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Twelve days after Sens. Joe Manchin (D-WV) and Charles Schumer (D-NY) announced that they had reached agreement on a healthcare, climate and tax bill, the U.S. Senate on August 7 approved the Inflation Reduction Act on a party-line vote, with all 50 Democratic Senators voting for the legislation and all Republicans voting against it, and

U.S. businesses have been hit by the perfect storm. As the pandemic continues to disrupt supply chains and plague much of the global economy, the war in Europe further complicates the landscape, disrupting major supplies of energy and other commodities. In the U.S., price inflation has accelerated the Federal Reserve’s plans to raise interest rates

Many businesses are now allowing employees great flexibility to choose their work location. A common work arrangement allows an employee to regularly work remotely (e.g., from their personal residence) and to work in the employer’s office as needed. Employers are asking whether the expenses incurred by the remote employee to travel to the office can

The Treasury Department on April 26, 2022, released proposed regulations limiting the anti-clawback rule previously published on November 26, 2019. The proposed regulations – REG-118913-21 – address certain situations in which an estate could be taxed on gifts made by a donor after 2017 and before a reduction in the basic exclusion amount (BEA), wherein

Federal tax professionals working to resolve issues with the IRS can attest to the multifaceted impacts of the agency’s resource constraints on taxpayer service. The signs are evident, for example, in the long wait times for calls to be answered, tax return processing delays and increased instances of penalties being assessed against compliant taxpayers. Perhaps

Although tax credits as subsidies have been a cornerstone catalyst for advancing many ESG policies and technologies over the last several years, tax is often forgotten or minimized in the process of creating and implementing corporate ESG and value creation strategies. Ignoring the symbiotic relationship between tax and ESG is a losing strategy, given increased

Debt is an important component of a company’s capital structure since it creates leverage to fund growth without the need to raise capital for every expansion. Although interest rates continue to be historically low, concerns about increasing interest rates have caused many companies to consider refinancing existing indebtedness to “lock-in” current rates. When undertaking or

The 2021 tax year saw an uptick in M&A activity, and the trend appears to be continuing. Whether related to an acquisition, merger, restructuring, reorganization, initial public offering or spin-off, the costs paid by companies to service providers such as investment bankers, attorneys, accountants and consultants to investigate and pursue a transaction (“transaction costs”) can

Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the

It’s time for tax season! Tax filing began on January 24, which means it’s time to get prepared. These tips can help the 2021 tax return process go a bit more smoothly.  1. Submit tax information as soon as possible. The sooner you gather and provide your documents, the sooner your tax advisor can start