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Employers and employees are often at odds over the issue of overtime pay. Naturally, employers are inclined to argue that an employee isn't entitled to overtime pay when it would boost the overall compensation that must be paid to the employee. The employer's position may be bolstered by applicable… Read more
The Tax Cuts and Jobs Act (TCJA) limits itemized deductions for state and local tax (SALT) payments for 2018 through 2025. This unfavorable tax law change is especially unpopular in states with high income or property taxes (or both). The limitation remains in effect, despite repeated calls to…
The U.S. Department of the Treasury and the Internal Revenue Service released guidance on February 13, 2023, providing taxpayers with information and timelines on the program under Section 48C(e)(1) for the allocation of $10 billion of Section 48C credits under the recently passed Inflation…
In addition to navigating global transfer pricing rules, multinational enterprises (MNEs) need to be mindful of the economic environment to continue to comply with the arm’s length standard and remain tax efficient. Currently, rising prices are impacting transfer pricing, and MNEs should consider…
If you or a loved one needs long-term care (LTC) services, there are insurance products that can help cover the cost. As an additional incentive, qualified LTC policies deliver some tax advantages. For LTC policies, "qualified" means that a policy is offered by an insurance company licensed in your…
In early March, Silicon Valley Bank (SVB) and Signature Bank unexpectedly collapsed. They became the second and third largest bank failures in U.S. history, respectively. The largest collapse involved Washington Mutual in 2008, precipitating the Great Recession. (See "Two Banks Collapse in One Week"…
The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations.
Various provisions of the Internal Revenue Code that are tied to specified dollar amounts provide that those dollar amounts are to be increased for inflation.
The federal income tax treatment of business-related meal and entertainment expenses has been a moving target the last few years. If you're confused about what rules currently apply, you're not alone. Here's a refresher on what's currently deductible — and what's not.