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…
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…
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…
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…
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,…
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…
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…
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…
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,…
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…
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…
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…
