wscpa, Author at Walter Shuffain

2023 Year-End Guide – Partnerships

The IRS, in the past year has been actively challenging partnerships’ tax positions in court – from the valuation of granted profits interests to limited partner self-employment exemption claims and the structuring of leveraged partnership transactions. At the same time,…

2023 Year-End Guide – Real Estate

The structuring of real estate transactions can have significant tax implications, and new regulatory or statutory developments can change the calculation of how best to approach a transaction from a tax perspective. As part of year-end planning and looking ahead…

2023 Year-End Guide – State and Local Tax

With thousands of taxing jurisdictions, from school boards to counties and states, and many different types of taxes, state and local taxation is complex. Each tax type comes with its own set of rules — by jurisdiction — all of…

Navigating the Corporate Transparency Act: What Business Owners Need to Know

The imminent enforcement of the Corporate Transparency Act (CTA) is a critical turning point that demands immediate attention from business owners to avoid severe penalties. Ultimately, business owners need to understand that it’s the business owner’s responsibility to ensure you…

IRS Releases Substantive Guidance on the Treatment of Research and Experimental Expenditures Under Section 174

On September 8, 2023, the IRS released pre-regulatory guidance concerning the requirement to capitalize and amortize specified research and experimental (SRE) expenditures under Internal Revenue Code Section 174, as revised by the 2017 Tax Cuts and Jobs Act (TCJA). Notice…

2023 YEAR-END TAX PLANNING FOR INDIVIDUALS

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is…

Massachusetts Corporate and Individual Tax

Massachusetts Enacts Corporate and Individual Tax Changes

On October 4, 2023, Massachusetts Gov. Maura Healy signed H. 4104 to enact numerous business and individual tax changes. The more significant changes include adopting single-sales-factor apportionment for all corporate taxpayers, changing the sourcing of financial institution receipts from investment and trading,…

6 Reasons Why Business Owners Should Opt for a Virtual Accounting Team

Written by: Todd Ellis, CPA, MST, CGMA In today’s rapidly changing business landscape, sourcing the right accounting team is a crucial decision faced by business owners, CEOs, and executive teams. Traditional hiring processes can feel like navigating a maze, especially when…

Clarifying the SECURE Act 2.0 Roth Catch-Up Contribution Extension

While, the IRS’ announcement last month provides significant compliance relief for processing catch-up contributions as after-tax “Roth” contributions, the focus now for plan sponsors should be on proper implementation of the guidance. IRS Notice 2023-62 established a two-year administrative extension…

Working with a Virtual Accounting Team: Insights, Expectations, and Debunking Myths

Written by: Todd Ellis, CPA, MST, CGMA Virtual accounting has become a key solution for businesses seeking effective and efficient financial operations. But as its popularity grows, so do misconceptions. If you are considering working with a virtual accounting team for…

Author: wscpa (page 3)