PKF North America News

On June 28, 2024, the U.S. Supreme Court issued a landmark decision in Loper Bright Enterprises v. Raimondo,[1] overturning its 40-year long-standing precedent set forth in Chevron v. Natural Resources Defense Council.[2] The latest ruling has far-reaching consequences concerning the courts’ power to override a federal agency’s interpretation (regulatory guidance) of the laws Congress designated […] The post Will the Loper Decision Foster Continued Uncertainty in Financial Services Tax Matters? by Magda Szabo, CPA, JD, LLM appeared first on Berkowitz Pollack Brant Advisors + CPAs.

The IRS has extended until Feb. 3, 2025, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Debbie, which first made landfall on Florida’s Gulf Coast in early August. The postponed deadline applies automatically to taxpayers with homes or businesses located in the following jurisdictions declared as federal disaster areas: Florida: […] The post IRS Extends Tax Relief to Victims of Hurricane Debbie in South Carolina, Vermont and Portions of Florida and Georgia by Steven Rubin, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Reading Time: 1 minute 40 seconds California’s business climate recently worsened when the state enacted legislation suspending the net operating loss deduction for tax years beginning on or after January 1, 2024, and before January 1, 2027. The suspension applies to taxpayers with more than $1 million in net income for the tax year. The … Continued The post California Suspension of NOL Deduction Changes Tax Planning for Businesses first appeared on JLK Rosenberger.

Key Points: At one time, not-for-profit HR departments might have been responsible primarily for recruiting and hiring and occasionally for intervening in disciplinary or conflict resolution matters. Today, HR staffers […]

In this episode of the PKF Texas – The Entrepreneur’s Playbook®, Kevin Hengst,CPA, an audit director and Approachable Advisor™ at PKF Texas, discusses the critical issue of delinquent participant contributions […]

Reading Time: 2 minutes 55 seconds Earlier this month, the Tax Relief for American Families and Workers Act of 2024 (AFWA) failed to pass in the Senate on a procedural vote. The legislation represented the final opportunity before the presidential election to extend essential tax provisions. It was designed to implement certain changes and extensions … Continued The post Tax Extenders Legislation Fails to Pass first appeared on JLK Rosenberger.

In this episode, Director of Tax Services Andrew Leonard explains foreign tax credits and a recent court ruling that could make an impact on taxpayers. The post Podcast – BPB Knows Foreign Tax Credits appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points: If you own a closely held corporation, you can borrow funds from your business at rates that are lower than those charged by a bank. But it’s important […]

In July 2024, the IRS issued final regulations regarding the SECURE Act’s elimination of stretch IRAs for certain non-spouse beneficiaries. The announcement gives taxpayers and their advisors much-needed clarification on the law’s requirement that beneficiaries of inherited IRAs draw down those accounts and pay the related taxes within 10 years of an original owner’s death. […] The post IRS Finalizes Inherited IRA RMD Rules, Delays Effective Date Again by Joanie B. Stein, CPA appeared first on Berkowitz Pollack Brant Advisors + CPAs.

One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […] The post IRS Updates Guidance Related to Foreign Gains and Losses Under Section 987 by Jairan Shirazi appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points: The current estate tax exemption amount ($13.61 million in 2024) has led many people to feel they no longer need to be concerned about federal estate tax. Before […]

In May 2024, the IRS issued proposed regulations concerning the reporting requirements and tax consequences of U.S. persons who create, fund, transact with and receive gifts or loans from foreign trusts. The guidance, which applies to Sections 643(i), 679, 6039F, 6048, and 6677 (the foreign trust and gift provisions) of the U.S. tax code, updates […] The post Stricter Reporting Requirements Create Planning Opportunities for Foreign Trusts by Joel G. Young, JD, LLM appeared first on Berkowitz Pollack Brant Advisors + CPAs.

In this episode, associate tax director Brendan Kurpis explains electric vehicle tax credits and the common missteps. The post Podcast – BPB Knows Electric Vehicle Tax Credits appeared first on Berkowitz Pollack Brant Advisors + CPAs.

