By Derrick Rice and Eric Geving What do we know? The recent news of the SolarWinds Orion hack and its ever-growing list of impacted clients is unlike any hack within recent history. The SolarWinds Orion client base of 300,000+ users...
Continue ReadingAs we enter 2021, it is time to reflect on everything that happened in 2020 and how it will affect HITRUST in the new year. Sabrina Serafin interviews two HITRUST experts, Michael Parisi and Andrew Hicks. They discuss how COVID-19...
Continue ReadingThe Small Business Administration (SBA) has launched the next phase of the PPP loan program, with second draw loans available for existing recipients and more money for first-time borrowers. Guidance on the expanded program was released just over two
Continue ReadingThe tax section of the new stimulus Act, the Tax Relief Act of 2020, cleared up a very important question about PPP loans. Normal business deductions, such as payroll, mortgage interest, rent and utilities, are deductible even if they are...
Continue ReadingMore guidance has been released for employers that received Paycheck Protection Program (PPP) loans relating to the Small Business Administration (SBA) “loan necessity” questionnaires. The loan necessity questionnaire is being criticized as going
Continue ReadingCongress has resolved one of the most problematic tax provisions resulting from the IRS’s interpretation of the CAREs Act Paycheck Protection Program (PPP)—the disallowance of tax deductions for expenses paid with forgiven PPP funds. Those deduct
Continue ReadingWith employees working remotely as the norm, many have opted to shift their work location to a place far from the office. This could have tax implications for both the employer and employee. Sabrina Serafin interviews Jonathan Clark and Kristin...
Continue ReadingIs the “new normal” helping or hurting compliance? Sabrina Serafin interviews Amii Barnard-Bahn, Executive Coach and former Fortune Global 50 executive, about the impact of COVID-19 on teams and how to overcome common issues. About Amii
Continue ReadingUpdated November 19, 2020 Find Your Question When does the measurement period for PPP expenditures begin? How long is the loan forgiveness period? How much of my PPP loan can be forgiven? What else can PPP funds be used for...
Continue ReadingSince the global pandemic, leading a team has never been tougher. Sabrina Serafin interviews David Taylor-Klaus, founder of DTK Coaching and author of Mindset Mondays with DTK: 52 Ways to REWIRE Your Thinking and Transform Your Life. David discusses
Continue ReadingData security has been a top concern of large organizations for many years, but over the last few years smaller companies have been more frequently attacked. These attacks have driven heightened interest from businesses of all sizes who want to...
Continue ReadingFor many CPAs, the Paycheck Protection Program (PPP) program has perhaps been the biggest challenge of the year. With $552 billion going to 5.2 million borrowers, the program has affected businesses across the country. Accountants have largely been t
Continue ReadingAdditional first-year depreciation rules have been released by the IRS to clear up issues relating to the increased deduction and the expansion of qualified property, including some classes of used property. The new final regulations also address rul
Continue ReadingThe release of final regulations on the business deduction for meals and entertainment concludes the IRS’s rulemaking that started with the repeal of the entertainment deduction in the 2017 TCJA. The 2017 law repealed the deduction for business ent
Continue ReadingAs a leader in the internal audit community for decades, Bill Mulcahy has advice culled from his many years leading internal audit and mentoring professionals. Mulcahy has been an IIA Atlanta Board Member since 2005 and he is the namesake...
Continue ReadingOne unfavorable tax change in the Tax Cuts and Jobs Act (TCJA) was the extension of the holding period for capital gains treatment from 1 to 3 years for carried interests. Carried interests are profits interests held by investment fund...
Continue ReadingYet another set of PPP rules has been issued by the Small Business Administration (SBA). This time establishing a nominal ownership percentage that won’t be subject to a loan forgiveness limit and on nonpayroll costs eligible for forgiveness. The c
Continue ReadingThe IRS has issued a set of final regulations and related proposed regulations covering a number of issues involving the Sec. 245A deduction for dividends received from 10% owned foreign corporations (DRD), the exception to subpart F income for some.
Continue ReadingAlthough accepting a contract these days is as simple as clicking “yes,” there are data privacy and legal implications when accepting one. In 2020, every company has had to rapidly change how they do business, and contracts between vendors, clien
Continue ReadingNew proposed regulations explain how small businesses can use the simplified accounting rules enacted by the TCJA. The 2017 law simplifies the application of the method of accounting rules for businesses (other than tax shelters) with average annual
Continue ReadingAfter the original proposed regulations were greeted with 120 comments from practitioners, the IRS has now issued final regulations on the Sec. 163(j) limit on the business interest deduction. The regulations provide guidance to taxpayers on: how to
Continue ReadingArtificial intelligence and machine learning are getting a lot of attention in the board room, and they are becoming integral tools in today’s culture of compliance. Sabrina Serafin interviews Christian Focacci, the Vice President of Offering M
Continue ReadingThe anticipated release of HITRUST CSF version 9.4 was announced on June 22nd, 2020. The HITRUST CSF is regularly updated to stay abreast of evolving security and privacy requirements, including new global laws and regulations. Updating the framework
Continue ReadingUpdated 09/04/2020 On August 8, President Trump signed a memorandum ordering Treasury Secretary Steven Mnuchin to defer the employee’s portion of payroll tax withholding from September 1, 2020 until December 31, 2020. The deferral is for the employ
Continue ReadingFor smaller companies looking to raise more capital during the pandemic, listing on the London Stock Exchange’s Alternative Investment Market (AIM) may be a great solution. In this episode, we hear how Polarean Imaging raised $25 million on the
Continue Reading2020 has brought many challenges to internal audit, but data analytics could be a helpful tool. Sabrina Serafin interviews Bradley Carroll, Principal and leader of Frazier & Deeter’s Financial Services Industry Group and Data Analytics team
Continue ReadingAlthough 2020 has proven to be an abnormal year, our tax experts want to remind individuals about some important tax and estate planning topics. Adelle Starr interviews Terri Lawson and LeighAnn Costley, both Tax Partners at Frazier & Deeter. In.
Continue ReadingAs cannabis has been legalized in state after state the industry has attracted entrepreneurs, becoming a rapid-growth industry with unique challenges. This situation has set the stage for an interesting debate among companies that typically serve cli
Continue ReadingSupply chain risk management (SCRM) has not only been a hot topic in 2020, it has become a realized risk. Dramatic product demand, coupled with abrupt reduced production and supply across the globe, created and continues to create historic levels...
Continue ReadingBy: Eddie Bradford, Jr., CPA, CGMA The U.S. tax landscape is constantly changing and many entertainment professionals are trying to find creative ways to legally minimize their tax liability. While the average taxpayer has very modest unreimbursed bu
Continue ReadingNew proposed and temporary regulations issued by the IRS explain the computation of net operating losses (NOLs) and give more flexibility to consolidated groups in determining the treatment of NOLs. The new temporary regulations make it possible for
Continue ReadingGeorgia’s very popular film and TV tax credit has been modified in response to an audit that revealed inconsistent procedures in Georgia Department of Revenue (DOR) audits of tax credits. The new bill, which was signed into law on Tuesday...
Continue ReadingOn July 1, 2020, the California Consumer Privacy Act (CCPA) became enforceable. Some companies are still wondering if they are affected by this data privacy law. Sabrina Serafin interviews Jodi Daniels, Founder & CEO of Red Clover Advisors. Jodi
Continue ReadingThe IRS has resolved some of the issues left open under proposed passthrough deduction regulations issued last year. Final regulations under Sec. 199A provide guidance on the treatment of previously suspended losses included in qualified business inc
Continue ReadingTransfer Pricing is in the spotlight again this week with the news of a win for Apple and the Irish Government in the State Aid case brought by the European Commission. With billions of Euros at stake, it is no...
Continue ReadingIn late-May and early-June 2020, Frazier & Deeter conducted a survey of internal audit professionals across the United States. The goal of the survey was to develop a snapshot of the current state of the internal audit function during a time...
Continue ReadingThe Treasury Department and the SBA have released new interim final rules, a new how-to FAQ and other revised FAQs to further explain how the PPP loan rules work. The clarifications relating to loan maturity, calculation of loan forgiveness amounts..
Continue ReadingCommunication is a critical skill for any team, especially internal auditors seeking to do their jobs in a remote work environment. In this episode of Culture of Compliance, Sabrina Serafin interviews Danny Goldberg, the Founder of GoldSRD, who is a.
Continue ReadingWho would have known that the title of one of the late, great Kenny Roger’s most successful hits would be applicable to the world of professional services, particularly HITRUST? As a ten-year veteran in the cyber, risk management and compliance..
Continue ReadingThe IRS has provided relief to U.S. persons who had to conduct business in a foreign country because they could not travel home due to “travel disruptions.” In Rev. Proc. 2020-30, the IRS clarifies the issue of whether extended business...
Continue ReadingBy Bryce Nations and Andrew Case As part of its continuing response to the COVID-19 pandemic, the IRS, in Notice 2020-39, has loosened the rules for opportunity zone investments, extending deadlines and relaxing investment standards. The opportunity
Continue ReadingThe CARES Act keeps evolving, and our experts are here to provide the latest update. If ever there was a topic that needs untangling, this is it! Programs discussed in this podcast include the Main Street Lending Program, USDA CARES...
Continue ReadingThe UK Government has released further guidance on how employers should prepare for changes to the UK Job Retention Scheme from 1 July 2020. In this podcast, Mike Whitacre interviews Jonathan Clark, a Tax Director in Frazier & Deeter’s London..
Continue ReadingWhile much has been written over the last several months about the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan Program (“EIDL”) administered by the Small Business Administration through the Coronavirus Aid, Rel
Continue ReadingThis year has brought on unpredictable events which have disrupted everything, including audit procedures. With reduced resources and remote work, audit departments have to adapt. In this episode, Sabrina Serafin interviews Linh Truong of GoldSRD on
Continue ReadingOn June 5th, the President signed a bill into law which grants PPP borrowers more flexibility in spending loan funds. The key changes made by the Payroll Protection Program Flexibility Act of 2020 (the “Act”) are: Change in the Covered...
Continue ReadingIn April 2020, the Institute of Internal Auditors (IIA) sent out a survey asking internal auditors how COVID-19 impacted their work. Sabrina Serafin, Partner and National Practice Leader of Process, Risk & Governance (PRG) Practice, invites three
Continue ReadingAlmost weekly, Treasury, the IRS, and the SBA release guidance to help businesses understand and comply with the loan programs and tax changes enacted to mitigate economic damage from the COVID-19 pandemic. Recently, two interim final rul
Continue ReadingUnder the CARES Act, employers get a refundable payroll tax credit for 50% of the first $10,000 in wages paid to employees during the COVID-19 crisis. The credit is allowed against the employer portion of social security taxes on wages...
Continue ReadingEmployee experience can directly affect your customer experience, resulting in lost profits.  John Hightower, Co-founder and CEO of Arch + Tower, an FD company, explains how understanding your employees’ needs is important to your companyâ
Continue ReadingOn May 15, 2020, the Small Business Administration (SBA) announced the Paycheck Protection Program (PPP) loan forgiveness application. The application helps clarify some aspects of loan forgiveness that have been generating questions and concerns fro
Continue ReadingThe CARES Act and Net Operating Losses Section 2303 of the CARES Act modifies the net operating loss (NOL) rules for both corporate and non-corporate taxpayers to permit the carryback of net operating losses generated in years beginning after Decembe
Continue ReadingUnderstanding the tax implications of inter-company transactions is critically important for businesses. Mike Whitacre interviews Malcolm Joy, Frazier & Deeter’s Global Transfer Pricing Practice Leader, to get a better understanding of one of t
Continue ReadingAs part of the CARES Act, Congress fixed a provision in the 2017 tax law in a move that has been long awaited by tax practitioners. As part of the Tax Cuts and Jobs Act Congress intended to provide a...
Continue ReadingAs leaders adapt to and anticipate emerging risks, evolving regulatory pressures and new accounting standards, Jason Sammons and Sabrina Serafin discuss current trends in Sarbanes-Oxley (SOX) compliance. Learn more:Â https://www.frazierdeeter.com/ser
Continue ReadingOn March 27th, the CARES Act was signed into law, offering a variety of programs to help both individuals and businesses impacted by the COVID-19 virus. Among the many programs in the Act are new and updated loans from the...
Continue ReadingIn a move that quickly encountered criticism, the IRS on April 30th issued Notice 2020-32, stating that no deduction will be allowed for expenses paid using Paycheck Protection Program (PPP) funds to the extent loan amounts are forgiven. Normally, th
Continue ReadingCustomer experience is more than just an exchange of goods or services. John Hightower, Co-founder and CEO of Arch + Tower, an FD company, discusses how multi-faceted the customer experience can be and how a better experience can lead to...
Continue ReadingCybersecurity should be a consideration for both the buyer and the seller in the transaction process. Sabrina Serafin, FD Partner and National PRG Practice Leader, interviews Patrick Kelley, Chief Technology Officer of Critical Path Security. Patrick
Continue ReadingAs the Paycheck Protection Program (PPP) enters the second round of funding, loan recipients should be considering a thoughtful approach to pursuing loan forgiveness. Understanding the scope of the forgiveness and monitoring emerging guidelines will
Continue ReadingThe Large Business & International (“LB&I”) division at the IRS examines and enforces compliance on the largest and most complex companies and tax issues. The Research & Development Tax Credit is one such tax issue, which the IRS has
Continue ReadingAs the impact of COVID-19 continues to be felt by businesses of all sizes and industries, figuring out how to adapt to continue operations, while keeping employees safe and healthy, is the top priority for business leaders right now. Fortunately,...
