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Insights & Alerts

May 10, 2016
Tax Flash - Research & Development Tax Credit: Consider the Extension and Changes to Law When Preparing 2015 and 2016 Tax Returns
In December 2015, the Protecting Americans from Tax Hikes Act of 2015 ("Tax Extenders Bill") was signed into Law. The law includes an expansion of the rules related to the Federal Research and Development (R&D) Credit effective as of January 2016, as well as making the R&D Credit permanent.
May 9, 2016
Key Trust Elections that Need to Be Considered by Early March
Many of our clients serve as trustees or executors and should be aware of certain elections that may be available to them. This is especially true now, as there are elections that need to be made by March 7 of this year.
May 5, 2016
Tax Flash - IRS Issues New Regulations on Partnership Treatment of Employees
The Internal Revenue Service has issued new temporary regulations and proposed regulations providing that where a partnership owns 100% of the interests of a disregarded entity, a partner of the partnership cannot be treated as an employee of the disregarded entity. The Service believes that this is a clarification of the current rules.
May 2, 2016
Tax Debt Can Lead to Passport Revocation
In case taxpayers didn't already have enough reasons to keep current with their tax obligations, the Fixing America's Surface Transportation Act (FAST Act), signed into law in December, has added one more.
April 11, 2016
Tax Flash - New York State Budget Agreement for 2016-2017 Reached on Time
New York State's political leadership, led by Governor Andrew Cuomo, proudly announced at the end of March that for the sixth straight year, they have reached a budget agreement on time. As is usual, the budget includes landmark policies and provisions that will strengthen working and middle class families and the business community, while improving the lives of all New York State citizens.
March 21, 2016
New Compliance Requirements for Indiana Nonresident Withholding
The Indiana Department of Revenue (INDOR) has updated its regulations, effective for tax years beginning January 1, 2015, providing for changes to the composite and withholding compliance requirements for trusts, partnerships and corporations. 
March 14, 2016
Taxpayers Denied Charitable Contribution After Failing to Attach Appraisal to Return
The Tax Court recently supported the IRS' decision to deny taxpayers a charitable contribution deduction for a conservation easement that was greater than $5,000. The deduction was denied after the taxpayers failed to attach an appraisal for the easement with their return. The IRS also imposed accuracy-related penalties and interest that the Tax Court also upheld.
March 7, 2016
Tax Flash - IRS Warns of Email Schemes During 2016 Tax Season
The IRS has issued an alert advising all taxpayers to be aware of fraudulent email schemes during tax filing season. The IRS has seen a surge in email scams designed to trick taxpayers into thinking these are official communications.
March 7, 2016
Partnerships Granted Extension to Make Basis Election
Under IRC Section 754, a partnership may elect to adjust the basis of partnership property to fair market value when it distributes property or when a partnership interest is transferred.
March 1, 2016
Tax Flash - IRS Issues Final Form 8971: Filing Deadline Delayed Until March 31, 2016
The Internal Revenue Service has issued its final draft of Form 8971, Information Regarding Beneficiaries' Acquired Property from a Decedent, and instructions. This is in response to new section 6035 of the Internal Revenue Code, which was added by the Highway Funding Bill of 2015, imposing on certain executors the responsibility of providing information statements to IRS and to any person acquiring an interest in property from estates.
February 29, 2016
Managing the Risks and Exposure Associated with Fundraising Activities
For many nonprofit organizations, a robust fundraising function is an important part of any long-term plan for success. A nonprofit's executive leadership team must, however, recognize that there are some significant risks that come with fundraising, and those risks and any related exposure for the organization must be properly managed.
February 22, 2016
Managing Restricted Contributions: How to Keep Your Nonprofit Organization Out of Trouble
For nonprofit organizations that receive contributions from private donors, there can be a variety of risks, including tracking and expending contributions as well as accounting and reporting for such funds.
February 22, 2016
How the R&D Credit Can Transform the Food and Beverage Industry
As more and more companies use technology to improve products and increase efficiencies, the relevance and importance of reviewing expenditures for eligibility for the Research and Development Tax Credit becomes more critical. One industry where there has been tremendous growth in the research and development sector is the food and beverage industry.
February 17, 2016
Tax Flash - IRS Releases Inflation Adjustments for 2016
On February 5, 2016, the IRS released an update to the Protecting Americans from Tax Hikes (PATH) Act of 2015, which was passed in December, citing new inflation adjustments effective for tax years beginning in 2016. The inflation adjustments focus on educator expenses, transportation fringe benefits, and the expensing of depreciable assets under Code Section 179.
February 11, 2016
Tax Flash - New Regulations Tighten Rules on Foreign Investors' U.S.-Sourced Dividends
On September 17, 2015, the Internal Revenue Service (the "IRS") issued final regulations under Code Section 871(m) relating to the imposition of U.S. withholding tax on "dividend equivalent" payments on certain U.S. equity swaps and other U.S. equity-linked instruments held by foreign persons. The regulations adopt, with some changes, the 2013 proposed regulations.
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