Insights
IRS Guidance Gives Partnerships an Opportunity to Amend
The recently-enacted CARES Act makes many retroactive changes to the Internal Revenue Code for various provisions included in the Tax Cuts and Jobs Act of 2017 (“TCJA”). Many of these provisions may have a significant and favorable impact on previously-filed partnership tax returns. One of these changes is the favorable depreciation rules that are now…
SBA Issues Second Interim Final Rule for Sole Proprietors and Independent Contractors
Case Study: Business Processes Month-End Close Acceleration
Share How We Restructured Processes to Meet New Demands Learn how a multinational Electrical Engingeering Company increased productivity and ability to meet new deadlines and requirements by 70% Download a PDF of this case study. Executive Summary As an industry leader with over 100 years experience, this multinational electrical engineering company was facing a brand-new…
Where’s My Stimulus Check
Share Perhaps one of the most talked-about and anticipated components of the CARES Act on the individual tax front is the Economic Impact Payment. Single tax filers with adjusted gross income up to $75,000 will receive the full payment of $1,200; married couples filing jointly with adjusted gross income up to $150,000 will receive the…
IRS Extends Form 990s and 5500s Tax Filing Relief to July 15, 2020
Share In response to the COVID-19 pandemic, the IRS has offered tax payment and filing extension to a variety of taxpayers and businesses. Until now, many nonprofits, including labor unions and multiemployer VEBAS wondered if an extension to file the Form 990 series of returns would be granted. Good news for tax-exempt organizations came on…
Latest IRS Updates on the April 15 Deadline Extension
Share Dive into Withum’s Tax Planning Resources- a one-stop-shop for annual year-end tax planning tips for both individual and business, including legislative and regulatory changes, COVID impacts and other opportunities. Year-End Planning Resources Updated: April 11, 2020 On April 9, 2020, the IRS released Notice 2020-23 to expand the filing and payment extensions previously announced…
Research & Development Tax Credit Compliance Campaigns
Share The Internal Revenue Service has recently stepped up efforts to improve compliance across a variety of areas in the Large Business & International (LB&I) division, most notably with a focus on the R&D Tax Credit. As the LB&I division begins to take a fresh look at R&D Tax Credit claims, it is important for…
Foundations Pledge to Support Nonprofits
Share The philanthropic response to the COVID-19 pandemic and what your nonprofit can do. After assessing your needs and evaluating the CARES Act provisions that are best suited for your organization, it may be time to take a closer look at your Foundation funding. The Philanthropic community has come together to assist nonprofits that provide…
Forms BE-10: Filing Requirement for U.S. Persons Owning Foreign Assets
Share UPDATE: The BEA is granting an extension of time to file Forms BE-10 to August 31st. Extension requests must be made on an individual filer basis. Every five years, the Bureau of Economic Analysis (BEA) requires all U.S. Persons (corporations, partnerships, individuals, trusts, estates, and not-for-profits), excluding certain private funds, who own more than…