The Payment Card Industry Data Security Standard (PCI DSS) is a set of security controls designed to ensure that organizations that accept, process, store or transmit payment card data do so in a secure manner. One of the key changes... Read More
A critical security vulnerability has recently come to light and poses a significant risk to organizations using MOVEit Transfer, the managed file transfer software developed by Ipswitch. A zero day exploit, CVE-2023-34362, is actively being exploited by malicious hackers to... Read More
The IRS has reminded taxpayers that they must check a box on their 2022 Form 1040 indicating whether they received digital assets or if they disposed of any digital asset held as a capital asset through a sale, exchange or transfer during the year. Read More
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
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
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
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
A recent decision by the Supreme Court has greatly reduced the penalty exposure for U.S. taxpayers holding foreign bank accounts. Read More
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
We at Frazier & Deeter 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) with effect from... Read More
