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© 2024 Cherry Bekaert: The Tax Beat
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Cherry Bekaert’s podcast for tax services where we discuss developing trends and market dynamics as well as tax and accounting tips that could impact your business.
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Private aircraft ownership can be a great asset for companies, providing convenience, flexibility and efficiency for business travel. However, ownership also comes with significant costs, including purchase, maintenance, fuel and insurance. In addition to these expenses, companies that own private aircraft must also comply with various tax regulations, including properly reporting any personal use of the aircraft by company owners and executives, as the Internal Revenue Service (IRS) has rece...
When expanding operations into the U.S. market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a goods and services tax (GST) assessed by many other countries. Companies selling goods and some services must comply with a sales tax system that can vary across thousands of taxing jurisdictions. The U.S. federal tax system can also be challenging for companies new to this coun...
On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting Standards Update No. 2023-09 (ASU 2023-09) and increase transparency of a filer’s global taxes. This will require filers to provide more details and be more descriptive in their financial statement income tax disclosures, which should enable business leaders and investors to make more...
The Internal Revenue Service (IRS) has taken several steps to tackle the millions of invalid Employee Retention Credit (ERC) claims. First, they temporarily halted all ERC claims until the beginning of 2024. Two new programs were introduced by the IRS to aid employers who may have filed ERC claims they didn’t qualify for without realizing it.The IRS announced the Voluntary Disclosure Program (VDP) on December 21, 2023, to aid employers who filed invalid ERC claims. The IRS created the VDP to ...
The New Markets Tax Credit (NMTC) program has been issuing tax credits for more than two decades as a driving force for investors to aid low-income communities across the United States. In September 2023, Cherry Bekaert’s The Innovate Fund, a Community Development Entity (CDE), received a $50 million allocation in NMTC. With this money, The Innovate Fund will continue to support and enhance community development projects in North Carolina, South Carolina, Tennessee and Georgia low-income comm...
The Tax Cuts and Jobs Act (TCJA) was enacted in 2017, and part of this bill amended the lifetime exclusion amount for estate and gift tax planning. Over the last 6 years, the lifetime exclusion has ballooned from $10 million to over $13 million in 2024. Together, a married couple could leave $26 million of asset value to their family or other beneficiaries, free of federal estate tax. However, at the end of 2025, this increased lifetime exclusion will sunset and revert to a lower amount. What...
The Inflation Reduction Act of 2022 (IRA) bolstered existing clean energy tax credits and incentives and added new ones. Looking forward to 2024, it is important to stay up to date with the qualifications for these various tax credits and incentives and the growing marketplace for transferring credits between buyers and sellers. The Internal Revenue Service (IRS) regularly releases notices and proposed regulations to provide guidance to help taxpayers benefit from these clean energy credits. ...
The Employee Retention Credit (ERC) was created to reward companies that continued paying employees when operations were negatively impacted by the COVID-19 pandemic. It is a proven program that helps companies recover from the negative impacts of the pandemic on their business, even when ERC refund claims are filed today.The Internal Revenue Service (IRS) released new guidance for how employers may or may not have been impacted by supply chain disruptions during the pandemic. Whe...
On September 8, the Internal Revenue Service (IRS) released Notice 2023-63, providing much anticipated guidance on the application of Section 174. The Notice addresses key issues for handling specified research or experimental (SRE) expenditures that are capitalized and amortized in accordance with the Tax Cuts and Jobs Act (TCJA) changes to Section 174. Taxpayers can apply the rules of Notice 2023-63 to tax years ending after September 8, 2023, or apply these rules to an earlier tax ye...
When thinking about not-for-profit or tax-exempt organizations, abiding by strict tax rules is probably not top of mind. However, it is important for members of the board of directors and organization leaders to stay informed about tax laws, regulations, and Internal Revenue Service (IRS) reporting guidelines for not-for-profit organizations. Form 990 is the annual information return for most tax-exempt entities. The IRS uses Form 990 to collect information about the annual financial activity...