Continue ReadingDid you know you may have cash hidden in unclaimed R&D tax credits? Mike Whitacre interviews Thomas Wells, leader in our UK R&D Tax Credit practice. Thomas Wells explains the benefits of R&D tax credits and which companies may qualify....
Continue ReadingThe programs to help businesses survive the COVID-19 pandemic – two tax credits, deferral of employment tax and two SBA loan programs – have left businesses scrambling to decide which one to take. The qualifications for each program are c
Continue ReadingThe COVID-19 pandemic has caused enormous business disruption, leading to the announcement in March that Federal tax deadlines in April were delayed by 90 days. Many state and local tax jurisdictions followed suit, delaying their deadlines. IRS Notic
Continue ReadingHow can a worker continue to focus on business growth when their largest concern is with COVID-19? Adelle Erdman interviews Chris Green, Partner at Arch + Tower, an FD Company, about applying Maslow’s Hierarchy of Needs. Maslow’s can guid
Continue ReadingWatch this page for timely updates regarding recently issued guidance relative to the Families First and CARES Acts. Updated April 17, 2020 SBA Closes Access to PPP Loans As of April 16th the SBA has closed access to the PPP...
Continue ReadingThe US has passed COVID-19 legislation that may apply to UK businesses operating in the US. Pete Hine interviews Mike Whitacre, Tax Partner in Frazier & Deeter’s International Practice, to give an update on US COVID-19 legislation. Recorded
Continue ReadingRecent legislation designed to combat the COVID-19 pandemic offers businesses tax credits to support employee paid sick and family leave and discourage layoffs. To address the immediate need for business cash-flow, the IRS has put in place three impo
Continue ReadingOn April 9th, the Federal Reserve announced the Main Street Lending Program, which is designed “to enhance support for small and mid-sized businesses that were in good financial standing before the crisis.” The program expands on the Paycheck Pro
Continue ReadingContinuing our discussion of COVID-19 relief for UK businesses, Mike Whitacre interviews Jonathan Clark, a Tax Director in Frazier & Deeter’s London office. Listen now for information on UK employment tax assistance and issues regarding global
Continue ReadingThe spread of the novel coronavirus has significantly impacted economies and daily lives all over the globe. It has also impacted global mobility programs. While most employers have implemented working from home rules where possible and governments a
Continue ReadingThe London Stock Exchange’s Alternative Investment Market offers a source of capital that many US companies may find attractive. In this episode of Untangling the Technical, Sean Lager talks to Rachel Carroll, President and Managing Partner of Edis
Continue ReadingThe UK Government has announced relief measures to help both individuals and businesses impacted by COVID-19. In this episode, Mike Whitacre interviews Jonathan Clark, a Tax Director in Frazier & Deeter’s London office. Listen now for an overvi
Continue ReadingThere has been little in the business world that remains unimpacted from the ongoing current pandemic, including an organization’s reliance on another business to provide their services. Entities that expect a SOC (System and Organization Controls)
Continue ReadingIn this episode, Sabrina Serafin interviews Matt Kunkel, CEO of LogicGate. They discuss the areas of risk a business can encounter and how it may be inefficient to manage them manually. Robotic Process Automation (RPA) helps change these manual tasks
Continue ReadingThe spread of COVID-19 has introduced new challenges affecting all facets of life. How can we go about navigating PCI compliance while maintaining our distance? The Guidance Businesses everywhere are learning how to adjust to a “new normal” tha
Continue ReadingThe President has signed into law an unprecedented $2 trillion relief package designed to prop up U.S. citizens, hospitals and businesses during the coronavirus crisis. The 800+ page  “Coronavirus Aid, Relief, and Economic Security Act” (CARES A
Continue ReadingUpdated March 23, 2020 On March 19, 2020, a bill was introduced in the Senate, known as the “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act,” to further assist in the ongoing COVD-19 crisis. In addition to safety/health...
Continue ReadingIn this episode of Private Equity 360, Bob Woosley speaks with Tim Koch, National Practice Leader of Transaction Advisory Services, about what a Quality of Earnings (QofE) is and how it can affect a transaction, good and bad. Private Equity...
Continue ReadingBy: Tony Welch | Director of Investments, SignatureFD The World Health Organization describes the symptoms of COVID-19 as flu-like in nature. Runny nose, sore throat, cough, fever and even difficulty breathing in severe cases. The stock market has pr
Continue ReadingExtended medical leave for employees and offsetting tax credits to pay for it are the focus of bipartisan legislation signed into law by President Trump on March 18, 2020. The “Families First Coronavirus Response Act” addresses the coronavirus ou
Continue ReadingIn this episode of Culture of Compliance, Sabrina Serafin interviews Jodi Daniels of Red Clover Advisors. They discuss the unique data security challenges that working from home may present to companies. Culture of Compliance is available on iTunes
Continue ReadingWhen it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,...
Continue ReadingCorporations that have been paying the Sec. 965 repatriation tax may get further tax relief for those earnings. The IRS has determined that, in some circumstances, it may be appropriate to provide relief from double taxation when the same earnings...
Continue ReadingWhen a significant number of tax groups and businesses comment on regulations, the IRS appears to listen. Six months ago, the IRS proposed regulations on computing built-in gains and losses for the Sec. 382 loss limitation that applies after a...
Continue ReadingIn this episode of Untangling the Technical, Adelle Erdman interviews Michele Norris, the founder of Navigen Leadership LLC, a firm focused on the Future @ Work. Michele discusses how effective leaders are adapting to working with multiple generation
Continue ReadingThe definition of business resiliency has expanded to a digital frontier. In this episode of Culture of Compliance, Sabrina Serafin speaks with Eric Aslaksen of iVision, Inc. about this new era of business resiliency and the steps you can take....
Continue ReadingAs our economy continues to become more digital, the need to protect payment card data has never been greater. The Payment Card Industry Security Standards Council’s (PCI SSC) Data Security Standard (DSS) sets forth a collection of best practice se
Continue ReadingIn December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not...
Continue ReadingThe IRS has completed its guidance on implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department. The fina
Continue ReadingThe IRS has provided relief from the requirement that partners’ shares of partnership capital be reported on the tax basis method for 2019. The IRS’s draft 2019 forms required tax basis reporting, which triggered numerous comments expressing conc
Continue ReadingAn update to the alternative fuel tax credit was among the many changes to tax passed in the December 2019 government funding bill. With this update a taxpayer that uses or sells alternative fuel for use in motor vehicles, motorboats,...
Continue ReadingRecord keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few...
Continue ReadingA curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business...
Continue ReadingCongress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865. Â Among the many changes are the return of some popular
Continue ReadingThe H.R. 1865 government funding legislation contains numerous tax-related provisions designed to help taxpayers affected by natural disasters and to encourage charitable donations for disaster relief. These provisions are included in a division of t
Continue ReadingOne of the highlights of the $426 billion bill signed by the President in late 2019 was the SECURE Act, “Setting Every Community Up for Retirement Enhancement Act of 2019.” This bill was years in the making and includes comprehensive...
Continue ReadingBeginning January 1, 2020, the Department of Labor’s (DOL) New Salary Limits for Overtime Exemptions will take effect, making it possible for more employees, regardless of occupation, to be eligible for overtime pay. The DOL’s long awaited final
Continue ReadingSmall business owners sometimes have trouble understanding the details of how technology is supporting their companies. Sabrina Serafin speaks with Rob Hootselle of Cloud & Wire, Inc. about how to understand your company’s technological nee
Continue ReadingBy Tommy Zavieh, CPA, MST, MBA The research and development (R&D) tax credit is underutilized, with many taxpayers failing to claim the credit when they are eligible to do so, or making errors at critical junctures in the process. Underutilizatio
Continue ReadingThe IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional deprecia
Continue ReadingIf taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38 finalizes a safe harbor for “rental real estate enterpr
Continue ReadingIt looks like the IRS wants to make peace with ex-pats who have fallen short on their U.S. tax obligations. The agency is offering new procedures for individuals who relinquished their U.S. citizenship to come into compliance with U.S. tax...
Continue ReadingThe IRS is working to update 1998 rules on international transactions to reflect the current era of digital content. The proposed rules could have significant international tax implications for companies involved in cloud computing and the distributi
Continue ReadingA SOC report can demonstrate to your clients and vendors a dedication to trust and security, but what does the process look like? Sabrina Serafin discusses the advantages and history of SOC reporting with Shelby Nelson, a SOC lecturer and...
Continue ReadingAssurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming changes to T
Continue ReadingAs cyber risks continue to evolve, how can Boards of Directors be sure they are doing what they can to protect their organization and assets? Sabrina Serafin speaks with Gourav Mukherjee of Immersion Security to discuss how a Board can effectively..
Continue ReadingOn October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815). Wh
Continue ReadingCompany cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process...
Continue ReadingState taxation of trusts varies widely, based on where a trust is set up, where the trustee resides, where the trust income comes from, and whether the beneficiaries are residents or nonresidents. In short, a trust usually must have some...
Continue ReadingThe IRS’s revenue collection tally just went down by over $650,000 after it lost a major case involving partnership interest deductions. The issue was whether a son who received his partnership interests from his father by gift and bequest had...
Continue ReadingRansomware attacks are becoming more and more common and can mean disaster for a small business. Sabrina Serafin meets again with Mary-Michael Horowitz, Founding Partner and CEO of Asylas, to discuss what businesses can do to protect themselves. Cult
Continue ReadingIn a bold move to enhance economic development, the Indian Government announced on September 20, 2019, new tax legislation to significantly reduce the corporate income tax rate for some Indian companies. In addition, the new legislation repeals the h
Continue ReadingBusiness email compromise remains an enormous risk for businesses of all sizes, as phishing and other attacks can seriously damage your operations and lead to significant losses. Sabrina Serafin speaks again with Skeet Spillane of Pillar Technology P
Continue ReadingThe Association of Certified Fraud Examiners finds that Small Businesses are especially vulnerable to fraud and financial management errors. In this episode, Sabrina Serafin and Katrina Barrett explore internal controls that can help smaller business
Continue ReadingComplying with the Payment Card Industry Data Security Standard (PCI DSS) is a critical exercise for any organization that stores, processes or transmits card data. Properly understanding the scope of the assessment can head off potentially costly co
Continue ReadingOn Day 1 of the PCI Security Standards Council’s North America Meeting in Vancouver, Emma Sutcliffe, Global Head of Standards, kicked off the conversation. She previewed what we should expect from the upcoming Request For Comments (RFC) period, the
Continue ReadingQualifying for the R&D Tax Credit is more common than you would think, and a lot of Manufacturing & Distribution companies are leaving money on the table. Listen to Frazier & Deeter’s Audit Partner Bill Godshall discuss this topic w
Continue ReadingOne of the most common questions I answer is how to be classified as a real estate professional for tax purposes. Being classified as a real estate professional enables the taxpayer to the treat a rental loss as non-passive, which...
Continue ReadingThe IRS is stepping up its cryptocurrency enforcement after determining that few taxpayers report gains on these assets. The agency recently sent over 10,000 letters to virtual currency owners urging them to pay back taxes and file amended returns to
Continue ReadingBipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS customer serv
Continue ReadingThe deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity for...
Continue ReadingTaxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued...
Continue ReadingIn today’s cyber landscape, corporations adopting a”fingers crossed” security strategy can lead to huge losses for the company and individuals alike. In this episode, Sabrina Serafin speaks with cyber security expert Mary-Michael Ho
Continue ReadingWith the growing potential impact of cybercrime on financial service entities, the New York Department of Financial Services (NYDFS) responded by implementing new regulation regarding cybersecurity requirements for financial institutions under DFS re
Continue ReadingHigh on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives and their
Continue ReadingThe IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious tax....
Continue ReadingThe IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state and local
Continue ReadingAfter the IRS published regulations in May 2019 with more detailed rules on opportunity zone deadlines, it became apparent that some taxpayers who had invested before the regs were released may lose their gain deferral. The proposed regulations estab
Continue ReadingIt sometimes seems like executives see the big risks associated with situations like data breaches or fraud, yet still view the internal audit function as a cost of doing business rather than an important investment. Sabrina Serafin welcomes back Da
Continue ReadingHarry G.A. Seggerman, a pioneer in international investing, died in 2001, leaving an estate of $24 million dollars, with almost half of it undeclared in Swiss accounts. Seggerman never reported the foreign bank accounts during his lifetime, leaving i
Continue ReadingCybersecurity is a prevalent topic in the news today, with data breaches hitting the headlines every week. Not surprisingly, we are also seeing legislation in the U.S. and internationally designed to encourage companies to protect sensitive personal
Continue ReadingDo you ever feel as though your internal audit methodology is too rigid and misses the mark? Sabrina Serafin meets with Danny Goldberg of GoldSRD to discuss Agile Internal Auditing, a flexible new approach to achieving your objectives. Culture of...
Continue ReadingPartnerships Doing Business in U.S. Must Withhold Tax When Foreign Partner Leaves When Congress moved the U.S. to a modified territorial tax system, it also put in place compliance measures designed to make sure that income generated within U.S. bord
Continue ReadingThe State of Georgia has been busy making numerous updates to its tax laws over the last few months. Credits and incentives, motor vehicle taxes, and compliance measures are the focus of these revisions. One notable change made by the...
Continue ReadingFor years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit...
