The Federal Trade Commission (FTC) just issued some FAQs explaining a new consumer protection law known as the Economic Growth, Regulatory Relief and Consumer Protection Act. It was signed by President Trump in May and took effect on September 21, 2018. Read more
Internal fraud drains approximately $4 trillion annually from global businesses, according to an estimate by the Association of Certified Fraud Examiners (ACFE).
The median loss from internal fraud at companies in the construction industry is $227,000, according to ACFE’s latest Report to the Nations. Read more
On October 1, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) issued Notice 2018-78 (the Notice). The Notice provides guidance with respect to the basis election under Prop. Reg. §1.965-2(f)(2), the application of rules for disregarding certain assets for determining aggregate foreign cash position in Prop. Reg. §1.965-3(b) to consolidated groups and relief in connection with Hurricane Florence. Read more
Construction project financing and cash flow management are unique for several reasons.
First, start-up construction companies are very easy to form with the “two men, tools, and a truck” business model. Because of this, credit and business history often are not extensive as the positive histories that typically give businesses access to large sums of capital to start the business. Read more
Equity-based compensation can be a great way to reward and retain valued employees, especially for companies with limited cash on hand. And the Tax Cuts and Jobs Act (TCJA) makes it even more advantageous by offering a new tax-favored alternative to employees who receive these awards. Read more
Under current tax law, employees aren’t allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may be more important than ever for employers to set up expense reimbursement plans for business-related travel costs. Read more
Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025?
Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision. Here’s how the accountable plan deal works. Read more
By Meredith Pilaro and Jeff Bilsky
Government contractors provide many different types of services across many different industries, such as IT, R&D, operations and professional services. In the past, many of these contractors may have used the term “consultant” or “consulting” to describe the wide range of services they provide. Yet this 2018 tax season, it may be time for contractors to revisit this terminology, particularly if they are structured as a flow‑through entity for tax purposes (i.e., an S corporation, a partnership, or an LLC taxed as a partnership). Read more
TREASURY ISSUES PROPOSED REGULATIONS FOR GLOBAL INTANGIBLE LOW-TAXED INCOME, SECTION 951A
On September 13, Department of the Treasury and the Internal Revenue Service (collectively, Treasury) issued proposed regulations (REG-104390-18, hereinafter, the Proposed Regulations) implementing Section 951A. Read more
The Tax Cuts and Jobs Act (TCJA) establishes a new federal income tax credit for employers that provide qualifying paid family and medical leave benefits to their employees. This credit is only available for two employer tax years — those beginning between January 1, 2018 and December 31, 2019 — unless Congress extends the deal. Here are some FAQs about this tax break. Read more