Often, after much negotiation, debt may be reduced on various projects to realign debtor and equity holders' interests in properties. Property owners restructuring debt should be wary of tax consequences that could occur. Debt cancellation, foreclosures and short sales can often increase tax liability for cancellation of debt income.On this episode of the Tax Beat Podcast, Brooks Nelson, Partner and Strategic Tax Leader, and Sarah McGregor, Tax Director, discuss the tax cost and potential opp...
Wayfair v. South Dakota was a landmark case that clarified how sales tax is determined and collected. Brought about by a group of online retailers that challenged a South Dakota law, the case has had major impacts on how state and local jurisdictions throughout the U.S. establish physical presence or nexus. Since the initial ruling of the Supreme Court case, states have begun to set up their own sales tax laws.On this episode of the Tax Beat Podcast, Brooks Nelson, Partner and Strategic Tax L...
Section 179D Energy Efficient Commercial Buildings Deduction (Section 179D) was significantly enhanced through the Inflation Reduction Act (IRA), offering commercial building owners and designers, like architects and engineers, potential lucrative tax credits. The tax credit rewards qualifying energy-efficient commercial buildings to encourage clean energy and offset the costs of the improvements.Energy Tax Credits & Incentives team members, Bill Harbeson, Manager, and Andre Kohn, Senior ...
U.S. taxpayers that own or control certain foreign corporations, foreign partnerships or foreign trusts are required to disclose the activities, usually with forms attached to a tax return. If not reported timely or properly on the designated forms, these U.S. taxpayers may be subject to significant penalties. A recent Tax Court Ruling for Farhy v. Commissioner brought to light how the Internal Revenue Service (IRS) applies these penalties. The main issue argued whether the law actually grant...
The Internal Revenue Service (IRS) made headlines this past year with the news that they would be receiving an additional $80 billion towards their budget over 10 years through the Inflation Reduction Act of 2022. With the IRS facing many of the same issues they have been dealing with for more than six decades, the question remains: what will be different this time? There has been much discussion as to how the IRS would utilize this budget increase to:Update technology infrastructure,&nb...
On March 9, 2023, the Biden Administration released The President’s Budget for Fiscal Year 2024. It is currently unlikely that this budget proposal will become legislation, but it is important to recognize the tax revenue raises in this latest budget proposal. Parts of the latest proposed budget come from the drafted Build Back Better Act and early versions of the Inflation Reduction Act.In the latest episode of the Tax Beat Podcast, Brooks Nelson, Partner and Strategic Tax Leader, and Sarah ...
In July 2021, the Internal Revenue Service (IRS) formally introduced Schedules K-2 and K-3. These forms bring uniformity and consistency to reporting items of international tax relevance to partners and S corporation shareholders on the foreign activity of a partnership or S corporation. Unfortunately, Schedule K-3 can add up to 20 additional pages to a partner’s or shareholder’s Schedule K-1. Michael Elliot, Director with the Firm’s national tax team, joins this edition of the Tax Beat ...
State Credits & Incentives programs are offered by state governments to encourage economic development and investments in their state. These credits allow businesses an opportunity to reduce their tax burden, increase cash flow and make investments for growth and long-term success. All these credit and incentives programs are designed to benefit the local areas and give businesses an advantage in a competitive market.Melinda Young, State Credits & Incentives Director, and Nick Cousino...
At the end of 2022, the Consolidated Appropriations Act of 2023 (the Act) was signed into law. The bill included the Securing a Strong Retirement Act, commonly known as SECURE 2.0, that gave new guidance and regulations to retirement plan provisions. The new law encourages employers to offer retirement savings plans, extend tax deferred earnings for plan participants and permit easier withdrawals for emergencies.Brooks Nelson, Partner and Strategic Tax Leader, and Sarah McGregor, Tax Director...
One of the provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) that had a major impact on businesses was Section 174: Amortization of Research & Experimental Expenditures (IRC Section 174). The Internal Revenue Service (IRS) recently released Rev. Proc. 2023-11 in December 2022 to update the IRC Section 174 guidelines.Martin Karamon, Tax Credits Incentives & Advisory Practice Leader, joins this edition of the Tax Beat podcast with Brooks Nelson, Partner and Strategic Tax Leader, an...
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