Startups face a number of challenges from hiring qualified employees, to research and development, to marketing and market research, to securing
Do Startups Need Audited Financial Statements?
By law private companies are not required to undergo an annual audit of financial statements required of public companies, however, startups can
Redetermining foreign taxes in a post-TCJA world
The foreign tax redetermination (FTR) rules under Sec. 905(c) apply to taxpayers who accrue foreign taxes and either (1) pay a different amount, (2)
Managing tax audits using sampling techniques
Sampling is a tool that is generally used whenever there is a list of records, also known as the population, that requires an assessment in order for
Taxation of employees’ use of corporate apartments
Taxable compensation from use of an employer-provided corporate apartment Absent an applicable exclusion, the fair market value (FMV) of any fringe
Tax fraud and bankruptcy dischargeability
The federal laws governing bankruptcy and taxation often intersect, although their makeup, effectiveness, and interpretation are significantly
Nonwillful FBAR penalties apply per report, not per account
The Supreme Court, in a 5–4 decision, held that the penalty under Section 5321 of the Bank Secrecy Act (BSA) for a nonwillful violation of the
M&A pitfalls for deferred research expenditures
Effective for amounts paid or incurred in tax years beginning after Dec. 31, 2021, the TCJA replaced the text of Sec. 174 requires taxpayers to
A primer on cancellation-of-debt income and exclusions
Unless specifically excluded under the tax law, COD income is taxable under Sec. 61. In the case of certain foreclosure transactions, the cancellation