…use the completed contract method (“CCM”) of accounting. Completed Contract Method of Accounting for Small Business Taxpayers The CCM allows a taxpayer to defer the recognition of income and related…
Gary Wallace recognized in Virginia Business 2022-23 Power List We are proud to announce that Gary Wallace, Managing Partner, was featured as one of Virginia’s 500 most powerful and influential…
…recognition date). Investors that hold their QOZ fund investment for five years will receive an automatic 10% basis increase. If held for two additional years, they will receive an additional…
…proposal would allow a $5 million per donor exclusion from recognition under this tax. This proposal is effective for transfers after December 31, 2022. Tax Carried (Profits) Interests as Ordinary…
…beginning in 2023. The recognition of credit losses has been accelerated. Most impactful to financial institutions but requires consideration for every organization that has trade receivables or issues credit to…
…Allows employers to use non-discretionary bonuses and incentive payments (including commissions) paid at least annually to satisfy up to 10% of the standard salary level, in recognition of evolving pay…
…first recognition of the eligible item; Entry into an eligible firm commitment; Specialized accounting principles that required or permitted assets to be reported at fair value cease to apply; The…
…among the Top 60 Firms within the “Best over $10 Million” category. The Firm was also the only firm based in Virginia, in that category. This recognition comes along side…
…the Affordable Care Act, and increases funding for the Internal Revenue Service. The Disaster Act extends over 30 expired tax provisions through 2020. Individual Tax Provisions Extended by the Act…
IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items On November 6, 2019, the Internal Revenue Service (IRS) announced cost of living adjustments…
…have a filing requirement if they meet the $500,000 threshold. While the regulation did not include an effective date for the change, we understand that the Massachusetts Department of Revenue…
…all matters pertaining to the interpretation, administration and enforcement of the Internal Revenue Laws, recently provided interpretive advice to taxpayers on two issues related to cryptocurrencies. 1. IRC Section 165…