Continue ReadingThe Path2College 529 Plan, sponsored by the State of Georgia, is a tax-advantaged way for parents and other family members to save for college, offering both federal and state tax benefits. Contributions are not deductible on your federal tax return,
Continue ReadingHow do you rally your company’s internal messaging around compliance and help turn compliance into an opportunity and strategy rather than a dirty word? Sabrina Serafin sits down with Heather Fortner, Chief Compliance Officer and Chief Operatin
Continue ReadingOn 9 April the European Medicines Agency updated their guidance on the impact of Brexit for the pharmaceuticals sector in Europe. Understandably the main concern continues to be on the continuity of supply for existing drugs, but the guidance emphasi
Continue ReadingBoth Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restrictions on ret
Continue ReadingOpportunity zone tax credits become even more attractive: Leased Property Qualifies for Opportunity Zone Tax Benefits Taxpayers considering investing in an opportunity zone will be happy to hear of the recent guidance regarding leased property inside
Continue ReadingSALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers combine all
Continue ReadingThe UK is the fifth largest economy in the world, and its stated goal is to be business friendly from a tax perspective. Join two international tax experts to learn about some of the tax implications of expanding to the...
Continue ReadingAre your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS...
Continue ReadingFor years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government...
Continue ReadingThe IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable transactions”
Continue ReadingThe law of unintended consequences has never been more evident than in the IRS’s efforts to fix the estimated tax problem caused by the Tax Cuts and Jobs Act (TCJA). This filing season it became apparent that many taxpayers had...
Continue ReadingData security is a top concern for modern organizations. What are your options to keep your information safe? Sabrina Serafin meets with Dexter Caffey of Smart Eye Technology to discuss his company’s new biometric document security software and
Continue ReadingThe US is an enormous market that offers tremendous opportunity. Recent changes to the American tax code make this market even more attractive, but there are still many differences that are important to understand when considering expansion into the
Continue ReadingSabrina Serafin speaks with Jason Sammons of our Process, Risk & Governance practice about implementing risk management as a strategy to help small and mid-sized businesses grow and reach their potential. Culture of Compliance is available onÂ
Continue ReadingThe State of Georgia has been out front in helping businesses affected by Hurricane Michael, which hit the state in October 2018 and damaged an estimated 2 million acres of timberland. To help property owners and aid in reforestation, the...
Continue ReadingBonus Depreciation for Passenger Autos Just Got Easier Passenger autos are one class of business asset that have unfavorable depreciation rules. These vehicles are subject to strict dollar limits each year of the recovery period if they have a gross.
Continue ReadingIt’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty Dozen” li
Continue ReadingMental State is Key to Discharging Federal Taxes in Bankruptcy Tax professionals including attorneys and CPAs must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the...
Continue ReadingSabrina Serafin sits down again with Skeet Spillane of Pillar Technology Partners to discuss the VCISO, an information security officer who can provide everything your business needs and nothing it doesn’t. Untangling the Technical is availabl
Continue ReadingIn less than two weeks the UK is supposed to leave the EU. Join Malcolm Joy, the Lead Partner of our London office, and Mike Whitacre, one of the leading partners in our International Tax Practice as they discuss the current status...
Continue ReadingJodi Daniels of Red Clover Advisors joins us again to talk with Sabrina Serafin about the importance of properly managing your marketing data in the age of privacy regulations such as GDPR and CCPA. Culture of Compliance is available on iTunes, Go
Continue ReadingJoin Sabrina Serafin as she discusses the EU’s strict new data privacy regulation, GDPR, with PRG partner Gina Gondron. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the player below or downl
Continue ReadingJoin us as Sabrina Serafin speaks with Jodi Daniels of Red Clover Advisors about the California Consumer Privacy Act, a new privacy law in the United States that resembles the EU’s GDPR. Learn about this sweeping new regulation and how...
Continue ReadingDespite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers
Continue ReadingPassthrough Deduction Clarifications Tackle W-2 Calculation, Aggregation Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business income (QBI). A
Continue ReadingReal Estate Wins Again: IRS Clarifies Deduction for Rental Activities Can you take the 20% qualified business income (QBI) deduction against income from rental properties? The Tax Cuts and Jobs Act said no deduction is allowed for “mere” investme
Continue ReadingJoin our PRG National Practice Leader Sabrina Serafin in Part 1 of a three part discussion on HITRUST. A certified HITRUST assessor herself, Sabrina speaks with Michael Parisi, the Vice President of Assurance Strategy & Community Development of t
Continue ReadingJoin us as Partner Sabrina Serafin talks with our new PRG Principal Bradley Carroll about the pros and cons of Co-Sourcing your internal audit. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the pla
Continue ReadingThe Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding on nonresid
Continue ReadingIn August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on state and
Continue ReadingOne of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as...
Continue ReadingThe TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restrictions...
Continue ReadingDon’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of 2018,...
Continue ReadingJoin us as we talk with Bill Godshall, our Quality Control Partner, about the new updates to the standards regarding VIE reporting. Untangling the Technical is available on iTunes, Google Play Music and Spotify. Listen now using the player below
Continue ReadingIt appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax planning oppor
Continue ReadingWant to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December...
Continue ReadingOnly one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,...
Continue ReadingIn June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v....
Continue ReadingHow is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019...
Continue ReadingThe Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what...
Continue ReadingGeorgia has been very successful at designing tax credit and incentive programs that give taxpayers an opportunity to save money, do good, and support programs that they believe in. The Georgia “Qualified Education Donation Tax Credit” is one of
Continue ReadingStrap on your combat boots to learn about Zombie Funds, a little known problem facing fund administrators that can color your reputation and waste administrative fees. Private Equity 360 is available on iTunes, Spotify and Google Play Music. Lis
Continue ReadingJohn Corn, a State and Local Tax expert, gives us an inside look at the new online marketplace requirements established by the recent South Dakota v. Wayfair Supreme Court case. Untangling the Technical is available on iTunes, Google Play Music a
Continue ReadingSabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Matt Ficken an advisor with Insperity about the importance of HR compliance no matter the size of the business. Ins
Continue ReadingNavigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated...
Continue ReadingLong-Term Lessee of Historic Buildings Not Entitled to Deduction for Facade Easement Lessees cannot claim a conservation easement deduction. That is what a partnership with long-term leases on two historic buildings in Massachusetts found out when it
Continue ReadingBonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new...
Continue ReadingCompanies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018-68 narrow
Continue ReadingSince Congress passed the $10,000 limit and on state and local tax (SALT) deductions in late 2017, high-tax states have scrambled to create state programs that would allow taxpayers to circumvent this limit. These “SALT workarounds”, put in place
Continue ReadingBob Woosley, National Private Equity Leader discusses R&D tax credits with Tommy Zavieh, National R&D Tax Credit Practice Leader. Topics include the history of R&D tax credits, the qualifications, benefits and why you need a R&D tax c
Continue ReadingSabrina Serafin interviews Jack Healey, CEO of Bear Hill Advisory Group. His firm provides strategic planning and crisis management services. Topics include: Cybersecurity in relation to other business management, Common misconceptions of cybersecuri
Continue ReadingFor internet retailers, the June 21 U.S. Supreme Court ruling on South Dakota v. Wayfair has significant implications, including the added burden of sales tax compliance. As a result of this ruling, many internet shoppers will notice their favorite r
Continue ReadingOne of the more complex areas of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction for the “qualified business income” of sole proprietorships, partnerships, LLCs, and S corporations. While the deduction is an important tax break for...
Continue ReadingIn order to encourage companies to invest in R&D, and to reward them for doing so, Federal and Georgia tax rules provide what can be very significant tax credits (dollar for dollar reduction in tax liability). On February 7, 2018,...
Continue ReadingFor the past 26 years, sellers of goods across state lines have been protected from state sales tax laws by the 1992 Supreme Court decision in Quill v. North Dakota, which held that out-of-state sellers cannot be required to collect...
Continue ReadingSabrina Serafin, National Practice Leader of Frazier & Deeter’s Process Risk & Governance Practice, interviews Joe Oringel, Managing Director of Visual Risk IQ. They discuss the importance of visual data analytics and reporting in relat
Continue ReadingCongress promised big tax cuts and simplification of income taxes in its mammoth tax bill, the Tax Cuts and Jobs Act. It certainly delivered on the tax cut promise, but the simplification effort fell short, as evidenced by the IRS’s...
Continue ReadingIn its third action this year, the IRS announced that it will waive additional late payment penalties for the repatriation transition tax on offshore profits. More guidance is also provided on how individuals subject to the tax make elections (see...
Continue ReadingMaking the individual tax cuts permanent is the cornerstone of a new effort by House Republicans to craft Tax Reform 2.0. House Ways and Means Committee Chairman Kevin Brady (R-Texas) has indicated that the White House and House Republicans are...
Continue ReadingOne of the biggest revenue-raisers in the Tax Cuts and Jobs Act (TCJA) is a strict limit on the federal deduction for state and local taxes. The new law caps the state and local tax (SALT) deduction for individuals to...
Continue ReadingTo attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these areas. Depen
Continue ReadingThe State of Georgia has raised the tax credit for donations to rural hospitals from 90% to 100%. At the same time, the IRS has taken steps to limit the use of donations to special state funds to offset federal...
Continue ReadingDriving for work just got more expensive for some taxpayers. The Tax Cuts and Jobs Act (TCJA) restricted the deduction of automobile expenses, effective in 2018 in several ways. Using autos for moving is no longer deductible except for members...
Continue ReadingSabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Tim Martin and Skeet Spillane from Pillar Technology Partners about how they help clients prepare for all things cy
Continue ReadingSOC 2 experts of Frazier & Deeter’s own Process, Risk & Governance practice walk-through the reporting changes. Moderator – Sabrina Serafin | Partner & National Practice Leader Speakers – Gina Gondron | Partner Shelby Ne
Continue ReadingI recently went to see RBG, a documentary about an intelligent, determined, tiny woman blazing a trail to reach the absolute apex of her profession. Her response to the discrimination she faced in her career was to make a quest...
Continue ReadingThe Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in...
Continue ReadingIn Culture of Compliance’s first episode, Sabrina Serafin, Frazier & Deeter’s National Process, Risk & Governance Practice leader, talks with Darryl Cox, Director of Sales, Southeast, at QTS Realty Trust, about changes to complian
Continue ReadingWith a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for...
Continue ReadingBetween 2005 and 2010, four AT&T subsidiary cellphone companies collected and remitted to the Georgia Department of Revenue (DOR) $6 million in sales tax on internet data services. The problem is, these services were exempt from sales tax under G
Continue ReadingWhen Congress enacted the Tax Cuts and Jobs Act (TCJA) in December 2017, it had to make difficult trade-offs. Popular deductions had to be sacrificed to lower tax rates, and the lawmakers were concerned with the distributional effects. The changes...
Continue ReadingThe cardinal tax rule for charitable contributions, including deductions for conservation easements, is that there cannot be a quid pro quo for the donor. If there is any benefit flowing back to the donor, any deduction must be offset by...
Continue ReadingSean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling the Techni
Continue ReadingThe complicated new rules for multi-national businesses were one of the headlines of the new tax law. In this episode, Frazier & Deeter’s International Tax guru Mike Whitacre discusses the implications for U.S. businesses with foreign earning
Continue ReadingIf you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for...
Continue ReadingThe IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and paying the t
Continue ReadingYear 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explaining...
Continue ReadingBob Woosley, National Private Equity Leader, discusses the upcoming General Data Protections Regulation (GDPR) with FD’s Process, Risk & Governance Partner, Gina Gondron, who is an expert on both data privacy and GDPR. We discuss how GDPR
Continue ReadingTechnological advances over the past 25 years have driven unimaginable conveniences, but our rapidly evolving technology has also increased the complexity of managing risk. As new risks emerge, the American Institute of Certified Public Accountants (
Continue ReadingThe accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic companies are o
Continue ReadingIn this episode of Private Equity 360 Bob Woosley talks to Rhonda Ratliff, a Transaction Advisor and Six Sigma Black Belt, about steps you can take leading up to a deal to improve the value you can drive after the...
Continue ReadingGeorgia Legislature Acts to Lessen Taxpayers’ State Tax Hit from Federal Law Change Yes, it seems counterintuitive, but the huge federal tax cuts enacted in the Tax Cuts and Jobs Act (TCJA) were going to be a windfall for the...
Continue ReadingIRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS...
Continue ReadingSupreme Court to Decide Fate of Online Sales Tax as Georgia Readies to Start Collection For 26 years, buyers and sellers of goods across state lines have relied on a major roadblock to requiring out-of-state sellers to collect sales taxes—the...
Continue ReadingTax Bill Guidance Continues to Focus on Repatriation In the few months since the Tax Cuts and Jobs Act (TCJA) was signed into law, the IRS has released three important items of guidance relating to the transition tax on foreign...
Continue ReadingMarch 16th marks ten weeks left before the May 25 deadline for the European Union’s (EU) General Data Protection Regulation (GDPR).  GDPR unites all of Europe with one data protection law, replacing the prior European Commission’s Data
Continue ReadingCarried interest has been a target of politicians in recent years. In the first episode of Private Equity 360, Bob Woosley interviews Tax Partner Bryce Nations to learn about how the new tax law impacts carried interest. Available on iTunes,...
Continue ReadingOne casualty of the new tax law was thought to be the deduction for interest paid on home equity loans. The language of the bill was vague, and the conference report simply states, “…the Conference agreement suspends the deduction for...
Continue ReadingThe first topic the IRS tackled in guidance regarding the new tax law is how corporate taxpayers should compute and pay the “transition tax” on the untaxed earnings of foreign subsidiaries. In exchange for the lower 21% corporate tax rate
Continue ReadingIt is hard to believe, but the Tax Cuts and Jobs Act passed by Congress in December left out many key expiring tax provisions, the so-called “extenders.” Instead, Congress included the extenders in H.R. 1892, the Bipartisan Budget Act of.
