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The new Section 174 rules require taxpayers to capitalize and amortize R&E costs incurred in taxable years beginning on or after Jan. 1, 2022. Amortization is calculated using a straight‐line recovery period of either five years for costs incurred in the U.S. or 15 years for costs incurred outside… Read more
About 15% of people surveyed by the American Association of Retired Persons believe they weren't hired for a job they applied for because of their age. This was according to a series of surveys of workers age 50 and over conducted by the organization in 2022. Other survey results show that a…
If you're planning to move out of your current home, you face a tough question: Should you sell your home, or would it be more beneficial to convert it into an income-producing rental property? In terms of both selling prices and rental rates, the residential real estate market has cooled off in…
Many hospital organizations are faced with conducting an update to their Community Health Needs Assessment (CHNA) as part of completing their 2022 tax returns. With increased funding at the IRS, many industry experts expect increased enforcement of the Internal Revenue Section (“IRC”) 501(r)…
Employers and employees are often at odds over the issue of overtime pay. Naturally, employers are inclined to argue that an employee isn't entitled to overtime pay when it would boost the overall compensation that must be paid to the employee. The employer's position may be bolstered by applicable…
The Tax Cuts and Jobs Act (TCJA) limits itemized deductions for state and local tax (SALT) payments for 2018 through 2025. This unfavorable tax law change is especially unpopular in states with high income or property taxes (or both). The limitation remains in effect, despite repeated calls to…
The U.S. Department of the Treasury and the Internal Revenue Service released guidance on February 13, 2023, providing taxpayers with information and timelines on the program under Section 48C(e)(1) for the allocation of $10 billion of Section 48C credits under the recently passed Inflation…
In addition to navigating global transfer pricing rules, multinational enterprises (MNEs) need to be mindful of the economic environment to continue to comply with the arm’s length standard and remain tax efficient. Currently, rising prices are impacting transfer pricing, and MNEs should consider…
If you or a loved one needs long-term care (LTC) services, there are insurance products that can help cover the cost. As an additional incentive, qualified LTC policies deliver some tax advantages. For LTC policies, "qualified" means that a policy is offered by an insurance company licensed in your…