1031 Exchanges –Navigating Related Party Exchanges

At a glance: The main takeaway: With careful tax planning, 1031 exchanges offer taxpayers an opportunity for big savings on income taxes. Know the risks: Few good things ever come easy, and 1031 exchanges are no different. One of the biggest risks is structuring a transaction with a related party. Next Steps: Taxpayers can often mitigate the risks…

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The Pulse on the Economy and Capital Markets: Nov 29 – Dec 3, 2021

At a glance: Overall, the markets struggled with commodities and crypto declining and Bitcoin fell 15 percent over the weekend. The defensive nature of the bond markets makes them the MVP over the last week. Investors are keeping an eye on how the Federal Reserve will address inflation. Technology markets saw semiconductors hold on strong…

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Catch Them if You Can: Fraud in the Film Industry

At a glance: The main takeaway: The film industry creates an environment that is uniquely vulnerable to fraud – especially tax-related fraud schemes like tax evasion and payroll fraud. Be aware: Know the signs of fraud in the film industry so you can protect yourself. Knowing what to look for means you can implement controls that stop…

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Building a Better AML Program for Money Services Businesses

At a glance: The main takeaway: Businesses that provide any kind of financial services are subject to strict anti-money laundering (AML) regulations, including Money Service Businesses, or MSBs. Impact on your business: If your business qualifies as an MSB, failure to build an effective and compliant AML program could result in steep legal and financial repercussions. Next…

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IRS Launches New Quality Review Tool for Form 1042-S

At a glance The main takeaway: The Internal Revenue Service’s new quality review tool for Form 1042-S will help withholding agents comply with reporting responsibilities regarding Form 1042-S. Impact on your business: Withholding agents, in general, must file an information return on Form 1042-S to report amounts paid from U.S. sources to foreign persons. Next steps: Aprio’s team…

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Double Edged Sword – International Taxation Proposals Under The Recent Build Back Better Act May Result in Increased Tax and Compliance Challenges

At a glance The main takeaway: The latest version of the Build Back Better Act (BBBA), if passed, will modify the cross-border provisions enacted with the Tax Cuts and Jobs Act in 2017 (TCJA). Some of these changes may benefit certain taxpayers with cross-border income and activities, while others will see tax increases resulting from fewer…

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Infrastructure Investment Jobs Act and Build Back Better Act: What’s in these Bills and the Impact on You and Your Business

At a glance: The Infrastructure Investment Jobs Act passed by Congress on November 5, 2021 has been sent to President Biden to sign. Learn about the incentives included and how they may benefit you and who will pay for the benefits. Learn about the new crypto filing requirements that will impact everyone involved in investing…

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Breaking: IRS Introduces New Rules for R&D Tax Credit Refunds

At a glance: Big changes to R&D Tax Credits on the horizon: In a release published Friday, October 15, the IRS introduced significant new documentation requirements for businesses seeking R&D tax credit refunds. Changing the burden of proof: The memorandum announced that R&D refund claims must include written supporting documentation, which the IRS will review to…

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