The Internal Revenue Service has announced the 2024 inflation adjustments for the lifetime gift and estate tax basic exclusion and the gift tax annual exclusion. The 2024 inflation adjusted amounts reflect a 5.4% increase and will be effective January 1, 2024. 

The lifetime gift and…

An abundance of financial and tax planning strategies exist for 2023, despite a year that many characterized as uncertain due to inflation, higher interest rates, increasing geopolitical risk and the threat of economic recession. Despite many sectors calling for significant tax law changes, the…

On November 17, 2023, the Department of the Treasury released proposed regulations on the Investment Tax Credit that would amend the regulations for the investment tax credit (ITC) under IRC Section 48 including types of eligible property. The proposed regulations were published in the Federal…

As incredible as it may seem, 2024 is approaching at the speed of a bullet train. With the speedy arrival of 2024, so too begins the Corporate Transparency Act (CTA) beneficial ownership information (BOI) filing requirements, which are effective January 1, 2024.

The Treasury Department’…

On October 11, 2023, Microsoft Corporation (Microsoft) announced that it received a series of Notices of Proposed Adjustment (NOPAs) from the United States Internal Revenue Service (IRS) related to a decade-long transfer pricing tax audit for the tax years…

During a financial audit, early identification of a fair value issue can save time and money. But it’s not always easy for accounting personnel to know whether a fair value assessment is needed.

Whether you are working with internal auditors or external valuation professionals, it’s…