Key Points One thing every new not-for-profit organization can count on is change. Ideally, the changes you experience will be for the better — expanded programming, increased staffing, more clients […]

On June 21st, the IRS issued a revised draft of Form 6765 to be used by taxpayers when claiming the federal Research & Development (R&D) tax credit. The new draft includes several changes to the prior draft issued in September 2023. Based on feedback received, the IRS significantly streamlined Section G Business Component Information. Specifically, … Continued The post IRS Issues Draft Form 6765 Revisions, Finally Some Good News first appeared on JLK Rosenberger.

Key Points: Employees, self-employed individuals and employers all pay Social Security tax, and the amounts can get bigger every year. And yet, many people don’t fully understand the Social Security […]

A company’s working capital is calculated fairly simply by subtracting its current liabilities from current assets. The resulting amount is the working capital. Despite the simplicity of the calculation, the importance of working capital to a business’s operations is substantial since it represents its ability to meet day-to-day operating expenses. Moreover, working capital is a … Continued The post Working Capital is a Crucial Financial Metric in Business Transactions first appeared on JLK Rosenberger.

Reading time: 2 minutes, 30 seconds In late 2022, Congress passed the Retirement Savings for Americans Act, also known as the SECURE Act 2.0, designed to make it easier to save for retirement. The legislation included over 90 provisions targeting various aspects of employer sponsored retirement plans with effective dates ranging from 2022 through 2026. … Continued The post New Guidance on Emergency Personal Expense Distributions first appeared on JLK Rosenberger.

Key Points: Some job candidates assume that not-for-profit organizations offer lower compensation than for-profit companies do. If your nonprofit has open positions, this can be a difficult hurdle to overcome […]

Reading Time: 3 minutes Qualifying as a Real Estate Professional offers significant federal tax advantages that can significantly benefit those in the real estate industry. By achieving this status, you can offset real property rental losses against other sources of income and exclude real estate gains and revenue from the Net Investment Income Tax. These … Continued The post Unlocking Tax Advantages: How to Qualify as a Real Estate Professional first appeared on JLK Rosenberger.

In this episode of the PKF Texas – Entrepreneur’s Playbook®, Jen Lemanski and Audit Director, Kevin Hengst, CPA discuss key takeaways from the AICPA Employee Benefit Plan conference. Kevin highlights […]

Key Points: Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts […]

The Research & Development (R&D) tax credit is a powerful savings tool for eligible research projects. Unfortunately, many do not take advantage of the incentive due to the incorrect assumption that the business has no qualifying activities. A popular myth has been debunked: the R&D tax incentive is only for large companies that employ scientists … Continued The post R&D Tax Credit for Manufacturers first appeared on JLK Rosenberger.

The most recent publication of the Worldwide Tax Guide includes over 1300 pages of up-to-date taxation and business regulations covering over 150 of the world’s most significant trading companies. This guide is essential for anyone looking to keep up with the latest tax and business regulations. Featuring insights from in-country advisors across our global community, this … Continued The post The 2024/25 Worldwide Tax Guide is Here first appeared on JLK Rosenberger.

Many businesses are familiar with the federal Research & Development (R&D) tax credit, which provides substantial savings for eligible companies engaged in qualified research and innovation activities. Credit has been an important funding component of many innovation programs for years, yet tax savings for eligible R&D activities do not end with federal incentives. In many … Continued The post Additional Savings Through State R&D Tax Credits first appeared on JLK Rosenberger.

In a family where attending college was unprecedented, Daniel’s journey from high school graduate to aspiring CPA is inspiring. His story shows the importance of guidance, perseverance, and the power of education. Early Influences Family traditions and expectations often play a significant role in the decision to attend college. For Daniel, however, the journey was … Continued The post Breaking Barriers: Daniel’s Journey from First-Generation College Grad to Aspiring CPA first appeared on JLK Rosenberger.

We are proud to report that two partners from PKF-CAP LLP, our member firm in Singapore, are taking on esteemed new roles within the accounting profession.

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We offer scalable audit and tax solutions for any industry. Learn about how our comprehensive financial statement audits and reviews, tax planning and preparation and consulting services keep your business on track. The post How We Serve You appeared first on PKF.