Alternatives to the Annual Performance Review
It might be time to give the widely used annual performance review a review of its own. Is it an effective management tool, or does
Cost Segregation Study Can Boost Your Cash Flow
For businesses or investors that acquire, construct, or substantially improve depreciable real estate, cost segregation studies can provide significant financial benefits. These studies apply engineering
Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax and Tax Credit Protections
The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two. Further, it provides critical protections
IRS Allows Taxpayers Electronically Filing Form 1040-X to Choose Direct Deposit (IR-2023-22)
The IRS announced that taxpayers electronically filing their Form 1040-X, Amended U.S Individual Income Tax Return, will for the first time be able to select direct deposit for any resulting refund. Previously, taxpayers had to
New Rules and Conditions for Real Estate Developer Alternative Cost Method (Rev. Proc. 2023-9)
The IRS has released new rules and conditions for implementing the real estate developer alternative cost method. This is an optional safe harbor method of accounting for real estate developers to determine when common improvement costs may
Advanced Energy Project Program Established (IR-2023-27; Notice 2013-18)
The IRS announced a program to allocate $10 billion of credits for qualified investments in eligible qualifying advanced energy projects (the Code Sec. 48C(e) program). At least $4 billion of
IRS Establishes Low-Income Communities Bonus Credit Program for Energy Investment Credit (IR-2023-26; Notice 2023-17)
The IRS established the program to allocate environmental justice solar and wind capacity limitation (Capacity Limitation) to qualified solar and wind facilities eligible for the Low-Income Communities Bonus Credit Program component of the energy investment credit.
IRS Changes Definitions for New Clean Vehicle Credit, Updates FAQs (Notice 2023-16; IR-2023-18; FS-2023-4)
The IRS intends to change how it defines vans, sports utility vehicles (SUVs), pickup trucks and “other vehicles” for purposes of the Code Sec. 30D new clean vehicle credit. These changes are reflected in updated IRS Frequently
IRS Clarifies Federal Tax Status of Special Payments Made by 21 States in 2022 (IR-2023-23)
The IRS has provided details clarifying the federal tax status involving special payments made by 21 states in 2022. Taxpayers in many states will not need to
What’s Your Business Worth? Beware Rules of Thumb
There are many reasons you may need to know the value of your business, such as pricing it for sale, seeking financing, tax and estate
Self-Directed IRAs: Handle With Care
IRAs — both traditional and Roth — are powerful tools for financial, retirement, and estate planning. But what if you’re not satisfied with your IRA’s
Energy Efficient Commercial Building Deduction Applicable Reference Standard Announced, Announcement 2023-1
The IRS has notified taxpayers of the applicable reference standard required to be used to determine the amount of the energy efficient commercial building (EECB)