Did you know there are new rules for IRS audits of partnerships that affect all partnerships and LLC’s taxed as partnerships? David White highlights key changes including taxes assessed at the partnership level, partnership IRS representative requirement, and shift of tax burden & timing — as well as important next steps for partnerships to [...]
No matter how untraceable digital transactions may seem, there is no hiding cryptocurrency under the mattress. Virtual currencies like Bitcoin, Litecoin, and XRP are digital assets that cannot be hidden or concealed. Even though virtual currency is often anonymously held and transacted, it is traceable, and the IRS will go to great lengths to find [...]
When the Tax Reform plan was signed, the largest international tax reform since 1962 also achieved liftoff. Specifically, there are several major provisions in the new legislation that will have a large impact on this group of taxpayers. 1. Participation exemption For distributions made after December 31, 2017, domestic C-Corporation taxpayers will be allowed a [...]
Entities can be set up as “for-profit” or “not-for-profit” (“nonprofit”) organizations. As their name suggests, the former focuses on maximizing profits while the latter does not. Nonprofit status is a state law concept determined by each state. Being a nonprofit organization in its state does not automatically qualify the organization to be federally tax-exempt, however. [...]
Tax Reform has made a significant impact on estate planning—and the changes are as sweet as honey. The most buzz-worthy, amongst the swarm of differences, is the increase in the lifetime exemption amount, which doubled under Tax Reform. Something to Hum About Under previous law, the lifetime exemption was $5 million adjusted for inflation, meaning [...]
Even the most dedicated business owners can struggle with preparing and reviewing financial statements. These important documents hold key insights about a company’s performance. Mistakes and data errors can drain resources and negatively impact profitability. Here are a few of the most common hazards you may encounter in preparing a financial statement and tips on [...]
In December 2015, the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) passed and increased the previous premium limitation from $1.2 million to $2.2 million—beginning after 2016. It also added an annual adjustment for inflation to the premium limitation. As a part of the inflation adjustments for 2018, the IRS increased the 2018 [...]
Who? Alabama taxpayers who pay more than $10,000 in state and local taxes. What? A potential, time-sensitive tax planning opportunity exists under the Alabama Accountability Act (AAA)* given the state tax deduction limitation under the recently passed Tax Reform, which limits the amount that taxpayers can deduct for state and local income, sales, and property [...]
Is your organization protected against a potential crippling cybersecurity attack? Scott Bailey shares 3 risk assessment steps to keep your organization out of the headlines: identify essential assets, evaluate data flow and current protection, and recommend improvements.
Filing a Section 83(b) Election could equal significant tax savings for you in the following 3 scenarios: founder of a new company without value, low valuation high expectations company stock, or company with potential liquidating event, as Kellie Shipley shares. Contact CRI for help making your move.
The implementation date is here for the new revenue recognition standard, and your business is likely impacted by with changes to your required disclosures. Watch Jon Heath explain the 5 new requirements that likely mean disclosure changes for most companies: disaggregated revenue, cost to obtain contract, contract balances, performance obligations, and significant judgments. [...]
Technology disruption is here — So what now? CRI recommends 5 steps to help your business take advantage of new technology to improve business processes and create efficiencies in this video with Matthew Katzmark.
Should your business consider blockchain technology? CRI highlights 5 need-to-know FAQs about blockchain as you consider whether and how to implement this technology within your company. Learn how blockchain works, common uses, the benefits (like data security), and how you might consider implementing - all explained in everyday language by Jon Heath. [...]
When implementing the new lease accounting standard, it helps to be prepared. Jeff Silver shares 4 preparation key steps that will help equal success: perform a diagnostic review, organize resources, evaluate relevant data, and create a portfolio of leases.
Experiencing challenges in relation to implementation of the new lease accounting standards? You are not alone. CRI's professionals are here to help identify possible solutions to common challenges such as: decentralization, data gathering, human capital resources, costs, and learning curve as Jeff Silver explains.
Do you know the difference between tax credits and tax deductions? And are you taking advantage of tax credits for actions you're already taking? Similar to deductions, tax credits incentivize individuals and businesses to reduce their overall tax liabilities. However, tax credits differ in that they provide a “dollar for dollar” reduction in [...]
As many business owners might tell you, there are times when business income and individual income can feel like two parallel universes co-existing in the cosmos. While they are closely related, passing through income from one to the other can seem as complicated as space travel itself. Lucky for you, recent changes within the Tax [...]
On December 22, 2017, the President signed the Tax Reform legislation. The bill largely takes effect in 2018 and makes significant changes that impact most — if not all — taxpayers. Increased deductions for bonus depreciation and Section 179 expense are just two of these changes impacting business taxpayers, and these largely positive changes are [...]
Choosing the best type of entity structure for your business has always been a complicated process. There are so many factors that go into making this decision - number of owners, state law, and taxation of the business and its owners to name a few. With the recent passage of Tax Reform, taxation has been [...]
There are many new interesting aspects in the Tax Reform that may tug on individual taxpayers’ wallets. Here are highlights of three main areas potentially dividing dollars. 1. Alimony One area that seems to be falling under the radar is the impact on divorce settlements. For divorce or separation agreements executed after December 31, 2018, [...]