ALERTS & ARTICLES

Changes to the credit loss model have been updated effective January 1, 2023 via Accounting Standards Update No. 2016-13 (ASU No. 2016-13). The goal of ASU No. 2016-13 is to update a perceived weakness in US GAAP by updating impairment accounting for financial instruments to add an impairment model known as current expected credit losses […]

The Corporate Transparency Act (CTA) expands anti-money laundering laws and creates new reporting requirements for certain companies doing business in the United States. Beginning in 2024, many small businesses will be required to report information about their beneficial owners to the Financial Crimes Enforcement Network (“FinCEN”) to create a database for national security and law […]

The Secure Act 2.0, passed in late 2022, provides new provisions to help workers save for a more financially secure retirement. Many of these changes impact entities that already have employer sponsored plans in place. While initially set to go in effect January 1, 2024, the IRS recently provided some relief in Notice 2023-62 by […]

Mitigating the adverse effects of climate change is one of the primary goals of the Inflation Reduction Act (IRA) enacted in 2022. The federal legislation is packed with tax incentives, including the significant expansion and extension of two tax deductions for energy-efficient construction. Download PDF > Sec. 179D Deduction Changes in the Inflation Reduction Act […]

In an effort to provide relief to those who suffered through recent winter storms, the IRS and California FTB have announced that many tax deadlines for affected Californians have been extended to October 16, 2023. Who does this impact? Most California individuals, businesses, and tax-exempt organizations are eligible for tax filing and tax payment extensions. […]

To help you make sure you don’t miss any important 2023 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. IRS extended return filing and […]

HLB International, the global advisory and accounting network, recently released its latest annual leaders survey, which included nearly 600 participants from 60 countries. The major theme for 2023 is how to best steer through a “permacrisis” of economic and political uncertainties. Download PDF > A Continued Demand for Innovation The new report, entitled “Leading Through […]

The IRS recently issued its 2023 cost-of-living adjustments for more than 60 federal tax provisions. With inflation up significantly this year, many amounts increased considerably over the 2022 amounts. As you implement 2022 year-end tax planning strategies, be sure to take these 2023 adjustments into account. Download PDF > Individual Income Taxes Tax-bracket thresholds increase […]

Recently proposed regulations covered numerous topics, but one of the most noteworthy is an unexpected interpretation of the so-called “10-year rule” for inherited IRAs and other defined contribution plans. If finalized, these regulations could lead to larger tax bills for certain beneficiaries. Download PDF > Back in late 2019, the first significant legislation addressing retirement […]

The Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS Act) provides generous federal tax incentives to increase domestic production of semiconductors, while the Inflation Reduction Act (IRA) includes significant provisions related to climate change, providing federal energy related tax credits. Download PDF > Overview of the 2022 CHIPS Act The CHIPS Act combines […]