Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

November 29, 2023

Is It a Repair or an Improvement?

If your business completes minor repairs by December 31, you can deduct those costs on your 2023 tax return. But different tax rules apply to improvements. As opposed to repairs, improvements are capital expenditures that must be written off...

November 21, 2023

Can You Deduct 2024 Bonuses This Year?

You may be familiar with the rule that permits a business to deduct employee bonuses this year if it pays them within 2½ months after the end of the tax year. It’s an attractive year-end planning technique that benefits...

November 16, 2023

Understanding Forms 3520 and 3520-A: Reporting Foreign Financial Interests

Content Provided by Damian Stanislaw Ponicki, Senior International Tax Associate The globalized nature of modern finance has led to the U.S. government’s increased push for transparency and oversight when it comes to foreign financial interests held by U.S. taxpayers....

November 14, 2023

Planning an Exit Strategy for Your Business

Every business owner should have an exit strategy that helps recoup the maximum amount for their investment. Understanding the tax implications of a business sale will help you plan for—and, in some cases, reduce—the tax impact. One option is...

November 7, 2023

Weighing Your Charitable Giving Options

Private foundations can be highly effective, but they’re expensive to set up and operate. DAFs are popular alternatives, but they also have potential drawbacks.

November 2, 2023

EFTPS Access Now Requires Multifactor Authentication

Beginning October 19, 2023, US taxpayers must use multifactor authentication (MFA) in order to access the Electronic Federal Tax Payment System (EFTPS), which primarily facilitates the payment of federal taxes, including income, employment, and excise taxes, by both individuals...

October 31, 2023

Make the Most of the General Business Credit

Tax credits are far more valuable than tax deductions. Unlike a deduction, which reduces a business’s taxable income, a credit reduces the business’s tax liability dollar for dollar. Tax credits aren’t unlimited, however. For businesses, the aggregate value of...

October 5, 2023

Unlocking the Potential of Foreign Derived Intangible Income

Content Provided by Damian Stanislaw Ponicki, Senior International Tax Associate In an increasingly globalized world, international business transactions have become the norm rather than the exception. For businesses in the United States engaged in cross-border commerce, understanding the nuances...

October 3, 2023

Why Is the ERC Program on Hold by the IRS?

After numerous attempts to caution taxpayers about the fraud surrounding the Employee Retention Credit (ERC), the IRS declared a moratorium on all new ERC claims until at least December 31, 2023. Any existing claims submitted prior to the moratorium...

September 7, 2023

Guidelines for Achieving a Successful Foreign Business Acquisition

In our era of ever-increasing globalization of commerce, businesses enjoy substantial opportunities to reach new markets and customers beyond their domestic borders. Buying a foreign business presents a promising avenue for expansion, offering access to new markets, diverse customer...

August 29, 2023

Correcting Unfavorable Entity Structures

As circumstances change and regulations evolve, the once-favorable entity structures may become less efficient or even detrimental.

August 24, 2023

Navigating Tax and Social Security Identification Numbers as a U.S. Immigrant

Content provided by Derek Morgan, Senior International Tax Services Manager For immigrants coming to the U.S.—whether they are here for temporary employment, permanent residency, or other similar situations—understanding the intricacies of the U.S. tax and social security systems is...

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

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Thoughts from our industry
to help Businesses and Individuals