When a taxpayer borrows funds, the deductibility of the related interest expense is determined by how the loan proceeds are ultimately used and not how the loan proceeds are collateralized. These are often referred to as the interest tracing rules.
Earlier this month, the IRS announced a new pilot program for pre-examination retirement plan compliance. The program is effective immediately.
North American merger and acquisition (M&A) deal volumes slowed down in first quarter 2022 after a record-setting 2021. Year-over-year deal volume decreased 11.5% over first quarter 2021. Deal activity, nevertheless, was still in line with that of the last five years.
With states anticipating a significant reduction in sales tax revenue, Sales and Use Tax Audits are on the rise.
The past decade has been difficult for higher education institutions – from enrollment decline to pandemic-related challenges – a number […]
In a recent article Advocates Worry Donor Fund Proposal Could Chill Legit Use, published in Law360, Tom Blaney, Director of […]
New York’s Budget Bill and Subsequent Legislation Includes Significant Pass-Through Entity Tax (PTET) Changes
New York’s fiscal year 2022-2023 State Budget Bill (Bill) as well as subsequent legislation, recently signed by Governor Hochul, contains significant changes to the New York State (NYS) PTET and creates a New York City (NYC) PTET.