Georgia taxpayers have two options for getting tax credits for contributions to education program: the Qualified Education Expense Credit and the PEACH Education Tax Credit (formerly known as the Qualified Education Donation Tax Credit). Read More
The US Tax Court has made a potentially far-reaching decision in a recent case involving the self-employment tax liability of limited partners in a New York investment firm. Read More
The IRS has issued updated rules relating to the disallowance or deferral of deductions for losses and expenses in transactions between partnerships and related persons. Read More
On December 15, 2023, the Department of Treasury and Internal Revenue Service published Notice 2023-27498 regarding the proposed guidelines for the Section 45X Advanced Manufacturing Production Credit under the Inflation Reduction Act (IRA22). These provisions related to the tax incentives... Read More
The IRS’s “unworkable” digital asset reporting regulations have an “overly broad definition of a digital asset ‘broker,’ insufficient definition of a ‘digital asset,’ and an unreasonably short comment period.” These deficiencies “threaten to prevent a large swath of the digital... Read More
It has become popular to shift IRA holdings from standard investments, such as stocks and bonds, to alternative, non-traditional IRA assets that offer a higher return. Some investors have turned to real estate, hedge funds and cryptocurrency to diversify their... Read More
The Chancellor of the Exchequer delivered his Autumn Statement to the House of Commons on 22 November. FD believes the Autumn Statement will be broadly positive for SMEs in the UK with a number of key changes and initiatives confirmed... Read More
Research and Development (R&D) tax relief is a valuable incentive provided by the UK government to encourage innovation and technological advancement; however, understanding the rules and regulations surrounding subsidised expenditure can be challenging. In this article, we will delve into... Read More
Starting in 2024, many entities will be required to report information about their beneficial owners to FinCEN. The reporting requirement, enacted as part of the 2021 Corporate Transparency Act, is designed to help FinCEN and other agencies identify fraudulent use of the US financial system and prevent money laundering and hiding money or other assets. Read More
The IRS will use improved technology and AI to help compliance teams better detect tax cheating, identify emerging compliance threats and improve case selection tools. Read More
