59

Tax 59

ThomsonReuters

JANUARY 20, 2022

The DOL has announced the 2022 annual adjustments to the civil monetary penalties for a wide range of benefit-related violations. Summary of Benefits and Coverage (SBC). Adjustments have also been made to other benefit-related DOL penalties, such as for failure to provide certain information requested by the DOL.

Tax 98

Tax Account accountant accounted 98

ThomsonReuters

APRIL 7, 2022

EBIA Comment: Interested parties should watch for further developments, keeping in mind that the FLSA has limited direct applicability to employee benefit plans. Most employee benefit plan rules determine employee status under ERISA or the Code, often in conjunction with the common-law standard.

Tax 98

Tax Account accountant accounted 98