Continue ReadingBitcoins and other virtual currency are on the national radar with articles and commentary offered every day on their increasing use and on the government’s attempts to regulate the cryptocurrency market. No agency is more interested in the ris
Continue ReadingReducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and...
Continue ReadingThe Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected...
Continue ReadingJust before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business...
Continue ReadingWhile Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health insurance pla
Continue ReadingGeorgia has always been known for exceptional music talent with home-grown artists like James Brown, REM, Jermaine Dupri, Usher, Ludacris, the Allman Brothers and Alan Jackson. Now Georgia is set to become an even bigger venue for music with its...
Continue ReadingIn the State’s continued quest to become the top film industry spot in the U.S., the Georgia Legislature in early 2017 expanded the film credit, this time for postproduction activities. The thought is that, not only do state leaders want...
Continue ReadingThe Tax Cuts and Jobs Act (TCJA) has passed Congress and is expected go into effect in 2018. This lengthy new law contains an array of changes that will impact both individual and business taxpayers. Depending on your personal financial...
Continue ReadingLast night the Senate signed a slightly modified version of the Tax Cuts and Jobs Act, a key hurdle in passing the tax legislation. While the House needs to vote again today, the bill is expected to be signed into...
Continue ReadingThe Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then housed reta
Continue ReadingLetantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes by opening
Continue ReadingSide-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee...
Continue ReadingEveryone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories to stop. Th
Continue ReadingMost taxpayers would breathe a sigh of relief when getting an IRS letter stating that their spouse’s estate tax return had been accepted as filed. However, a recent Tax Court case has made it clear that the earlier estate return...
Continue ReadingUntil recently, the IRS’s latest regulations on gambling winnings were rules released back in 1983. Both technology and industry practice have changed significantly since then. To modernize its approach, the IRS has released new rules, first in
Continue ReadingThe House Ways and Means Committee and President Trump have released more details on the Republicans’ joint tax reform plan, agreed to in principle by the Big Six, made up of key Congressional and Administration tax officials. (See our earlier.
Continue ReadingA couple who owned three shopping centers and three jewelry stores in Phoenix, AZ lost big in the U.S. Tax Court in August 2017. In a long-awaited decision, Avranhami v. Commissioner, the Court found that amounts paid by the couple’s...
Continue ReadingThe IRS has issued a dire warning to businesses and nonprofits—don’t respond to e-mail requests for employee information without confirming the source—even if the request comes from within your own company. Here’s why. In the latest s
Continue ReadingThe use of like-kind exchanges to defer gain on business and investment property is common, with about 4 million transactions between 1998 and 2013, according to the IRS. A large percentage of like-kind exchange transactions are real estate swaps, ma
Continue ReadingBosque Canyon Ranch in Texas is home to the habitat of the gold-cheeked warbler, a listed endangered species. It also is the subject of a far-reaching Circuit Court decision that halted the IRS’s attempt to invalidate a conservation easement pu
Continue ReadingThe Georgia Department of Revenue (DOR) has issued several important rulings on the application of sale and use taxes to various commercial products, including online software, home construction features, and extended warranties. Businesses that offe
Continue ReadingCountries across the globe banned together a few years ago to put in place a mechanism for tracking the income of multinational companies in each country in which they operate. The effort came under the umbrella of the very bureaucratic...
Continue ReadingSerious missteps by a real estate partnership caused it to lose a huge charitable deduction claimed for donation of property to the University of Michigan. The facts in the Tax Court case, Reri Holdings I, LLC, Jeff Blau, Tax Matters...
Continue ReadingThe Trump Administration has few places for big victories this year, but tax reform may be one of them. This assessment comes from Washington insiders who have carefully analyzed the “Big Six” joint statement released in July while most o
Continue ReadingThe House Appropriations Committee has approved legislation that bans the IRS from enforcing rules to curb conservation easement syndications. Currently, the ban only applies to past transactions, those easements entered into before January 23, 2017,
Continue ReadingTwo years ago, Congress enacted the Bipartisan Budget Act of 2015, which made significant changes to the way partnerships are audited. The Act requires that tax be assessed and collected at the partnership level instead of the partner level. The...
Continue ReadingToday’s business travelers deal with “A patchwork of complicated nonresident income tax laws.” This assessment comes from the Mobile Workforce Coalition, an advocacy group seeking simplification of state laws taxing nonresidents who
Continue ReadingBeginning with their 2016 returns, small business startup companies can choose to apply all or part of their research credit against their social security payroll tax liability. Before 2016, the research credit could only be taken against income tax
Continue ReadingCongress is considering a shift from pretax benefits for retirement accounts to after-tax, Roth-type plans in its tax reform efforts, warn retirement plan advocacy groups, such as the American Retirement Association and the American Benefits Council.
Continue ReadingOn August 7, 2008, a taxpayer’s son and heir formed a family limited partnership. Then, using the power of attorney for his mother, he transferred $10 million of his Mother’s cash and securities that were in a revocable trust to...
Continue ReadingUS TAX CODE RANKED 31 OUT OF 35 IN COMPETITIVENESS AND CONGRESS WANTS TO FIX IT House Ways and Means Committee Chairman Kevin Brady (R-TX) opened the May 2017Â hearing on U.S. competitiveness by offering a startling statistic. The U.S. ranks...
Continue ReadingBreaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board.  Find out more about the new guidance for applying variable interest to common control leasing arrangements by reading
Continue ReadingIn the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
Continue ReadingFrazier & Deeter was recently recognized in an edition of “Estate Planning Experts” by Shane Smith, Esq. where the Head of the Tax Department, Terri Lawson, was asked to share her views on common mistakes she sees clients making when.
Continue ReadingIn the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
Continue ReadingWe ring in the new year with observations from our entrepreneur blogger Moira Vetter, CEO of Modo Modo Agency. Moira’s topic this month is a different view to the role of the CFO. In this market, there are few positions...
Continue ReadingRecent statistics show that only 3% of the 7.8 million women-owned businesses in the U.S. have revenues over $1 million, compared to 6% of businesses owned by men. So what does it take for women-owned businesses to exceed the $1...
Continue ReadingIt is a common refrain in sports that, “Offense sells tickets, defense wins championships.” This analogy can be applied in the business world as well. As companies grow they have more to protect and the need for defense, in the...
Continue ReadingWorry-free retirement plans for small businesses? The myRA may be the answer. 07.31.2014 Many small business owners find that it is impractical or too costly to offer retirement plans to their employees. Employee retirement plans are highly regulated
Continue ReadingOn January 17, 2013 the Financial Accounting Standard Board’s Emerging Issues Task Force (“EITF”) finalized an issue related to accounting for obligations resulting from joint and several liability arrangements. If the EITF’s
Continue ReadingTaxing imports and exempting exports sounds like a simple plan to protect U.S. jobs. However, this part of the House GOP tax reform plan is proving to be a controversial proposal that could split Congress just enough to stall the...
Continue ReadingHealthcare organizations face possibly the most daunting set of compliance issues of any industry. On top of the ongoing uncertainty regarding the ACA and the need to protect private patient information, healthcare organizations also have changes to
Continue ReadingOn January 20th after President Trump was inaugurated he signed Executive Order Number One, which directs federal agencies to start moving to shut down the Affordable Care Act (ACA). “It is the policy of my Administration to seek the prompt...
Continue ReadingFor physicians who own their own practice, tax season can be daunting. To help you through the complicated process of filing taxes, reduce the risk of an audit and keep your mind focused on your patients, consider the following suggestions:...
Continue ReadingWhile many Americans were focused on the Presidential election and transition, Congress and President Obama in mid-December quietly agreed on significant legislation to boost funding for medical research, make approval of experimental treatments easi
Continue ReadingThe December 1st deadline for U.S. Department of Labor’s increased exempt-status salary thresholds is on hold, at least temporarily. Last week a federal judge in Texas entered a nationwide injunction blocking the Department Of Labor (DOL) from
Continue ReadingComprehensive tax reform is high on the agenda for the new Trump Administration. It is listed on President-elect Trump’s 100-day plan, and House Speaker Paul Ryan (R-Wisc.) promised just weeks ago that he would force major tax cuts through Cong
Continue ReadingEarlier this month Frazier & Deeter CPA and the law firm of Morris, Manning and Martin offered a panel event featuring three highly accomplished women CEOs from diverse backgrounds. Panelists Dr. Amy Baxter, Founder and CEO of MMJ Labs, Mary...
Continue Reading“Taxpayer Rights Protected” screams the headline of the IRS’s recent announcement that it is going to begin private debt collection in Spring 2017. If this latest attempt at privatizing tax collections is anything like the last time
Continue ReadingRecently we convened a panel of experts to talk about the trends and risks they are seeing in cybersecurity, in terms of both the types of attacks that are taking place and what organizations are doing to protect their data...
Continue ReadingRecently, I attended a presentation by Wayne Stanley and Michelle Korsmo, both with the American Land Title Association. Their presentation summarized the findings of several focus groups and research studies pertaining to the real estate closing pro
Continue ReadingStock options are a very popular part of executive compensation packages but some tax rules make it difficult for employees of start-up and private companies to exercise their options and take control of their ownership stake. To broaden access to...
Continue ReadingYoga classes, weight loss programs, biking to work, and free health screenings are becoming a ubiquitous part of the modern workplace. A recent survey from Fidelity Investments and the National Business Group on Health (NBGH) estimates that 80% of em
Continue ReadingAn estimated 4.1 million salaried workers will become eligible for overtime pay under the new rule published by the DOL that goes into effect December 1, 2016. The updated rule substantially changes which administrative employees are entitled to over
Continue ReadingThe existing depreciation system was developed over 30 years ago, when desktop computers had a capacity of 512k, and there were no cell phones, tablets, or Chromebooks™. Class lives and recovery periods for business assets are now outdated and have
Continue ReadingOne of the last moves by the 2016 Georgia Legislature was passage of a bill to remove the sales tax on tickets to the Super Bowl or any other major sporting event hosted by the State. The exemption would apply...
Continue ReadingA Georgia corporation had an enviable problem several years ago when it had to decide between two great jobs tax credits. It chose one, but then reconsidered and later wanted to choose the other, using the same jobs. The rules...
Continue ReadingBalance sheets for many companies will start looking a bit different in the relatively near future. The Financial Accounting Standards Board (FASB) announced changes under the U.S. Generally Accepted Accounting Principles (GAAP) that will require com
Continue ReadingCreative con artists have a variety of tax scams they utilize this time of year. If you get a request via a phone call or an email that asks for personal information that is supposedly from the IRS you should...
Continue ReadingWhile there are many tax benefits available for small businesses and technology companies, the challenge is how to take advantage of them in the early years when there is no taxable income to offset. The 2016 changes in the research...
Continue ReadingLate in December the Department of Labor (DOL) sent out an important communication to companies across the country about their Employee Benefit Plan Audits. The DOL is encouraging plan fiduciaries to take a closer look at their auditors’ qualif
Continue ReadingFrazier & Deeter’s marketing leader, Adelle Erdman, reflects on wisdom shared by six senior executives at the firm’s recent Women Business Leadership events. 4 Tips from the C-Suite Trenches It is fairly certain that anyone with whom
Continue ReadingAdelle Erdman, Frazier & Deeter’s Director of Marketing, reflects on the need for programming for women senior executives and business owners. When I changed jobs 3 years ago I found myself involved in a corporate Women’s Initiative f
Continue ReadingIn 2014, the most significant change to the Patient Protection and Affordable Care Act (“Affordable Care Act” or “ACA”) is the individual mandate, which is the topic of today’s blog. Signed into law on March 23, 2010, th
Continue ReadingThis week Gina Gondron talks about tools and rules that every female can embrace to better herself, not just personally but professionally. Three years ago, as part of my MBA studies at the University of Georgia I wrote an Independent...
Continue ReadingThis week Bob Woosley reflects on golfer Ollie Schniederjans and overcoming adversity. As many of you know, Frazier & Deeter recently announced a partnership with an aspiring young PGA golfer, Ollie Schniederjans. Ollie and his family have had a
Continue ReadingThis summer, the Supreme Court made major rulings on same-sex marriage and health insurance subsidies that are sure to spark discussions as the presidential election heats up. Same-sex Marriage The first ruling has been long debated and was finally v
Continue ReadingEmployee Benefit Plan (EBP) audit providers conduct over 80,000 audits each year. A recent Department of Labor (DOL) study analyzed the quality of employee benefit plan audit work done by CPA firms, and the results may be alarming to some...
Continue ReadingThis week’s guest blog by Moira Vetter originally appeared in her blog for Forbes. In it she discussed the â€three-legged’ test that entrepreneurs should consider to make sure they have a profitable growth strategy. Let’s say your
Continue Reading“U.S. legislation is resulting in denial of financial services to Americans residing overseas.” This banner headline appears on the website of a U.S. expatriate group, the American Citizens Abroad, and underscores the new numbers from Tre
Continue ReadingAs more and more companies are engaging with third party vendors, there is a greater need to understand what makes the external business relationship a success. Outsourcing, insourcing, co-sourcing… the way that companies choose to leverage externa
Continue ReadingLike hemlines and hairdos, employee stock ownership plans (or ESOPs) have had their ups and downs in terms of popularity. For owners of manufacturing and distribution companies seeking an exit strategy, it’s worthwhile to consider whether an ES
Continue ReadingThis week’s guest blog by Moira Vetter originally appeared in her blog for Forbes. In it she explores some common mistakes first-timers make that starve them of the money they need if they want to be a serial entrepreneur. The...
