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Estate planning Q&A: Qualified Personal Residence Trusts Explained

Estate planning Q&A: Qualified Personal Residence Trusts Explained

Reduce estate taxes? Qualified Personal Residence Trusts (QPRT) can be a valuable tool to make a lifetime transfer of your home to your family, still enjoy the home during your life, and potentially reduce your estate taxes.
Partnership tax filing checklist: More data requests, audits and complexity

Partnership tax filing checklist: More data requests, audits and complexity

Partnerships in tax year 2023 face new reporting requirements, detailed information demands and a sharp increase in the IRS' enforcement efforts.
New ASU removes references to the FASB Concepts Statements from GAAP

New ASU removes references to the FASB Concepts Statements from GAAP

FASB ASU 2024-02 removes references to Concept Statements from GAAP across a variety of defined terms and Topics within the Codification.
IRS announces new initiative aimed at high-income non-filers

IRS announces new initiative aimed at high-income non-filers

IRS announces initiative aimed at high-income earners who have not filed tax returns. IRS estimates 125,000 instances of non-filing.
IRS announces increased audit activity for personal usage of corporate planes

IRS announces increased audit activity for personal usage of corporate planes

An IRS examination of this issue can be time intensive and arduous if the business does not take the necessary proactive steps to ensure all required documents are in order to defend the company's position in front of the IRS.
Updated Form 8283 contains modest revisions

Updated Form 8283 contains modest revisions

The December 2023 revision of Form 8283 includes new reporting for digital assets, certified historic structures and passthrough entity information.
Revising our 2024 inflation outlook: Moving back to a 2% target

Revising our 2024 inflation outlook: Moving back to a 2% target

We expect the Fed to begin cutting rates in June, and that the central bank will reduce its policy rate four times this year, by 25 basis points each.
Tax relief bill passes House, faces uncertain fate in Senate

Tax relief bill passes House, faces uncertain fate in Senate

Tax legislation packaging the child tax credit and favorable business tax provisions moves to the Senate with momentum but an uncertain fate.
IRS releases guidance on PIN requirement for energy efficiency home improvement credit

IRS releases guidance on PIN requirement for energy efficiency home improvement credit

The IRS intends to release proposed regulations on the PIN requirement for the energy efficiency home improvement credit under section 25C.
Nebraska lawmakers propose ‘EPIC’ SALT reforms

Nebraska lawmakers propose ‘EPIC’ SALT reforms

Would life in the Cornhusker state be better if funded entirely through a sales tax? Voters may have a chance to find out in 2024.
State income tax law changes for the fourth quarter of 2023

State income tax law changes for the fourth quarter of 2023

A summary of state and local income tax updates enacted during the quarter ending Dec. 31, 2023, which may impact current or deferred tax provisions.
The logic of a Fed policy pause and then rate cuts in 2024

The logic of a Fed policy pause and then rate cuts in 2024

After nearly two years of raising the federal funds rate to restore price stability, the Federal Reserve has all but declared an end to that campaign.
Beware of state equivalent 1099 filing obligations

Beware of state equivalent 1099 filing obligations

As millions prepare to file federal forms 1099, the obligation to file state equivalent returns is often overlooked.
IRS to provide automatic penalty relief to eligible taxpayers

IRS to provide automatic penalty relief to eligible taxpayers

The IRS recently announced that taxpayers will receive penalty relief for failure to pay penalties incurred in tax years 2020 and 2021.
Presentation of acquired cash in a business combination

Presentation of acquired cash in a business combination

Example illustrates how to present acquired cash and consideration transferred in accordance with FASB ASC Topic 805.
Fed signals end of rate hikes and projects cuts in 2024

Fed signals end of rate hikes and projects cuts in 2024

The Federal Reserve signaled at its recent meeting that it is done raising its policy rate and is poised to reduce it by 75 basis points next year to support the expanding economy.