New York State has decoupled from federal tax rules by requiring businesses to amortize research and experimental (R&E) expenses over 60 months, effective for tax years beginning on or after January 1, 2025. This retroactive legislation requires taxpayers to file amended returns…
Most taxpayers who paid penalties or interest during the COVID-19 pandemic must file a claim by July 10, 2026, to protect their right to a potential refund. Recent legal developments, specifically the case of Kwong v. United States (“Kwong”), suggest…
The federal reporting threshold for Form 1099-NEC (Nonemployee Compensation) has officially increased from $600 to $2,000 for the 2026 tax year. Enacted under the One Big Beautiful Bill Act (OBBBA), this changes a static limit that remained unchanged since 1954. Businesses must…
The Securities and Exchange Commission has proposed amendments to its rules and forms governing registered offerings that are designed to increase efficiency, flexibility, and cost savings for public companies while maintaining robust investor protections. The Commission also proposed rule amendments…
For American business owners expanding overseas, foreign corporations offer massive growth potential. However, navigating U.S. international tax law is critical to keeping profits from being eroded. The most significant hurdle for cross-border businesses is the Global Intangible Low-Taxed Income (GILTI)…
The IRS recently introduced the CP53E notice as part of its shift toward electronic refund processing. It stems from Executive Order 14247, which prioritizes electronic payments and phases out paper checks where possible. The notice allows taxpayers to add/update bank info…
Transfer pricing remains the single largest tax risk for multinational enterprises (MNEs) in 2026. As the IRS shifts toward automated data analytics, AI-assisted audits, and international coordination and aggressive enforcement, US-based companies with overseas clients or affiliates face unprecedented scrutiny. Core…
The Internal Revenue Service will be revising the Form 990 used by tax-exempt organizations such as charities in an effort to uncover fraud and hidden sources of funding. The goal is to provide clearer reporting on the activities of tax-exempt…
Through the strategic use of Section 179 and Bonus Depreciation, companies can generate significant depreciation expense write-offs for amounts that can equal the total cost of the expenditure. As opposed to capitalizing the total cost of the asset and writing…
FASB Accounting Standards Update (ASU) 2025-06, issued in September 2025, represents a major modernization of the accounting for internal-use software. The update moves away from rigid, stage-based models toward a principles-based framework that better aligns with modern development practices like…