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
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
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
Please enjoy this CPE recording from Dave Kim, FD National Practice Leader for International Tax Services, on Biden's proposed budget for 2024 and the implications to US International Tax Regime! 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
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
Please enjoy this recording of Frazier & Deeter's "Hot Topics in Credits & Incentives" CPE Webinar! Read More
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
The IRS has released a fact sheet on the new, expanded clean energy credits for homeowners. The FAQs provide details on recent changes to the credits, information on eligible expenditures and examples of how the credit limitations work. The credits,... Read More
