A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately.…
Expanding internationally presents companies with a world of opportunity—as well as a host of questions and risks from an accounting and finance perspective. When companies evaluate the costs and benefits of entering into new countries or regions, they often include tax planning in their financial analysis. But understanding the true cost of doing business in…
By Yoorhim Choi The confluence of new technologies has ushered in a fourth industrial revolution, also known as Industry 4.0, which is calling into question the definition of manufacturing. These changes are blurring the lines between the tangible and intangible, digital and physical, and product and service. Therefore, it is more important than ever for…
Summer is here, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular solution — with a tax benefit — is a day camp program. The…
Bitcoin and other cryptocurrencies are splashed across news headlines on a regular basis, charting a wild ride of extreme highs and lows. Once the sole domain of anti-establishment millennials burned by the 2008 recession, many institutional investors have shed their skepticism and are dipping their toes into the crypto market, adding exposure through crypto funds,…
Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities in the jurisdictions in which its personal…
By Kim Flett and Beth Garner Employee benefits should be an important consideration for both buyers and sellers as they prepare for a merger or acquisition. Once the due diligence is completed and the transaction closes, however, there is still much work that needs to be done to ensure that the transition to the new benefits plan goes…
By Stuart Eisenberg and Marla Miller The IRS defines an opportunity zone as an “economically distressed community where new investments may be eligible for preferential tax treatment.” The Treasury has certified nearly 9,000 of these districts across all U.S. states and its territories, including the entire island of Puerto Rico. An opportunity zone designation has…
Small business owners looking to convert their organization to an employee-owned company may have an easier path thanks to a new law signed by President Donald Trump last year. Before the law was passed in August 2018, the rules surrounding loans backed by the Small Business Association (SBA) used to create Employee Stock Ownership Plans…
The new international lease accounting rules are causing some CFOs to reconstruct how they gauge corporate performance. Previous rules allowed some leases to be recorded in footnotes to financial statements. CFOs must now report leases on the balance sheet as assets and liabilities. Rather than recording lease payments as operating expenses, companies now need to…