Recently updated guidelines from the Multistate Tax Commission (MTC) are generating considerable uncertainty—and growing concern—for companies that do business online. As more states adopt the new guidelines, businesses with a web presence could find themselves subject to unexpected new state income tax liabilities and filing requirements. (more…)
Some RMD Relief from the SECURE 2.0 Act
The SECURE 2.0 Act, enacted in December 2022, made a number of changes to retirement distributions, including the age for receiving required minimum distributions (RMDs), ultimately creating compliance issues for many taxpayers and plan administrators. As a result, in July the IRS provided some relief, issuing Notice 2023-54, relating to certain distributions made in 2023 to individuals that technically were not RMDs as a result of the Act. (more…)
Qualifying as a Real Estate Professional
By Samantha Ramirez, CPA, Manager, Tax & Advisory
ASL Real Estate Group
General Passive Rules
The general passive activity rules under Internal Revenue Code Section 469 define passive activities as any trade or business in which the taxpayer does not materially participate, OR a rental activity without regard to the level of participation. Passive activities that produce losses, can only be offset against passive income. If the taxpayer has no passive income, the losses will be suspended until the activity is sold in a taxable transaction. (more…)
Charitable Remainder Trusts - Have Your Cake and Eat it Too
By Amanda White, CPA, Manager, Tax & Advisory
ASL High Net Worth Group
The idiom “Have Your Cake and Eat It Too” is defined by the Cambridge dictionary as “to have or do two good things at the same time that are impossible to have or do at the same time”. In this article, we will go over why we believe that Charitable Remainder Trusts (CRTs) are similar to this idiom. (more…)
Cash is King…Most of the Time
By Deepa Bhat, CPA, CFE, ACA, Principal, Assurance & Advisory
ASL Construction Group
How often have we heard the phrase “Cash is King”? So, following that logic, one would think an overbilled contractor is in an advantageous position. That is generally true assuming the following conditions are met: (more…)