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New guidance discusses carbon capture equipment and credit eligibility

New guidance discusses carbon capture equipment and credit eligibility

The IRS examines eligibility of component parts to carbon capture equipment and when owner of partial equipment may claim sec. 45Q credit.
ASC 740: Q2 2021 Provision Considerations

ASC 740: Q2 2021 Provision Considerations

A roundup of considerations for companies while preparing income tax provisions for the quarter ending June 30, 2021.
State tax law changes for the second quarter of 2021

State tax law changes for the second quarter of 2021

A summary of important updates for determining deferred tax provision under ASC 740 for the quarter ending June 30, 2021.
Missouri embraces Wayfair; all states to enforce economic nexus

Missouri embraces Wayfair; all states to enforce economic nexus

Missouri is the final state to adopt an economic sales tax nexus standard following the 2018 South Dakota v. Wayfair decision.
White House proposed changes will impact middle market tech companies

White House proposed changes will impact middle market tech companies

President Biden proposed changes to revamp the U.S. international tax system significantly affect multinationals in the technology industry
Nebraska enacts new sales and use tax exemption for ethanol producers

Nebraska enacts new sales and use tax exemption for ethanol producers

Nebraska broadly exempts manufacturing inputs used by ethyl alcohol producers from the sales and use tax effective Oct. 1, 2021.
Colorado enacts numerous tax-related bills

Colorado enacts numerous tax-related bills

Trio of tax bills impact individual and business filers with significant corporate income tax changes scheduled for 2022.
New guidance for facilities producing alcohol for hand sanitizer

New guidance for facilities producing alcohol for hand sanitizer

Provides guidance into the extended approval of exemptions for distilled spirits permittees to facilitate hand sanitizer production.
Tax Court clarifies timing of basis reduction following COD event

Tax Court clarifies timing of basis reduction following COD event

The basis reduction following a discharge of qualified real property business indebtedness (QRBPI) may take place in the year of discharge.
Arizona flat tax gets new lease on life

Arizona flat tax gets new lease on life

Arizona budget proposals reduce rates, keep the flat tax alive for future years, and provide a rate cap for high earners.
Cybersecurity considerations and trends for board and audit committees

Cybersecurity considerations and trends for board and audit committees

As cybersecurity threats emerge and expand, boards of directors have increased responsibility to address potential threats.
New Jersey officials strike budget deal

New Jersey officials strike budget deal

New Jersey budget deal commits less than 5% of the state’s budget surplus to tax relief, ignoring mobile individuals and businesses.
Updated: Goodwill accounting alternatives for certain entities

Updated: Goodwill accounting alternatives for certain entities

We recently updated our white paper to reflect the new goodwill accounting alternative provided in FASB ASU 2021-03.
Coronavirus: Updates about certain Provider Relief Fund requirements

Coronavirus: Updates about certain Provider Relief Fund requirements

We updated the discussion about certain government assistance in our Coronavirus: Financial reporting considerations white paper.
IRS adds vehicles to qualified plug-in vehicle list

IRS adds vehicles to qualified plug-in vehicle list

The IRS has added the 2021 Hyundai Ioniq to list of vehicles eligible for section 30D credit affecting buyers and lessors of these vehicles.