Continue ReadingTurnaround professionals work with underperforming companies across different industries that find themselves in financial difficulty. Today’s guest blogger, Jim Wanserski, takes a look at some of the consistent themes he’s seen surface i
Continue ReadingEntrepreneurs are unique and passionate people with a strong drive to achieve their vision. So what happens when an entrepreneur decides the time has arrived to sell the business and move on to pursue the next big thing? In his...
Continue ReadingIt’s the biggest and most prevalent tax scam happening right now – and the peak season is just around the corner. We’re talking about tax identity theft and refund fraud. This scam has become a big problem due primarily to...
Continue ReadingMoving your retirement money around just got easier. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or into another...
Continue ReadingStudies show that women are entering CPA firms in record numbers. But what are the factors that will keep talented women in public accounting as strong, successful leaders? The Bureau of Labor and Statistics predicts that the accounting profession is
Continue ReadingToday the Private Company Council approved an accounting alternative related to recognition of intangibles in a business combination. Frazier & Deeter Partner Sean Lager provides an update. On September 16, 2014, the Private Company Council appro
Continue ReadingGeorgia Income Tax Credits – Are they in your wallet? The State of Georgia provides over 30 income tax credits for a broad variety of business activities. Income tax credits have many nuances and generally target specific regions, industries, and
Continue ReadingRestaurants are reconsidering automatic gratuities because of a new IRS rule. Beginning in 2014, automatic gratuities charged by restaurants and others in the hospitality industry will be treated as service charges rather than tips. The IRS developed
Continue ReadingThis week F&D had our latest entrepreneur event: Growth Game Changers. The executives on the panel represented businesses at different stages of maturity that have followed different growth trajectories. Modo Modo Agency was named one of the fast
Continue ReadingRevenue Recognition has always been a critical consideration for CFOs but this year it takes center stage. The FASB and the IASB are expected to issue a new converged standard for revenue recognition in the second quarter of 2014. Revenue...
Continue ReadingSuccessful tax planning involves not only minimizing the amount of income but also managing the timing of a taxpayer’s income and deductions. Many disputes with the IRS involve deferral of income, and the IRS has taken a particularly hard line.
Continue ReadingBreaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board.  Find out more about the new guidance for applying variable interest to common control leasing arrangements by reading
Continue ReadingAn astronaut, a miner, a daredevil and a navigator walk into a Big Corporation… It’s the corporate version of the New Year’s Resolution — only this “battle of the bulge” is a quest to become a nimble entrepreneurial or
Continue ReadingThe Financial Accounting Standards Board (FASB or Board) is expected to issue two accounting alternatives for private companies next week: Subsequent Accounting for Goodwill and Accounting for Interest Rate Swaps. The Private Company Council (PCC) a
Continue ReadingA three-year-old with a briefcase at the front door who says, “I go to the office,” is an entrepreneur. Because entrepreneurs are born, not made. You can make â€em better…but you just can’t make â€em. That fact is so true,...
Continue ReadingLast Friday was an important day for women business owners. Two things happened that made us want to take a minute to focus on women-led businesses on our blog. In Atlanta, an exciting group of women entrepreneurs arrived at Frazier...
Continue ReadingUtilities accounting standards: are you missing an opportunity? Governmental utilities operate in a highly regulated environment with complex accounting standards. Some entities may not realize they have the opportunity to capitalize certain costs th
Continue ReadingGenerally, benefit plans with 100 or more participants are required to have an audit performed annually in conjunction with the filing of their Form 5500. If you are undertaking an employee benefit plan audit, there are several questions you should
Continue ReadingThis blog series examines best practices for CEOs and CFOs who are considering a private equity transaction, culled from working with hundreds of transactions across all industries. The third topic in our series about working with a PEG is Quality...
Continue ReadingEntrepreneur blogger Moira Vetter, author of AdVenture, shares the statistics about characteristics women have that vastly improve business results. Quite a bit it turns out. Women have characteristics that vastly improve business results, which is
Continue ReadingEntrepreneur blogger Moira Vetter, author of AdVenture, takes a look at recent studies about starting a business. A recent article in the Economist talked about a new PwC/Google Australia report, The Startup Economy, which found that, among individua
Continue ReadingDo you want to pay less on your Georgia income taxes? Have you been interested in being a part of the growing Georgia film industry? Â Read more about the benefits of the Georgia Entertainment Industry Investment Act. Are you ready...
Continue ReadingSmall businesses are the engine running the U.S. economy, helping fuel the recovery. Â According to the Small Business Administration 90% of all businesses in North America are family owned and managed. Â With the aging of the baby boomers, a...
Continue ReadingThis week’s entrepreneur blog is from our guest blogger Cliff Oxford, CEO of the Oxford Center for Entrepreneurs and entrepreneur blogger for the New York Times. Cliff takes a look at the dangers of the amateur exit. Successful entrepreneurs ta
Continue ReadingSuccession Planning Part Two. This blog series will take a look at Common Problems in Succession Planning, Questions Founders should Ask Themselves, and finally Elements of a Strong Succession Plan. Today’s topic is Questions CEOs/Founders shou
Continue ReadingIs this the era of women-led businesses? A March 2013 study published by American Express offers some impressive statistics. Women running their own businesses comprise an important trend driving economic growth. A March 2013 study published by Ameri
Continue ReadingSmall businesses are the engine running the U.S. economy, helping fuel the recovery. Â According to the Small Business Administration 90% of all businesses in North America are family owned and managed. With the aging of baby boomers, a significant.
Continue ReadingThis month more insights about entrepreneurship brought to you by Moira Vetter, CEO of Modo Modo Agency. There used to be a time when, for ambitious entrepreneurs, the IPO was the end goal. Grow like crazy, then go public. It wasn’t...
Continue ReadingLast night was a big evening for the Atlanta Real Estate community. Over 400 people gathered at the Fox Theater’s Egyptian Ballroom to honor some of the biggest real estate deals of the past year. The keynote speaker, Henry Chamberlain,...
Continue ReadingThis month Wes Pennington of Frazier & Deeter’s Business Valuations Group is starting a a blog series regarding working with private equity investors. His first blog looks at writing a business plan. So you think you might want to sell yo
Continue ReadingAt today’s Financial Accounting Standard Board (FASB) meeting the FASB completed deliberations on several topics. Two of the more important conclusions regarded going concern and fair value disclosure requirements for nonpublic entities. Going
Continue ReadingIRS program allows for payroll tax relief…but concerns continue. About a year ago, the IRS launched a program that allows employers to resolve past worker classification issues by voluntarily reclassifying their workers as employees rather than
Continue ReadingThis week our entrepreneur guest blogger Cliff Oxford offers a video about a common leadership issue that faces companies as they grow beyond the start up stage: the emergence of the “Brilliant Jerk.” The Brilliant Jerk was once the Bril
Continue ReadingThe leader of Frazier & Deeter’s Public Company Audit and Advisory Practice, Bill Godshall, discusses AS 16, the first auditing standard issued by the PCAOB and approved by the SEC since the JOBS Act was signed into law. This week the SEC
Continue ReadingAre women entrepreneurs different from their male counterparts? There are statistics that indicate there may be real differences. Only 3% of woman-owned businesses ever pass the milestone of $1 million in revenue…this may sound bleak, but only
Continue ReadingThis week Frazier & Deeter and the Oxford Center for Entrepreneurs organized an event for female entrepreneurs. Peers, a panel & productive networking, what more could you want? While there was nothing terribly original about the event format
Continue ReadingWelcome to our new entrepreneur blogger: Moira Vetter of Modo Modo… They say behind every successful so-and-so is a successful so-and-so. That’s true. But the successful one out in front is probably a character. A passionate, focused, in
Continue ReadingGuest Blogger Cliff Oxford of Entrepreneur Advisors discusses his real life experiences in a three part series regarding a key point in the growth of a company. Where, when and how do you find the right people to take the company...
Continue ReadingGuest blogger Cliff Oxford of Entrepreneur Advisors watches the dream team transform into a nightmare. August 22, 2012. So my company needed to add structure to grow to the next level and I was excited to have hired a complete...
Continue ReadingGuest blogger Cliff Oxford of Entrepreneur Advisors wraps up his three part saga of hiring in a Dream Team to grow his business… I had hired in the Dream Team – a group of executives from large, highly successful companies...
Continue ReadingFrazier & Deeter’s second season of Inspiring Women events starts right after the Olympics…in the meantime we’re already being inspired. We began this program last year, working in conjunction with the Atlanta Dream WNBA bas
Continue ReadingBy Derrick Rice and Eric Geving What do we know? The recent news of the SolarWinds Orion hack and its ever-growing list of impacted clients is unlike any hack within recent history. The SolarWinds Orion client base of 300,000+ users...
Continue ReadingAs we enter 2021, it is time to reflect on everything that happened in 2020 and how it will affect HITRUST in the new year. Sabrina Serafin interviews two HITRUST experts, Michael Parisi and Andrew Hicks. They discuss how COVID-19...
Continue ReadingThe Small Business Administration (SBA) has launched the next phase of the PPP loan program, with second draw loans available for existing recipients and more money for first-time borrowers. Guidance on the expanded program was released jus
Continue ReadingThe tax section of the new stimulus Act, the Tax Relief Act of 2020, cleared up a very important question about PPP loans. Normal business deductions, such as payroll, mortgage interest, rent and utilities, are deductible even if they are..
Continue ReadingMore guidance has been released for employers that received Paycheck Protection Program (PPP) loans relating to the Small Business Administration (SBA) “loan necessity” questionnaires. The loan necessity questionnaire is being criticize
Continue ReadingCongress has resolved one of the most problematic tax provisions resulting from the IRS’s interpretation of the CAREs Act Paycheck Protection Program (PPP)—the disallowance of tax deductions for expenses paid with forgiven PPP funds. Th
Continue ReadingWith employees working remotely as the norm, many have opted to shift their work location to a place far from the office. This could have tax implications for both the employer and employee. Sabrina Serafin interviews Jonathan Clark and Kri
Continue ReadingIs the “new normal” helping or hurting compliance? Sabrina Serafin interviews Amii Barnard-Bahn, Executive Coach and former Fortune Global 50 executive, about the impact of COVID-19 on teams and how to overcome common issues. A
Continue ReadingUpdated November 19, 2020 Find Your Question When does the measurement period for PPP expenditures begin? How long is the loan forgiveness period? How much of my PPP loan can be forgiven? What else can PPP funds be used for...
Continue ReadingSince the global pandemic, leading a team has never been tougher. Sabrina Serafin interviews David Taylor-Klaus, founder of DTK Coaching and author of Mindset Mondays with DTK: 52 Ways to REWIRE Your Thinking and Transform Your Life. David
Continue ReadingData security has been a top concern of large organizations for many years, but over the last few years smaller companies have been more frequently attacked. These attacks have driven heightened interest from businesses of all sizes who wan
Continue ReadingFor many CPAs, the Paycheck Protection Program (PPP) program has perhaps been the biggest challenge of the year. With $552 billion going to 5.2 million borrowers, the program has affected businesses across the country. Accountants have larg
Continue ReadingAdditional first-year depreciation rules have been released by the IRS to clear up issues relating to the increased deduction and the expansion of qualified property, including some classes of used property. The new final regulations also a
Continue ReadingThe release of final regulations on the business deduction for meals and entertainment concludes the IRS’s rulemaking that started with the repeal of the entertainment deduction in the 2017 TCJA. The 2017 law repealed the deduction for bu
Continue ReadingAs a leader in the internal audit community for decades, Bill Mulcahy has advice culled from his many years leading internal audit and mentoring professionals. Mulcahy has been an IIA Atlanta Board Member since 2005 and he is the namesake..
Continue ReadingOne unfavorable tax change in the Tax Cuts and Jobs Act (TCJA) was the extension of the holding period for capital gains treatment from 1 to 3 years for carried interests. Carried interests are profits interests held by investment fund...
Continue ReadingYet another set of PPP rules has been issued by the Small Business Administration (SBA). This time establishing a nominal ownership percentage that won’t be subject to a loan forgiveness limit and on nonpayroll costs eligible for forgiven
Continue ReadingThe IRS has issued a set of final regulations and related proposed regulations covering a number of issues involving the Sec. 245A deduction for dividends received from 10% owned foreign corporations (DRD), the exception to subpart F income
Continue ReadingAlthough accepting a contract these days is as simple as clicking “yes,” there are data privacy and legal implications when accepting one. In 2020, every company has had to rapidly change how they do business, and contracts between vend
Continue ReadingNew proposed regulations explain how small businesses can use the simplified accounting rules enacted by the TCJA. The 2017 law simplifies the application of the method of accounting rules for businesses (other than tax shelters) with avera
Continue ReadingAfter the original proposed regulations were greeted with 120 comments from practitioners, the IRS has now issued final regulations on the Sec. 163(j) limit on the business interest deduction. The regulations provide guidance to taxpayers o
Continue ReadingArtificial intelligence and machine learning are getting a lot of attention in the board room, and they are becoming integral tools in today’s culture of compliance. Sabrina Serafin interviews Christian Focacci, the Vice President of
Continue ReadingThe anticipated release of HITRUST CSF version 9.4 was announced on June 22nd, 2020. The HITRUST CSF is regularly updated to stay abreast of evolving security and privacy requirements, including new global laws and regulations. Updating the
Continue ReadingUpdated 09/04/2020 On August 8, President Trump signed a memorandum ordering Treasury Secretary Steven Mnuchin to defer the employee’s portion of payroll tax withholding from September 1, 2020 until December 31, 2020. The deferral is for
Continue ReadingFor smaller companies looking to raise more capital during the pandemic, listing on the London Stock Exchange’s Alternative Investment Market (AIM) may be a great solution. In this episode, we hear how Polarean Imaging raised $25 mill
Continue Reading2020 has brought many challenges to internal audit, but data analytics could be a helpful tool. Sabrina Serafin interviews Bradley Carroll, Principal and leader of Frazier & Deeter’s Financial Services Industry Group and Data Anal
Continue ReadingAlthough 2020 has proven to be an abnormal year, our tax experts want to remind individuals about some important tax and estate planning topics. Adelle Starr interviews Terri Lawson and LeighAnn Costley, both Tax Partners at Frazier & D
Continue ReadingAs cannabis has been legalized in state after state the industry has attracted entrepreneurs, becoming a rapid-growth industry with unique challenges. This situation has set the stage for an interesting debate among companies that typically
Continue ReadingSupply chain risk management (SCRM) has not only been a hot topic in 2020, it has become a realized risk. Dramatic product demand, coupled with abrupt reduced production and supply across the globe, created and continues to create historic
Continue ReadingBy: Eddie Bradford, Jr., CPA, CGMA The U.S. tax landscape is constantly changing and many entertainment professionals are trying to find creative ways to legally minimize their tax liability. While the average taxpayer has very modest unrei
Continue ReadingNew proposed and temporary regulations issued by the IRS explain the computation of net operating losses (NOLs) and give more flexibility to consolidated groups in determining the treatment of NOLs. The new temporary regulations make it pos
Continue ReadingGeorgia’s very popular film and TV tax credit has been modified in response to an audit that revealed inconsistent procedures in Georgia Department of Revenue (DOR) audits of tax credits. The new bill, which was signed into law on Tuesday
Continue ReadingOn July 1, 2020, the California Consumer Privacy Act (CCPA) became enforceable. Some companies are still wondering if they are affected by this data privacy law. Sabrina Serafin interviews Jodi Daniels, Founder & CEO of Red Clover Advis
Continue ReadingThe IRS has resolved some of the issues left open under proposed passthrough deduction regulations issued last year. Final regulations under Sec. 199A provide guidance on the treatment of previously suspended losses included in qualified bu
Continue ReadingTransfer Pricing is in the spotlight again this week with the news of a win for Apple and the Irish Government in the State Aid case brought by the European Commission. With billions of Euros at stake, it is no...
Continue ReadingIn late-May and early-June 2020, Frazier & Deeter conducted a survey of internal audit professionals across the United States. The goal of the survey was to develop a snapshot of the current state of the internal audit function during
Continue ReadingThe Treasury Department and the SBA have released new interim final rules, a new how-to FAQ and other revised FAQs to further explain how the PPP loan rules work. The clarifications relating to loan maturity, calculation of loan forgiveness
Continue ReadingCommunication is a critical skill for any team, especially internal auditors seeking to do their jobs in a remote work environment. In this episode of Culture of Compliance, Sabrina Serafin interviews Danny Goldberg, the Founder of GoldSRD,
Continue ReadingWho would have known that the title of one of the late, great Kenny Roger’s most successful hits would be applicable to the world of professional services, particularly HITRUST? As a ten-year veteran in the cyber, risk management and co
Continue ReadingThe IRS has provided relief to U.S. persons who had to conduct business in a foreign country because they could not travel home due to “travel disruptions.” In Rev. Proc. 2020-30, the IRS clarifies the issue of whether extended business
Continue ReadingBy Bryce Nations and Andrew Case As part of its continuing response to the COVID-19 pandemic, the IRS, in Notice 2020-39, has loosened the rules for opportunity zone investments, extending deadlines and relaxing investment standards. The op
Continue ReadingThe CARES Act keeps evolving, and our experts are here to provide the latest update. If ever there was a topic that needs untangling, this is it! Programs discussed in this podcast include the Main Street Lending Program, USDA CARES...
Continue ReadingThe UK Government has released further guidance on how employers should prepare for changes to the UK Job Retention Scheme from 1 July 2020. In this podcast, Mike Whitacre interviews Jonathan Clark, a Tax Director in Frazier & Deeter’
Continue ReadingWhile much has been written over the last several months about the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loan Program (“EIDL”) administered by the Small Business Administration through the Coronaviru
Continue ReadingThis year has brought on unpredictable events which have disrupted everything, including audit procedures. With reduced resources and remote work, audit departments have to adapt. In this episode, Sabrina Serafin interviews Linh Truong of G
Continue ReadingOn June 5th, the President signed a bill into law which grants PPP borrowers more flexibility in spending loan funds. The key changes made by the Payroll Protection Program Flexibility Act of 2020 (the “Act”) are: Change in the Covered.
Continue ReadingIn April 2020, the Institute of Internal Auditors (IIA) sent out a survey asking internal auditors how COVID-19 impacted their work. Sabrina Serafin, Partner and National Practice Leader of Process, Risk & Governance (PRG) Practice, inv
Continue ReadingAlmost weekly, Treasury, the IRS, and the SBA release guidance to help businesses understand and comply with the loan programs and tax changes enacted to mitigate economic damage from the COVID-19 pandemic. Recently, two interim
Continue ReadingUnder the CARES Act, employers get a refundable payroll tax credit for 50% of the first $10,000 in wages paid to employees during the COVID-19 crisis. The credit is allowed against the employer portion of social security taxes on wages...
Continue ReadingEmployee experience can directly affect your customer experience, resulting in lost profits.  John Hightower, Co-founder and CEO of Arch + Tower, an FD company, explains how understanding your employees’ needs is important to you
Continue ReadingOn May 15, 2020, the Small Business Administration (SBA) announced the Paycheck Protection Program (PPP) loan forgiveness application. The application helps clarify some aspects of loan forgiveness that have been generating questions and co
Continue ReadingThe CARES Act and Net Operating Losses Section 2303 of the CARES Act modifies the net operating loss (NOL) rules for both corporate and non-corporate taxpayers to permit the carryback of net operating losses generated in years beginning aft
Continue ReadingUnderstanding the tax implications of inter-company transactions is critically important for businesses. Mike Whitacre interviews Malcolm Joy, Frazier & Deeter’s Global Transfer Pricing Practice Leader, to get a better understanding o
Continue ReadingAs part of the CARES Act, Congress fixed a provision in the 2017 tax law in a move that has been long awaited by tax practitioners. As part of the Tax Cuts and Jobs Act Congress intended to provide a...
Continue ReadingAs leaders adapt to and anticipate emerging risks, evolving regulatory pressures and new accounting standards, Jason Sammons and Sabrina Serafin discuss current trends in Sarbanes-Oxley (SOX) compliance. Learn more:Â https://www.frazierdeet
Continue ReadingOn March 27th, the CARES Act was signed into law, offering a variety of programs to help both individuals and businesses impacted by the COVID-19 virus. Among the many programs in the Act are new and updated loans from the...
Continue ReadingIn a move that quickly encountered criticism, the IRS on April 30th issued Notice 2020-32, stating that no deduction will be allowed for expenses paid using Paycheck Protection Program (PPP) funds to the extent loan amounts are forgiven. No
Continue ReadingCustomer experience is more than just an exchange of goods or services. John Hightower, Co-founder and CEO of Arch + Tower, an FD company, discusses how multi-faceted the customer experience can be and how a better experience can lead to...
Continue ReadingCybersecurity should be a consideration for both the buyer and the seller in the transaction process. Sabrina Serafin, FD Partner and National PRG Practice Leader, interviews Patrick Kelley, Chief Technology Officer of Critical Path Securit
Continue ReadingAs the Paycheck Protection Program (PPP) enters the second round of funding, loan recipients should be considering a thoughtful approach to pursuing loan forgiveness. Understanding the scope of the forgiveness and monitoring emerging guidel
Continue ReadingThe Large Business & International (“LB&I”) division at the IRS examines and enforces compliance on the largest and most complex companies and tax issues. The Research & Development Tax Credit is one such tax issue, which th
Continue ReadingAs the impact of COVID-19 continues to be felt by businesses of all sizes and industries, figuring out how to adapt to continue operations, while keeping employees safe and healthy, is the top priority for business leaders right now. Fortun
Continue ReadingDid you know you may have cash hidden in unclaimed R&D tax credits? Mike Whitacre interviews Thomas Wells, leader in our UK R&D Tax Credit practice. Thomas Wells explains the benefits of R&D tax credits and which companies may q
Continue ReadingThe programs to help businesses survive the COVID-19 pandemic – two tax credits, deferral of employment tax and two SBA loan programs – have left businesses scrambling to decide which one to take. The qualifications for each pro
Continue ReadingThe COVID-19 pandemic has caused enormous business disruption, leading to the announcement in March that Federal tax deadlines in April were delayed by 90 days. Many state and local tax jurisdictions followed suit, delaying their deadlines.
Continue ReadingHow can a worker continue to focus on business growth when their largest concern is with COVID-19? Adelle Erdman interviews Chris Green, Partner at Arch + Tower, an FD Company, about applying Maslow’s Hierarchy of Needs. Maslow’
Continue ReadingWatch this page for timely updates regarding recently issued guidance relative to the Families First and CARES Acts. Updated April 17, 2020 SBA Closes Access to PPP Loans As of April 16th the SBA has closed access to the PPP...
Continue ReadingThe US has passed COVID-19 legislation that may apply to UK businesses operating in the US. Pete Hine interviews Mike Whitacre, Tax Partner in Frazier & Deeter’s International Practice, to give an update on US COVID-19 legislation
Continue ReadingRecent legislation designed to combat the COVID-19 pandemic offers businesses tax credits to support employee paid sick and family leave and discourage layoffs. To address the immediate need for business cash-flow, the IRS has put in place
Continue ReadingOn April 9th, the Federal Reserve announced the Main Street Lending Program, which is designed “to enhance support for small and mid-sized businesses that were in good financial standing before the crisis.” The program expands on the Pa
Continue ReadingContinuing our discussion of COVID-19 relief for UK businesses, Mike Whitacre interviews Jonathan Clark, a Tax Director in Frazier & Deeter’s London office. Listen now for information on UK employment tax assistance and issues regardi
Continue ReadingThe spread of the novel coronavirus has significantly impacted economies and daily lives all over the globe. It has also impacted global mobility programs. While most employers have implemented working from home rules where possible and gov
Continue ReadingThe London Stock Exchange’s Alternative Investment Market offers a source of capital that many US companies may find attractive. In this episode of Untangling the Technical, Sean Lager talks to Rachel Carroll, President and Managing Partn
Continue ReadingThe UK Government has announced relief measures to help both individuals and businesses impacted by COVID-19. In this episode, Mike Whitacre interviews Jonathan Clark, a Tax Director in Frazier & Deeter’s London office. Listen now for
Continue ReadingThere has been little in the business world that remains unimpacted from the ongoing current pandemic, including an organization’s reliance on another business to provide their services. Entities that expect a SOC (System and Organization
Continue ReadingIn this episode, Sabrina Serafin interviews Matt Kunkel, CEO of LogicGate. They discuss the areas of risk a business can encounter and how it may be inefficient to manage them manually. Robotic Process Automation (RPA) helps change these ma
Continue ReadingThe spread of COVID-19 has introduced new challenges affecting all facets of life. How can we go about navigating PCI compliance while maintaining our distance? The Guidance Businesses everywhere are learning how to adjust to a “new nor
Continue ReadingThe President has signed into law an unprecedented $2 trillion relief package designed to prop up U.S. citizens, hospitals and businesses during the coronavirus crisis. The 800+ page  “Coronavirus Aid, Relief, and Economic Security Actâ€
Continue ReadingUpdated March 23, 2020 On March 19, 2020, a bill was introduced in the Senate, known as the “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act,” to further assist in the ongoing COVD-19 crisis. In addition to safety/
Continue ReadingIn this episode of Private Equity 360, Bob Woosley speaks with Tim Koch, National Practice Leader of Transaction Advisory Services, about what a Quality of Earnings (QofE) is and how it can affect a transaction, good and bad. Private Equity
Continue ReadingBy: Tony Welch | Director of Investments, SignatureFD The World Health Organization describes the symptoms of COVID-19 as flu-like in nature. Runny nose, sore throat, cough, fever and even difficulty breathing in severe cases. The stock mar
Continue ReadingExtended medical leave for employees and offsetting tax credits to pay for it are the focus of bipartisan legislation signed into law by President Trump on March 18, 2020. The “Families First Coronavirus Response Act” addresses the coro
Continue ReadingIn this episode of Culture of Compliance, Sabrina Serafin interviews Jodi Daniels of Red Clover Advisors. They discuss the unique data security challenges that working from home may present to companies. Culture of Compliance is available
Continue ReadingWhen it comes to basic principles of federal taxation, I tell my students to start with these truths: Everything is income unless it isn’t, and nothing is deductible unless it is. In a recent Tax Court case, MCM Investment Management,...
