Article

Financial Services Third Quarter Update

Sep 29th, 2022

In this edition of the quarterly communication, we have provided information about financial reporting and accounting issues impacting financial institutions – some of which are currently being evaluated by regulatory agencies and not resolved at…
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Article

Inflation Reduction Act expands valuable R&D…

Sep 28th, 2022

When President Biden signed the Inflation Reduction Act into law in August, most of the headlines covered the law’s climate change and health care provisions. But the law also enhances an often overlooked federal tax…
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Article

Real Estate and Construction Industries…

Sep 28th, 2022

Throughout 2022, economists and financial analysts from around the country have sounded the recession alarm. Nearly fifteen years after the Great Recession of 2008, the pain points and hardships endured by many in the construction…
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Article

Gift and Estate Tax Planning Methods

Sep 27th, 2022

According to a recent Bloomberg article, $72.6 trillion will be transferred or inherited over the next 25 years. For the unwary taxpayer, the complex income, estate, and gift tax rules can be a tough minefield…
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Article

Multi-state Employee Payroll Tax…

Sep 20th, 2022

Does your organization have employees who work remotely or have a hybrid work arrangement? Does your organization have employees who live and work in multiple states? If you answered YES to any of these questions,…
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Case Study

Distributor and finance processes,…

Sep 20th, 2022

Elliott Davis was asked: "We are growing at a rapid rate and are concerned about scaling our processes and providing visibility into business performance. Can you help?" Context An innovative, fast-growing direct-to-consumer outdoor furnishing brand…
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Case Study

Apolla Performance Wear: Shark Tank Victory

Sep 20th, 2022

Context Founded in 2014, Apolla creates patented compression socks for dancers and expanded to all populations (yoga, Pilates, etc.) in 2020 By 2018, Apolla realized the need for monthly data, accurate reporting, and accounting that…
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Article

Inflation Reduction Act, Global Tax Deal…

Sep 19th, 2022

The Inflation Reduction Act (IRA) was signed into law on August 16, 2022. Among its many provisions is a corporate alternative minimum tax of 15% of financial statement income, effective for tax years beginning after…
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Case Study

A School District Improves Cybersecurity…

Sep 16th, 2022

Management asked: "What are the biggest threats to the district and are we adequately addressing these threats?" Context The school district required an enterprise risk assessment to determine high-risk areas/processesBased on the risk assessment results,…
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Article

IRS and Treasury Provide Needed Clarity to…

Sep 15th, 2022

The IRS and Treasury have issued technical corrections to the January 4, 2022 foreign tax credit (“FTC”) Final Regulations to ease some taxpayers’ tensions regarding the cost-recovery requirement. The Final Regulations modified the net gain…
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Article

Some States Will Tax Federal Student Loan…

Sep 15th, 2022

Last month, President Biden announced that the federal government will forgive up to $20,000 of federal student debt per borrower subject to income limitations—$125,000 per year or $250,000 if married. Generally, debt forgiveness is taxable income…
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Article

The New Stock Buyback Excise Tax

Aug 19th, 2022

Inflation Reduction Act As a previous compromise from the original Build Back Better proposal, President Biden recently signed into law the Inflation Reduction Act. This act includes a wide variety of provisions, and  the following…
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