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IRS provides broad penalty relief for some 2019, 2020 returns

The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties...
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INFRASTRUCTURE INVESTMENT AND JOBS ACT CONTAINS NEW CRYPTOCURRENCY REPORTING REQUIREMENTS

The bipartisan Infrastructure Investment and Jobs Act (IIJA), which was signed into law on November 15, 2021, includes two provisions affecting the reporting of transactions involving...
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Real Estate: Determining if a property is a business or an investment

If you own rental real estate, its classification as a trade or business rather than an investment can have a big impact on your tax bill....
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C Corporation, S Corporation or Partnership? Which entity makes the most sense for your business?

The choice of entity is among the most important decisions facing taxpayers when starting a business or investment activity. The choice of tax entity generally includes...
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Planning for the Unknown: Preparing for Potential Tax Increases Under the Biden Administration

The Biden Administration’s American Families Plan and other tax proposals may complicate the tax landscape for high-income earners. Many of the proposals target taxpayers earning more than $400,000 per year. The American Families Plan proposals include: Increasing the top marginal income tax rate to...
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Information security considerations for SOC 2 compliance in a remote work environment

By: Nirav Shah, Principal, IT Risk Assurance & Advisory Services In 2020, as organizations began to adapt to the workplace requirements as a result of Covid-19,...
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“FREE” COBRA GROUP HEALTH CARE FOR UP TO SIX MONTHS FOR INVOLUNTARILY TERMINATED (OR REDUCED HOURS) EMPLOYEES

The American Rescue Plan Act of 2021 (ARPA), enacted on March 11, 2021, creates a requirement that employers treat the total payment for Consolidated Omnibus Budget Reconciliation Act...
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Restaurant Revitalization Fund

We are reaching out today because we want to make sure you are aware of the opportunity that this fund may present for you and your...
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GENERAL ASPECTS OF 2021 FINAL REGULATIONS ON DEDUCTION OF BUSINESS INTEREST EXPENSE

On January 5, 2021, Treasury and the IRS issued a second set of final regulations on the deduction of business interest expense (the 2021 final regulations) that provide...
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2021 Wayfair Update: The Audits Are Coming

By Brandon McCafferty, JD/MBA Senior Manager On June 21, 2018, in South Dakota v. Wayfair Inc., the Supreme Court ruled that South Dakota could compel out-of-state...
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