Continue ReadingCorporations that have been paying the Sec. 965 repatriation tax may get further tax relief for those earnings. The IRS has determined that, in some circumstances, it may be appropriate to provide relief from double taxation when the same e
Continue ReadingWhen a significant number of tax groups and businesses comment on regulations, the IRS appears to listen. Six months ago, the IRS proposed regulations on computing built-in gains and losses for the Sec. 382 loss limitation that applies afte
Continue ReadingIn this episode of Untangling the Technical, Adelle Erdman interviews Michele Norris, the founder of Navigen Leadership LLC, a firm focused on the Future @ Work. Michele discusses how effective leaders are adapting to working with multiple
Continue ReadingThe definition of business resiliency has expanded to a digital frontier. In this episode of Culture of Compliance, Sabrina Serafin speaks with Eric Aslaksen of iVision, Inc. about this new era of business resiliency and the steps you can t
Continue ReadingAs our economy continues to become more digital, the need to protect payment card data has never been greater. The Payment Card Industry Security Standards Council’s (PCI SSC) Data Security Standard (DSS) sets forth a collection of best p
Continue ReadingIn December 2019, the IRS created a safe harbor for rental real estate businesses to qualify for the 20% qualified business income (QBI) deduction. Now the IRS has issued new FAQs that explain how real estate companies that do not...
Continue ReadingThe IRS has completed its guidance on implementation of the Opportunity Zones tax incentive. Opportunity Zones offer capital gains tax relief for investments in almost 9,000 economically distressed areas certified by the Treasury Department
Continue ReadingThe IRS has provided relief from the requirement that partners’ shares of partnership capital be reported on the tax basis method for 2019. The IRS’s draft 2019 forms required tax basis reporting, which triggered numerous comments expre
Continue ReadingAn update to the alternative fuel tax credit was among the many changes to tax passed in the December 2019 government funding bill. With this update a taxpayer that uses or sells alternative fuel for use in motor vehicles, motorboats,...
Continue ReadingRecord keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a f
Continue ReadingA curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business
Continue ReadingCongress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865. Â Among the many changes are the return of som
Continue ReadingThe H.R. 1865 government funding legislation contains numerous tax-related provisions designed to help taxpayers affected by natural disasters and to encourage charitable donations for disaster relief. These provisions are included in a div
Continue ReadingOne of the highlights of the $426 billion bill signed by the President in late 2019 was the SECURE Act, “Setting Every Community Up for Retirement Enhancement Act of 2019.” This bill was years in the making and includes comprehensive...
Continue ReadingBeginning January 1, 2020, the Department of Labor’s (DOL) New Salary Limits for Overtime Exemptions will take effect, making it possible for more employees, regardless of occupation, to be eligible for overtime pay. The DOL’s long awai
Continue ReadingSmall business owners sometimes have trouble understanding the details of how technology is supporting their companies. Sabrina Serafin speaks with Rob Hootselle of Cloud & Wire, Inc. about how to understand your company’s technol
Continue ReadingBy Tommy Zavieh, CPA, MST, MBA The research and development (R&D) tax credit is underutilized, with many taxpayers failing to claim the credit when they are eligible to do so, or making errors at critical junctures in the process. Under
Continue ReadingThe IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additiona
Continue ReadingIf taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38 finalizes a safe harbor for “rental real esta
Continue ReadingIt looks like the IRS wants to make peace with ex-pats who have fallen short on their U.S. tax obligations. The agency is offering new procedures for individuals who relinquished their U.S. citizenship to come into compliance with U.S. tax.
Continue ReadingThe IRS is working to update 1998 rules on international transactions to reflect the current era of digital content. The proposed rules could have significant international tax implications for companies involved in cloud computing and the
Continue ReadingA SOC report can demonstrate to your clients and vendors a dedication to trust and security, but what does the process look like? Sabrina Serafin discusses the advantages and history of SOC reporting with Shelby Nelson, a SOC lecturer and..
Continue ReadingAssurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming ch
Continue ReadingAs cyber risks continue to evolve, how can Boards of Directors be sure they are doing what they can to protect their organization and assets? Sabrina Serafin speaks with Gourav Mukherjee of Immersion Security to discuss how a Board can eff
Continue ReadingOn October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topi
Continue ReadingCompany cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process...
Continue ReadingState taxation of trusts varies widely, based on where a trust is set up, where the trustee resides, where the trust income comes from, and whether the beneficiaries are residents or nonresidents. In short, a trust usually must have some...
Continue ReadingThe IRS’s revenue collection tally just went down by over $650,000 after it lost a major case involving partnership interest deductions. The issue was whether a son who received his partnership interests from his father by gift and beques
Continue ReadingRansomware attacks are becoming more and more common and can mean disaster for a small business. Sabrina Serafin meets again with Mary-Michael Horowitz, Founding Partner and CEO of Asylas, to discuss what businesses can do to protect themse
Continue ReadingIn a bold move to enhance economic development, the Indian Government announced on September 20, 2019, new tax legislation to significantly reduce the corporate income tax rate for some Indian companies. In addition, the new legislation rep
Continue ReadingBusiness email compromise remains an enormous risk for businesses of all sizes, as phishing and other attacks can seriously damage your operations and lead to significant losses. Sabrina Serafin speaks again with Skeet Spillane of Pillar Te
Continue ReadingThe Association of Certified Fraud Examiners finds that Small Businesses are especially vulnerable to fraud and financial management errors. In this episode, Sabrina Serafin and Katrina Barrett explore internal controls that can help smalle
Continue ReadingComplying with the Payment Card Industry Data Security Standard (PCI DSS) is a critical exercise for any organization that stores, processes or transmits card data. Properly understanding the scope of the assessment can head off potentially
Continue ReadingOn Day 1 of the PCI Security Standards Council’s North America Meeting in Vancouver, Emma Sutcliffe, Global Head of Standards, kicked off the conversation. She previewed what we should expect from the upcoming Request For Comments (RFC) p
Continue ReadingQualifying for the R&D Tax Credit is more common than you would think, and a lot of Manufacturing & Distribution companies are leaving money on the table. Listen to Frazier & Deeter’s Audit Partner Bill Godshall discuss th
Continue ReadingOne of the most common questions I answer is how to be classified as a real estate professional for tax purposes. Being classified as a real estate professional enables the taxpayer to the treat a rental loss as non-passive, which...
Continue ReadingThe IRS is stepping up its cryptocurrency enforcement after determining that few taxpayers report gains on these assets. The agency recently sent over 10,000 letters to virtual currency owners urging them to pay back taxes and file amended
Continue ReadingBipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS cus
Continue ReadingThe deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity
Continue ReadingTaxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued...
Continue ReadingIn today’s cyber landscape, corporations adopting a”fingers crossed” security strategy can lead to huge losses for the company and individuals alike. In this episode, Sabrina Serafin speaks with cyber security expert Mary-
Continue ReadingWith the growing potential impact of cybercrime on financial service entities, the New York Department of Financial Services (NYDFS) responded by implementing new regulation regarding cybersecurity requirements for financial institutions un
Continue ReadingHigh on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives
Continue ReadingThe IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious t
Continue ReadingThe IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state
Continue ReadingAfter the IRS published regulations in May 2019 with more detailed rules on opportunity zone deadlines, it became apparent that some taxpayers who had invested before the regs were released may lose their gain deferral. The proposed regulat
Continue ReadingIt sometimes seems like executives see the big risks associated with situations like data breaches or fraud, yet still view the internal audit function as a cost of doing business rather than an important investment. Sabrina Serafin welcom
Continue ReadingHarry G.A. Seggerman, a pioneer in international investing, died in 2001, leaving an estate of $24 million dollars, with almost half of it undeclared in Swiss accounts. Seggerman never reported the foreign bank accounts during his lifetime,
Continue ReadingCybersecurity is a prevalent topic in the news today, with data breaches hitting the headlines every week. Not surprisingly, we are also seeing legislation in the U.S. and internationally designed to encourage companies to protect sensitive
Continue ReadingDo you ever feel as though your internal audit methodology is too rigid and misses the mark? Sabrina Serafin meets with Danny Goldberg of GoldSRD to discuss Agile Internal Auditing, a flexible new approach to achieving your objectives. Cult
Continue ReadingPartnerships Doing Business in U.S. Must Withhold Tax When Foreign Partner Leaves When Congress moved the U.S. to a modified territorial tax system, it also put in place compliance measures designed to make sure that income generated within
Continue ReadingThe State of Georgia has been busy making numerous updates to its tax laws over the last few months. Credits and incentives, motor vehicle taxes, and compliance measures are the focus of these revisions. One notable change made by the...
Continue ReadingFor years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit...
Continue ReadingThe Path2College 529 Plan, sponsored by the State of Georgia, is a tax-advantaged way for parents and other family members to save for college, offering both federal and state tax benefits. Contributions are not deductible on your federal t
Continue ReadingHow do you rally your company’s internal messaging around compliance and help turn compliance into an opportunity and strategy rather than a dirty word? Sabrina Serafin sits down with Heather Fortner, Chief Compliance Officer and Chie
Continue ReadingOn 9 April the European Medicines Agency updated their guidance on the impact of Brexit for the pharmaceuticals sector in Europe. Understandably the main concern continues to be on the continuity of supply for existing drugs, but the guidan
Continue ReadingBoth Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restricti
Continue ReadingOpportunity zone tax credits become even more attractive: Leased Property Qualifies for Opportunity Zone Tax Benefits Taxpayers considering investing in an opportunity zone will be happy to hear of the recent guidance regarding leased prope
Continue ReadingSALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers c
Continue ReadingThe UK is the fifth largest economy in the world, and its stated goal is to be business friendly from a tax perspective. Join two international tax experts to learn about some of the tax implications of expanding to the...
Continue ReadingAre your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS...
Continue ReadingFor years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government...
Continue ReadingThe IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable trans
Continue ReadingThe law of unintended consequences has never been more evident than in the IRS’s efforts to fix the estimated tax problem caused by the Tax Cuts and Jobs Act (TCJA). This filing season it became apparent that many taxpayers had...
Continue ReadingData security is a top concern for modern organizations. What are your options to keep your information safe? Sabrina Serafin meets with Dexter Caffey of Smart Eye Technology to discuss his company’s new biometric document security so
Continue ReadingThe US is an enormous market that offers tremendous opportunity. Recent changes to the American tax code make this market even more attractive, but there are still many differences that are important to understand when considering expansion
Continue ReadingSabrina Serafin speaks with Jason Sammons of our Process, Risk & Governance practice about implementing risk management as a strategy to help small and mid-sized businesses grow and reach their potential. Culture of Compliance is avai
Continue ReadingThe State of Georgia has been out front in helping businesses affected by Hurricane Michael, which hit the state in October 2018 and damaged an estimated 2 million acres of timberland. To help property owners and aid in reforestation, the
Continue ReadingBonus Depreciation for Passenger Autos Just Got Easier Passenger autos are one class of business asset that have unfavorable depreciation rules. These vehicles are subject to strict dollar limits each year of the recovery period if they hav
Continue ReadingIt’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty D
Continue ReadingMental State is Key to Discharging Federal Taxes in Bankruptcy Tax professionals including attorneys and CPAs must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the...
Continue ReadingSabrina Serafin sits down again with Skeet Spillane of Pillar Technology Partners to discuss the VCISO, an information security officer who can provide everything your business needs and nothing it doesn’t. Untangling the Technical i
Continue ReadingIn less than two weeks the UK is supposed to leave the EU. Join Malcolm Joy, the Lead Partner of our London office, and Mike Whitacre, one of the leading partners in our International Tax Practice as they discuss the current status...
Continue ReadingJodi Daniels of Red Clover Advisors joins us again to talk with Sabrina Serafin about the importance of properly managing your marketing data in the age of privacy regulations such as GDPR and CCPA. Culture of Compliance is available on i
Continue ReadingJoin Sabrina Serafin as she discusses the EU’s strict new data privacy regulation, GDPR, with PRG partner Gina Gondron. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the player belo
Continue ReadingJoin us as Sabrina Serafin speaks with Jodi Daniels of Red Clover Advisors about the California Consumer Privacy Act, a new privacy law in the United States that resembles the EU’s GDPR. Learn about this sweeping new regulation and ho
Continue ReadingDespite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help
Continue ReadingPassthrough Deduction Clarifications Tackle W-2 Calculation, Aggregation Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business incom
Continue ReadingReal Estate Wins Again: IRS Clarifies Deduction for Rental Activities Can you take the 20% qualified business income (QBI) deduction against income from rental properties? The Tax Cuts and Jobs Act said no deduction is allowed for “mereâ€
Continue ReadingJoin our PRG National Practice Leader Sabrina Serafin in Part 1 of a three part discussion on HITRUST. A certified HITRUST assessor herself, Sabrina speaks with Michael Parisi, the Vice President of Assurance Strategy & Community Develo
Continue ReadingJoin us as Partner Sabrina Serafin talks with our new PRG Principal Bradley Carroll about the pros and cons of Co-Sourcing your internal audit. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now usi
Continue ReadingThe Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding o
Continue ReadingIn August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on
Continue ReadingOne of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as..
Continue ReadingThe TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restr
Continue ReadingDon’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of
Continue ReadingJoin us as we talk with Bill Godshall, our Quality Control Partner, about the new updates to the standards regarding VIE reporting. Untangling the Technical is available on iTunes, Google Play Music and Spotify. Listen now using the pla
Continue ReadingIt appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax plan
Continue ReadingWant to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December...
Continue ReadingOnly one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,...
Continue ReadingIn June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v....
Continue ReadingHow is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019...
Continue ReadingThe Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what...
