How Self-Employed Individuals and Household Employers Repay Deferred Social Security Tax The Coronavirus Aid, Relief, and Economic Security Act allowed self-employed individuals and household employers to defer the payment of certain...
First-year bonus depreciation and Sec. 179 expensing: Watch out for the pitfalls Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders...
A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by swapping qualifying properties....
(authored by RSM US LLP) Our whitepaper explains contracts within the scope of Topic 842, as well as a lessor's accounting under ASC 842 for its contracts that are (or...
In March 2022, the IRS identified 11,096 suspicious returns claiming more than $2 trillion in Employee Retention Tax Credits. The full extent of the fraud has yet to be...
On August 19, 2022, The IRS Office of Chief Counsel released a memorandum saying that when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is ineligible to exclude...
(authored by RSM US LLP) The IRS issued a news release on Sept. 29, 2022, announcing that victims of Hurricane Ian now have until Feb. 15, 2023, to file various...
(authored by RSM US LLP) Pending home sales in the United States fell by 2% in August, the third straight monthly decline amid a steep rise in mortgage rates....