The new Global Intangible Low-Taxed Income (GILTI) regime imposes U.S. tax on foreign earnings of certain foreign corporations whether or not the profits are repatriated to the U.S. owner.
Managing significant tax changes will ensure individuals and businesses are positioned for success for the remainder of 2021 and beyond.
Do you qualify for the Employee Retention Credit? Download our ERC flow chart to help determine whether or not you are eligible.
With the tax filing season just around the corner, I repeatedly hear the question, “can I deduct my home office?” The answer varies as the IRS has a more restrictive definition of the home office than those heard in ordinary conversation.
The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year.
Over the past six months, we have seen nearly $2.7 Trillion in combined COVID-19 relief funding from Congress via the Families First, CARES, and PPP and Health Care Enhancement Act; however, many significant items remain unaddressed.
A new State of Maryland allows pass-through entities (PTEs), including partnerships and S Corporations, to elect to pay the Maryland income tax due on both resident and non-resident owners’ share of the income from the PTE.
If you donate to charitable organizations, you might want to consider establishing a donor-advised fund. A donor-advised fund is a charitable tax-saving tool that enables you to maintain a certain level of control over how funds are distributed while receiving immediate tax benefits.
(authored by RSM US LLP) The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.
One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.