Converting an S Corporation or LLC into a Qualified Small Business for IRS Code Section 1202 IRC Section 1202, enacted in 1993, incentivizes investment in small businesses by allowing non-corporate taxpayers to exclude capital gains from the sale of QSBS…
Key Tax Implications of the New York State 2026 Fiscal Budget Below are some highlights of the key tax implications from the recently passed New York State 2026 fiscal year budget: Metropolitan Commuter Transportation Mobility Tax (MCTMT). Beginning July 1, 2025,…
Key Components of the Republican Bill The Republican’s “Big, Beautiful Bill” is focused around an estimated $5 trillion in tax cuts, phasing out of Biden-era programs, and plans to make good on Trump campaign promises. While the bill could look…
Taxes Coming Due In 2026 For Investors In Qualified Opportunity Zones. What To Do Now In Anticipation. As part of the 2017 Tax Cuts and Jobs Act, Congress established the Qualified Opportunity Zone (QOZ) program to provide federal income tax incentives for…
I.R.S. On Track To Lose Approximately A Third of Its Staff in 2025 The I.R.S. had about 100,000 employees before President Trump took office. Between resignations and layoffs, the I.R.S. is on track to lose about a third of its…
Trump Signs Legislation Halting IRS Tax Rule on Crypto President Donald Trump has signed legislation to stop the IRS rule that would have compelled some cryptocurrency brokers to offer tax information about transactions on their platforms. The legislation is widely…
7,000 IRS Employees Who Had Lost Their Jobs To Be Reinstated Roughly 7,000 probationary IRS employees who had lost their jobs in February then placed on administrative leave in March will now come back to work in mid-April based on…
The Impact of Tariffs on Businesses Tariffs, taxes imposed on imported goods and services, have been a contentious issue in international trade for centuries. While tariffs can provide protection for domestic industries, they can also have far-reaching consequences for businesses,…
April 15 Deadline Looming For 2021 Employee Retention Credit (ERC) Claims With the April 15 deadline looming for 2021 Employee Retention Credit (ERC) claims, the IRS has issued five new FAQs to clarify how the pandemic-era credit should be treated on…
FinCEN Adopts Rule Exempting U.S. Firms from BOI Requirements Under CTA The Financial Crimes Enforcement Network (FinCEN) has adopted the interim final rule narrowing the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Under this…