The new corporate minimum tax: overview and highlights
The Inflation Reduction Act of 2022 imposed a new 15% alternative minimum tax on large corporations. Notably, the tax is based on a ...
IRS issues guidance on transition rules for EV credits
IRS guidance helps taxpayers navigate the transition from existing rules for claiming EV credits to new rules enacted by the IRA including ways ...
New tax on publicly traded corporations that repurchase their stock
The Inflation Reduction Act, passed by Congress, contains a new 1% tax on stock redemptions by certain corporations. In what situations does the ...
Inflation Reduction Act: What $80 billion in IRS funding means for taxpayers
The Inflation Reduction Act of 2022 provides significant funding for the IRS over the next 10 years. The IRS is expected to use over half the ...
Getting started with CECL
CECL compliance is a requirement for every business that holds financial assets recorded at amortized cost with certain exception. Get answers ...
CHIPS Act of 2022: Tax incentives for semiconductor manufacturers
The CHIPS Act of 2022 funds grants and a new federal income tax credit to facilitate domestic manufacture of semiconductors.
Payroll employment returns to pre-pandemic levels
The U.S. unemployment rate now stands at 3.458%, the lowest rate in 50 years and one that many of us will most likely not observe again in our ...
U.S. July employment report: A recession is not yet at hand
Economies in recession do not produce 528,000 jobs in a given month and have 3.5% unemployment rates. With such a robust labor market, claims ...
Monetary policy tightening, the bond market and the business cycle
Economic shocks including inflation, interest rate increases and energy market turmoil are hitting the global economy and showing up in fixed ...
Economic headwinds: Private equity
Private equity fund managers are faring worse than the overall economy.
FOMC policy decision preview: Fed to hike lending rate .75% next week
A 100-basis-point increase in the federal funds rate will be on the table during the Federal Open Market Committee meeting next week, but we ...
Late filing penalties may apply when e-file mandate not met
IRS non-precedential guidance clarifies that penalties for late filing may apply to certain returns that are paper-filed if electronic filing ...
Tax planning as interest rates climb and interest expense deductions decrease
Tax planning strategies can help businesses experiencing higher interest expense due to inflation, increased interest rates and lower tax deductions.
Latest jobless claims and producer inflation show upside surprises
New filings for jobless benefits last week rose by 3.8% to 244,000 while producer inflation rose by a surprisingly strong 1.1% in June.
PCAOB amends requirements for audits involving other auditors
The PCAOB has recently released the amendments to its standards for audits where other accounting firms or individual auditors perform important ...
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