Posts Tagged ‘Business Tax’
IRS Delays Digital Asset Reporting Requirements for Brokers
At a glance The full story: In December, the IRS issued an important announcement delaying Form 1099-B reporting requirements for digital asset transactions. Currently, our understanding is that the IRS will create a new form called IRS Form 1099-DA [Digital Assets] to use when reporting digital asset transactions. The Infrastructure Investment and Jobs Act (P.L.…
Read MoreIRS Offers Limited Relief from Filing Schedules K-2 & K-3 for Certain US Partnerships and S Corporations
At a glance Schedule a consultation with an Aprio Tax Adviser Today. The full story: Beginning with the 2021 tax year, all US partnerships and limited liability corporations (LLCs) taxed as partnerships were required to complete and file new Schedules K-2 and K-3 with their Form 1065 Income Tax Return. According to the IRS, the…
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IRS Expands Digital Asset Question on Draft Version of 2022 Form 1040
At a glance Main takeaway: For tax year 2022, the IRS seeks to expand Form 1040 reporting to require disclosure of transfers of digital assets, whether taxable or not. Impact on your business: This is a welcome change in the tax community and a signal to taxpayers to start tracking their digital assets more closely.…
Read MoreBonus Depreciation Phase Out and What it Means for Your Business
At a glance Schedule a consultation with an Aprio Tax professional today The full story: Throughout the pandemic, Congress provided companies with much needed COVID relief by extending the bonus depreciation tax provision as a means of providing incentives for businesses to make investments in equipment and improvements to keep people employed and keep factories…
Read MoreInflation Tax Planning for Companies with Inventory
At a glance The main takeaway: Consumers and businesses alike are facing inflation not seen in decades, with companies often paying double-digit price increases to replenish inventories. This in turn requires them to raise their prices, leading to higher gross revenues and illusory profits. In certain situations, businesses can get temporary relief from the tax…
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Update: Federal Judge Rejects Motion to Halt the DOL’s 80/20 Rule for Tipped Employees
At a glance Schedule a consultation with an Aprio advisor. The full story: At the end of last year, the United States Department of Labor (DOL) made effective a final ruling on “dual jobs,” which reinstated the 80/20 rule and introduced a new 30-minute rule for tipped employees. Under the regulations, restaurants can apply a tip…
Read MoreU.S. Tax Planning Opportunities for Bona Fide Residents of Puerto Rico
At a glance: Schedule a consultation today! The full story: Over the years, the Puerto Rican government has created several tax incentives and credits to make Puerto Rico a destination for economic development and investment. In this article, we’ll explore the tax planning opportunities available to taxpayers who become “bona fide residents” of Puerto Rico,…
Read MorePartnerships and S Corporations: What to Expect from Schedules K-2 and K-3
At a glance Schedule a consultation with Aprio’s International Tax Team today. The full story: Over the summer, the Internal Revenue Service (IRS) released new Schedules K-2 and K-3, which will now be a required Schedule when submitting Forms 1065, 1120-S and 8865. The new schedules will become effective for tax years beginning in 2021 for the…
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