Continue ReadingGeorgia has been very successful at designing tax credit and incentive programs that give taxpayers an opportunity to save money, do good, and support programs that they believe in. The Georgia “Qualified Education Donation Tax Credit”
Continue ReadingStrap on your combat boots to learn about Zombie Funds, a little known problem facing fund administrators that can color your reputation and waste administrative fees. Private Equity 360 is available on iTunes, Spotify and Google Play
Continue ReadingJohn Corn, a State and Local Tax expert, gives us an inside look at the new online marketplace requirements established by the recent South Dakota v. Wayfair Supreme Court case. Untangling the Technical is available on iTunes, Google Pla
Continue ReadingSabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Matt Ficken an advisor with Insperity about the importance of HR compliance no matter the size of the bus
Continue ReadingNavigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated...
Continue ReadingLong-Term Lessee of Historic Buildings Not Entitled to Deduction for Facade Easement Lessees cannot claim a conservation easement deduction. That is what a partnership with long-term leases on two historic buildings in Massachusetts found o
Continue ReadingBonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new...
Continue ReadingCompanies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018
Continue ReadingSince Congress passed the $10,000 limit and on state and local tax (SALT) deductions in late 2017, high-tax states have scrambled to create state programs that would allow taxpayers to circumvent this limit. These “SALT workarounds”, pu
Continue ReadingBob Woosley, National Private Equity Leader discusses R&D tax credits with Tommy Zavieh, National R&D Tax Credit Practice Leader. Topics include the history of R&D tax credits, the qualifications, benefits and why you need a R&a
Continue ReadingSabrina Serafin interviews Jack Healey, CEO of Bear Hill Advisory Group. His firm provides strategic planning and crisis management services. Topics include: Cybersecurity in relation to other business management, Common misconceptions of c
Continue ReadingFor internet retailers, the June 21 U.S. Supreme Court ruling on South Dakota v. Wayfair has significant implications, including the added burden of sales tax compliance. As a result of this ruling, many internet shoppers will notice their
Continue ReadingOne of the more complex areas of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction for the “qualified business income” of sole proprietorships, partnerships, LLCs, and S corporations. While the deduction is an important tax break fo
Continue ReadingIn order to encourage companies to invest in R&D, and to reward them for doing so, Federal and Georgia tax rules provide what can be very significant tax credits (dollar for dollar reduction in tax liability). On February 7, 2018,...
Continue ReadingFor the past 26 years, sellers of goods across state lines have been protected from state sales tax laws by the 1992 Supreme Court decision in Quill v. North Dakota, which held that out-of-state sellers cannot be required to collect...
Continue ReadingSabrina Serafin, National Practice Leader of Frazier & Deeter’s Process Risk & Governance Practice, interviews Joe Oringel, Managing Director of Visual Risk IQ. They discuss the importance of visual data analytics and reportin
Continue ReadingCongress promised big tax cuts and simplification of income taxes in its mammoth tax bill, the Tax Cuts and Jobs Act. It certainly delivered on the tax cut promise, but the simplification effort fell short, as evidenced by the IRS’s...
Continue ReadingIn its third action this year, the IRS announced that it will waive additional late payment penalties for the repatriation transition tax on offshore profits. More guidance is also provided on how individuals subject to the tax make electio
Continue ReadingMaking the individual tax cuts permanent is the cornerstone of a new effort by House Republicans to craft Tax Reform 2.0. House Ways and Means Committee Chairman Kevin Brady (R-Texas) has indicated that the White House and House Republicans
Continue ReadingOne of the biggest revenue-raisers in the Tax Cuts and Jobs Act (TCJA) is a strict limit on the federal deduction for state and local taxes. The new law caps the state and local tax (SALT) deduction for individuals to...
Continue ReadingTo attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these ar
Continue ReadingThe State of Georgia has raised the tax credit for donations to rural hospitals from 90% to 100%. At the same time, the IRS has taken steps to limit the use of donations to special state funds to offset federal...
Continue ReadingDriving for work just got more expensive for some taxpayers. The Tax Cuts and Jobs Act (TCJA) restricted the deduction of automobile expenses, effective in 2018 in several ways. Using autos for moving is no longer deductible except for memb
Continue ReadingSabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Tim Martin and Skeet Spillane from Pillar Technology Partners about how they help clients prepare for all
Continue ReadingSOC 2 experts of Frazier & Deeter’s own Process, Risk & Governance practice walk-through the reporting changes. Moderator – Sabrina Serafin | Partner & National Practice Leader Speakers – Gina Gondron | Partner
Continue ReadingI recently went to see RBG, a documentary about an intelligent, determined, tiny woman blazing a trail to reach the absolute apex of her profession. Her response to the discrimination she faced in her career was to make a quest...
Continue ReadingThe Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in...
Continue ReadingIn Culture of Compliance’s first episode, Sabrina Serafin, Frazier & Deeter’s National Process, Risk & Governance Practice leader, talks with Darryl Cox, Director of Sales, Southeast, at QTS Realty Trust, about changes t
Continue ReadingWith a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for...
Continue ReadingBetween 2005 and 2010, four AT&T subsidiary cellphone companies collected and remitted to the Georgia Department of Revenue (DOR) $6 million in sales tax on internet data services. The problem is, these services were exempt from sales t
Continue ReadingWhen Congress enacted the Tax Cuts and Jobs Act (TCJA) in December 2017, it had to make difficult trade-offs. Popular deductions had to be sacrificed to lower tax rates, and the lawmakers were concerned with the distributional effects. The
Continue ReadingThe cardinal tax rule for charitable contributions, including deductions for conservation easements, is that there cannot be a quid pro quo for the donor. If there is any benefit flowing back to the donor, any deduction must be offset by...
Continue ReadingSean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling
Continue ReadingThe complicated new rules for multi-national businesses were one of the headlines of the new tax law. In this episode, Frazier & Deeter’s International Tax guru Mike Whitacre discusses the implications for U.S. businesses with forei
Continue ReadingIf you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for...
Continue ReadingThe IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and pa
Continue ReadingYear 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explain
Continue ReadingBob Woosley, National Private Equity Leader, discusses the upcoming General Data Protections Regulation (GDPR) with FD’s Process, Risk & Governance Partner, Gina Gondron, who is an expert on both data privacy and GDPR. We discus
Continue ReadingTechnological advances over the past 25 years have driven unimaginable conveniences, but our rapidly evolving technology has also increased the complexity of managing risk. As new risks emerge, the American Institute of Certified Public Acc
Continue ReadingThe accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic compa
Continue ReadingIn this episode of Private Equity 360 Bob Woosley talks to Rhonda Ratliff, a Transaction Advisor and Six Sigma Black Belt, about steps you can take leading up to a deal to improve the value you can drive after the...
Continue ReadingGeorgia Legislature Acts to Lessen Taxpayers’ State Tax Hit from Federal Law Change Yes, it seems counterintuitive, but the huge federal tax cuts enacted in the Tax Cuts and Jobs Act (TCJA) were going to be a windfall for the...
Continue ReadingIRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS...
Continue ReadingSupreme Court to Decide Fate of Online Sales Tax as Georgia Readies to Start Collection For 26 years, buyers and sellers of goods across state lines have relied on a major roadblock to requiring out-of-state sellers to collect sales taxesâ€
Continue ReadingTax Bill Guidance Continues to Focus on Repatriation In the few months since the Tax Cuts and Jobs Act (TCJA) was signed into law, the IRS has released three important items of guidance relating to the transition tax on foreign...
Continue ReadingMarch 16th marks ten weeks left before the May 25 deadline for the European Union’s (EU) General Data Protection Regulation (GDPR).  GDPR unites all of Europe with one data protection law, replacing the prior European Commission
Continue ReadingCarried interest has been a target of politicians in recent years. In the first episode of Private Equity 360, Bob Woosley interviews Tax Partner Bryce Nations to learn about how the new tax law impacts carried interest. Available on iTunes
Continue ReadingOne casualty of the new tax law was thought to be the deduction for interest paid on home equity loans. The language of the bill was vague, and the conference report simply states, “…the Conference agreement suspends the deduction f
Continue ReadingThe first topic the IRS tackled in guidance regarding the new tax law is how corporate taxpayers should compute and pay the “transition tax” on the untaxed earnings of foreign subsidiaries. In exchange for the lower 21% corporat
Continue ReadingIt is hard to believe, but the Tax Cuts and Jobs Act passed by Congress in December left out many key expiring tax provisions, the so-called “extenders.” Instead, Congress included the extenders in H.R. 1892, the Bipartisan Budg
Continue ReadingBitcoins and other virtual currency are on the national radar with articles and commentary offered every day on their increasing use and on the government’s attempts to regulate the cryptocurrency market. No agency is more interested
Continue ReadingReducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and...
Continue ReadingThe Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected...
Continue ReadingJust before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business...
Continue ReadingWhile Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health ins
Continue ReadingGeorgia has always been known for exceptional music talent with home-grown artists like James Brown, REM, Jermaine Dupri, Usher, Ludacris, the Allman Brothers and Alan Jackson. Now Georgia is set to become an even bigger venue for music wit
Continue ReadingIn the State’s continued quest to become the top film industry spot in the U.S., the Georgia Legislature in early 2017 expanded the film credit, this time for postproduction activities. The thought is that, not only do state leaders want.
Continue ReadingThe Tax Cuts and Jobs Act (TCJA) has passed Congress and is expected go into effect in 2018. This lengthy new law contains an array of changes that will impact both individual and business taxpayers. Depending on your personal financial...
Continue ReadingLast night the Senate signed a slightly modified version of the Tax Cuts and Jobs Act, a key hurdle in passing the tax legislation. While the House needs to vote again today, the bill is expected to be signed into...
Continue ReadingThe Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then h
Continue ReadingLetantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes
Continue ReadingSide-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee...
Continue ReadingEveryone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories t
Continue ReadingMost taxpayers would breathe a sigh of relief when getting an IRS letter stating that their spouse’s estate tax return had been accepted as filed. However, a recent Tax Court case has made it clear that the earlier estate return...
Continue ReadingUntil recently, the IRS’s latest regulations on gambling winnings were rules released back in 1983. Both technology and industry practice have changed significantly since then. To modernize its approach, the IRS has released new rules
Continue ReadingThe House Ways and Means Committee and President Trump have released more details on the Republicans’ joint tax reform plan, agreed to in principle by the Big Six, made up of key Congressional and Administration tax officials. (See ou
Continue ReadingA couple who owned three shopping centers and three jewelry stores in Phoenix, AZ lost big in the U.S. Tax Court in August 2017. In a long-awaited decision, Avranhami v. Commissioner, the Court found that amounts paid by the couple’s.
Continue ReadingThe IRS has issued a dire warning to businesses and nonprofits—don’t respond to e-mail requests for employee information without confirming the source—even if the request comes from within your own company. Here’s why. In th
Continue ReadingThe use of like-kind exchanges to defer gain on business and investment property is common, with about 4 million transactions between 1998 and 2013, according to the IRS. A large percentage of like-kind exchange transactions are real estate
Continue ReadingBosque Canyon Ranch in Texas is home to the habitat of the gold-cheeked warbler, a listed endangered species. It also is the subject of a far-reaching Circuit Court decision that halted the IRS’s attempt to invalidate a conservation e
Continue ReadingThe Georgia Department of Revenue (DOR) has issued several important rulings on the application of sale and use taxes to various commercial products, including online software, home construction features, and extended warranties. Businesses
Continue ReadingCountries across the globe banned together a few years ago to put in place a mechanism for tracking the income of multinational companies in each country in which they operate. The effort came under the umbrella of the very bureaucratic...
Continue ReadingSerious missteps by a real estate partnership caused it to lose a huge charitable deduction claimed for donation of property to the University of Michigan. The facts in the Tax Court case, Reri Holdings I, LLC, Jeff Blau, Tax Matters...
Continue ReadingThe Trump Administration has few places for big victories this year, but tax reform may be one of them. This assessment comes from Washington insiders who have carefully analyzed the “Big Six” joint statement released in July wh
Continue ReadingThe House Appropriations Committee has approved legislation that bans the IRS from enforcing rules to curb conservation easement syndications. Currently, the ban only applies to past transactions, those easements entered into before January
Continue ReadingTwo years ago, Congress enacted the Bipartisan Budget Act of 2015, which made significant changes to the way partnerships are audited. The Act requires that tax be assessed and collected at the partnership level instead of the partner level
Continue ReadingToday’s business travelers deal with “A patchwork of complicated nonresident income tax laws.” This assessment comes from the Mobile Workforce Coalition, an advocacy group seeking simplification of state laws taxing nonres
Continue ReadingBeginning with their 2016 returns, small business startup companies can choose to apply all or part of their research credit against their social security payroll tax liability. Before 2016, the research credit could only be taken against i
Continue ReadingCongress is considering a shift from pretax benefits for retirement accounts to after-tax, Roth-type plans in its tax reform efforts, warn retirement plan advocacy groups, such as the American Retirement Association and the American Benefit
Continue ReadingOn August 7, 2008, a taxpayer’s son and heir formed a family limited partnership. Then, using the power of attorney for his mother, he transferred $10 million of his Mother’s cash and securities that were in a revocable trust to
Continue ReadingUS TAX CODE RANKED 31 OUT OF 35 IN COMPETITIVENESS AND CONGRESS WANTS TO FIX IT House Ways and Means Committee Chairman Kevin Brady (R-TX) opened the May 2017Â hearing on U.S. competitiveness by offering a startling statistic. The U.S. rank
Continue ReadingBreaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board.  Find out more about the new guidance for applying variable interest to common control leasing arrangements
Continue ReadingIn the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
Continue ReadingFrazier & Deeter was recently recognized in an edition of “Estate Planning Experts” by Shane Smith, Esq. where the Head of the Tax Department, Terri Lawson, was asked to share her views on common mistakes she sees clients ma
Continue Reading