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Learn MoreEarlier this summer the IRS issued final regulations on information reporting requirements for digital assets, including determining amount realized and basis allocations. At the same time, the regulatory body also provided safe harbor relief for taxpayers to substantiate their basis allocations...
Read MoreOn January 12, 2024, the U.S. Department of the Treasury released a new fact sheet that in part reiterates, and revamps, the IRS’ commitment to their initiative of auditing limited partnerships. The release comes after five years of scrutiny in this area and an important court case, resulting in...
Read MoreCohen & Company congratulates Tax Director Cynthia Pedersen on her recent, prestigious appointment to the American Institute of CPAs’ (AICPA) Tax Practice Responsibilities Committee.
Read MoreFrom digital art to in-game digital assets, the recent emergence and rising popularity of non-fungible tokens (NFTs) is leaving individuals with a plethora of tax questions. This article is intended to provide some clarity for those looking to invest in this evolving asset class. What is an...
Read More** Updated 11/15/21 ** On November 5, 2021, Congress passed the long-awaited Infrastructure Investment and Jobs Act, which was signed by President Biden on November 15. Below is a look at the two tax-related provisions included in the Act and their potential impact. 1. Crypto Asset Information...
Read MoreIn an effort to enhance accessibility to COVID-19 vaccinations for all Americans, the Biden Administration has clarified an important point about paid leave related to COVID and the American Rescue Plan Act of 2021 (ARP). Employers with fewer than 500 employees can claim refundable tax credits on...
Read MoreOn December 21, 2020, after more than eight months of deliberation, Congress passed the Consolidated Appropriations Act, 2021 to provide much needed relief to Americans and their employers dealing with the ongoing repercussions of the COVID-19 pandemic. The Act, signed by President Trump on December...
Read MoreJoining states such as Connecticut, Louisiana, New Jersey, Oklahoma and Wisconsin, Maryland has enacted an elective pass-through entity tax to circumvent the $10,000 cap for the federal state and local tax deductions. While the IRS rendered other state and local tax workarounds ineffective, such as...
Read MoreRecently, certain large businesses that applied for and received proceeds under the Paycheck Protection Program (PPP) came under public scrutiny. As the program is being expanded through additional funding from the Interim Stimulus Plan, the SBA has released updated guidance aimed at eliminating...
Read MoreThe Coronavirus Aid, Relief, and Economic Security (CARES) Act allows eligible employers to delay payments of employer payroll taxes for the duration of 2020. However, employers that receive an SBA Paycheck Protection Program 7(a) loan are ineligible for this deferral if and when that loan is...
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