News

The IRS is cautioning cafeteria plan sponsors from using any shortcuts in complying with the expense substantiation requirements under section 125.

An accounting rule that was specifically developed for reporting low-income housing tax credit (LIHTC) investments will soon be expanded to include more federal and state tax credit investment programs. A narrow-scope accounting standard will allow other tax credit programs, beyond LIHTC investments, to qualify for the proportional amortization method. This simplified model allows the initial

Many companies are eligible for tax write-offs for certain equipment purchases and building improvements. These write-offs can do wonders for a business’s cash flow, but whether to claim them isn’t always an easy decision. In some cases, there are advantages to following the regular depreciation rules. So it’s critical to look at the big picture

On March 23, 2023, the Financial Accounting Standards Board (FASB) issued a proposal to provide accounting and disclosure rules for certain types of cryptocurrency assets. The proposal would help companies more accurately reflect the economics of such assets. If finalized, the proposal will build the first explicit accounting standard on crypto assets in U.S. Generally

The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit.