Category: Tax News

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 2023-63 is the long-awaited substantive counterpart to the procedural guidance initially released last winter (and…
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Cryptocurrency ‘Staking’ Rewards – What You Need to Know for Taxable Income

The IRS has published new guidance regarding the treatment of cryptocurrency staking rewards. In Revenue Ruling 2023-14, the IRS has ruled that staking rewards must be included in gross income for the taxable year in which the taxpayer acquires dominion and control of the awarded cryptocurrency. Staking Rewards and Their Uncertain Tax Treatment “Staking” of…
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Your Guide to the Secure 2.0 Act of 2022

The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022 by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This landmark legislation builds on the original SECURE Act that was enacted on…
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NY State Biennial Statement: What It Is, How It Works, and When to File

We are posting this alert as a reminder of a state reporting requirement that is easily overlooked.  Corporations and LLCs operating in New York are required to file a Biennial Statement every two years with the New York Division of Corporations.  This form serves to confirm and update your business information on file with the…
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A Guide to Pass-Through Entity Tax in NY

If you are a partnership or an S-corporation in New York state, there is a new potential tax savings that you should be aware of called the NYS Pass-Through Entity Tax, or PTET for short. At a high level, this is an optional tax that a pass-through entity can pay to New York State on…
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Calculator, pen and money

PPP Loan Forgiveness Extended: What to Know

Today’s blog is a summary of Bill HR 7010 passed by the Senate on 6/3/2020. The likelihood of forgiveness of a significant portion of your loan is dramatically increased by these four provisions: The eight-week “covered period” under CARES has been extended to 24 weeks (nearly six months!), so you have three times longer to spend the loan…
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PPP Loan Amnesty: Everything You Need to Know

Many companies are rightly confused by the gyrations of the U.S. Treasury and Small Business Administration (SBA) regarding qualifications and rules for the Paycheck Protection Program (PPP).  Observers have aptly described the government’s process as “building a plane while airborne.”  Small businesses are caught in a perfect storm of unclear guidance, moving goalposts, and a…
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