Understanding the rules and laws governing PTETs and various state rules, as well as GAAP guidance, can help make sure government contractors remain compliant and efficient.
The IRS released guidance allowing automatic accounting method changes for taxpayers to follow the final revenue recognition regulations.
Since the Tax Cuts and Jobs Act, the treatment of 1031 exchanges has been more complex, nuanced, and limited according to varying definitions of real property. Now with final regulations, real estate investors can make more informed decisions about which properties qualify.
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.