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    New Proposed Guidelines for Domestic Content

    May 16, 2023

    On Friday, May 12, the Department of Treasury and the Internal Revenue Service issued Notice 2023-38 to outline their intended guidelines on the Domestic Content bonus credits under the Inflation Reduction Act (IRA) for taxable years after May 12, 2023.... Read More

    Lifting SALT Deduction Restrictions Gains Support in Congress

    Lifting SALT Deduction Restrictions Gains Support in Congress

    May 15, 2023

    When Congress enacted the Trump Administration’s Tax Cuts and Jobs Act in 2017, the $10,000 limit on the state and local tax (SALT) deduction was perceived to negatively affect “blue” states, where state taxes are higher. In early 2022, New... Read More

    UK R&D Tax Relief: A Step Change in Compliance Requirements

    May 4, 2023

    The UK’s Research & Development (R&D) regime has been in the news since the start of 2022. The Government has been concerned about both the quantum and quality of claims and has been at pains to reduce the perceived levels... Read More

    Republican Tax Writers Contemplate Reining in IRS Enforcement

    April 20, 2023

    One current area of concern for the House Ways and Means Oversight Subcommittee is the “Supercharged IRS,” the 87,000 new IRS agents funded by the Inflation Reduction Act. The Republican-led Committee’s plans include monitoring increased IRS enforcement efforts and providing... Read More

    Biden’s International Tax Proposal to Bring US Closer to OECD Global Framework

    April 11, 2023

    The US corporate minimum tax, enacted as part of the Inflation Reduction Act in 2022, took effect this year and imposes a 15% minimum tax on the adjusted financial statement income of large corporations, with average annual financial statement income over $1 billion. The President has proposed further changes to bring the US more in line with 15 actions the Organization for Economic Cooperation and Development (OECD) has identified in its global initiative to limit international tax avoidance. Read More

    Supreme Court Resolves Long-standing Issue Over FBAR Penalties

    March 27, 2023

    A recent decision by the Supreme Court has greatly reduced the penalty exposure for U.S. taxpayers holding foreign bank accounts. Read More

    New Bipartisan Bill Proposed to Allow Taxpayers to Deduct Research & Experimentation Expenses 

    March 22, 2023

    On March 16, a bipartisan bill was introduced to Congress to roll back the provision of the Tax Cuts and Jobs Act (TCJA) that requires capitalization and amortization of Research & Experimentation (R&E) expenses under IRC Section 174. The bill,... Read More

    New Rate of R&D Tax Credit Introduced for SMEs in the UK

    March 20, 2023

    We at Frazier & Deeter and Confluence Tax welcome the recent announcement by the Chancellor of the Exchequer that a new rate of Research & Development (R&D) Tax Credit will be introduced for R&D intensive SMEs (small and medium-sized enterprises)... Read More

    The SVB Impact on FD Clients

    March 20, 2023

    At Frazier & Deeter, we understand that the recent banking crisis sparked by the Federal Deposit Insurance Corporation’s (FDIC) shutdown of Silicon Valley Bank (SVB) has created uncertainty amongst our clients and the technology community at large.   Our team... Read More

    IRS and Labor Department Extend Worker Classification Program

    February 22, 2023

    The IRS and Labor Department have renewed a 2011 Memorandum of Understanding to cooperate on enforcement of worker classification rules, with cross-referrals, investigations and imposition of penalties on noncompliant businesses. The new Memorandum is significant because it signals that the... Read More

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