The tax treatment of business interest expense is governed by Section 163(j) which places limits on the amount of interest businesses can deduct on their tax returns based on their income and other factors. Unfortunately, the calculation for determining a company’s limit has changed starting with the tax year 2022 and stands to impact many large businesses negatively.
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The SALT deduction has been a longstanding benefit for taxpayers who pay state and local taxes. However, recent limitations to the SALT deduction have left taxpayers in high-tax states looking for alternatives. One such option is the PTE tax election, which allows pass-through entities to pay and deduct state and local taxes on behalf of their owners.
Donors can amend conservation easement deeds with IRS-approved language for extinguishment and boundary line adjustment clauses.
Increased export controls activities mean companies exporting goods, services and technologies should strengthen their export control protocols to avoid noncompliance.
New rules for EV credit reduce the number of eligible models after Apr. 17, 2023. The list of eligible models is likely to grow.
According to the RSM US Manufacturing Outlook Index based on those surveys, manufacturing activity remains at 1.8 standard deviations below normal.
When employers pay employees with property or stock, rather than cash, special rules under section 83 apply.
SECURE 2.0 changes retirement plan rules for small employers with 100 or fewer employees.
