Key Takeaways from Keiter’s 2023 Business Tax Update
…Internal Revenue Service (IRS) has put a temporary halt on new ERC claims processing since September 2023. If you’ve filed an ERC claim, consider reviewing it for accuracy to avoid…
…Internal Revenue Service (IRS) has put a temporary halt on new ERC claims processing since September 2023. If you’ve filed an ERC claim, consider reviewing it for accuracy to avoid…
…beyond connecting with the public about their mission and achievements. Organizations governed by 501(a), 501(c), and 501(d) of the Internal Revenue Code are required to provide the public with access…
…Taxpayers also now have flexibility to optimize a “fix” for previously capitalized post-2022 R&D expenses under a few different scenarios. Taxpayers with an average annual revenue of less than $31…
…capital gains through 2026, Reduction of originally-realized capital gains, and Exclusion from income tax of appreciation of the Qualified Opportunity Zone Investment. The Internal Revenue Service recently issued IR 2022-79…
…to avoid becoming a FINRA member if it: was a member of a single exchange; carried no customer accounts; and had annual revenue from securities transactions effected not on a…
…focus areas Areas reviewed closely by the Board inspectors included: Auditor independence Identifying and assessing risks of material misstatement Consideration of fraud in a financial statement audit Revenue testing Related…
…the Soroban Capital Partners LP v. Commissioner of Internal Revenue (Soroban) decision. The Soroban case focused on Section 1402(a)(13) of the Tax Code which states, “limited partners” are not subject…
…day of the following month as a safe harbor, this is not the intent of the DOL. Likewise, the Internal Revenue Service states the following: “remember that the rules about…
…their ability to drive revenue generation and cost efficiencies for various types of healthcare practices through innovative solutions, especially given the current inflationary environment. Artificial intelligence (AI) and generative AI…
…of the key provisions. Temporary pause on rolling conformity to the Internal Revenue Code Virginia’s practice of “rolling” conformity—automatically aligning state tax law with federal tax changes—has been temporarily suspended….
…disqualification of the plan’s tax-exempt status and/or penalties by the Internal Revenue Service (IRS). What is a retirement plan forfeiture? Defined contribution plans typically include a separate account to accumulate…
…and 2021. The ERC opportunity prompted aggressive marketing tactics from bad actors known as credit mills that lured ineligible taxpayers to claim the credit. In response, the Internal Revenue Service…