Posts by Mitchell Kopelman
Congress is on the Verge of Passing an Omnibus Funding Bill, but Tax Relief from Expiring Business-Friendly Provisions Remains Elusive
By: Jason Bierly, Senior Tax Manager At a glance Schedule a consultation with an Aprio Tax Adviser today. The full story: Through late December 2022, House and Senate negotiators from both parties worked to craft bipartisan legislation intended to fund the federal government through most of 2023. The legislation, structured as an “Omnibus,” or complete…
Read MoreTaxpayers – Act Fast if You Want to Benefit from the IRS COVID-Related Penalty Relief
At a glance The main takeaway: On August 24, 2022, the IRS announced it will waive failure to file penalties for a vast number of tax returns for the 2019 and 2020 tax years, covering both individual and business returns, including foreign information filings. Impact on your business: Taxpayers who have not yet filed tax returns covered…
Read MoreIRS Expands Digital Asset Question on Draft Version of 2022 Form 1040
At a glance Main takeaway: For tax year 2022, the IRS seeks to expand Form 1040 reporting to require disclosure of transfers of digital assets, whether taxable or not. Impact on your business: This is a welcome change in the tax community and a signal to taxpayers to start tracking their digital assets more closely.…
Read MoreResurrected Superfund Chemical Excise Tax Creates New Filing Requirements for US Manufacturers
At a glance The main takeaway: The Infrastructure Investment and Jobs Act passed by Congress in November 2021 restored the long-dormant Superfund Chemical Excise Tax on the sale, use, manufacture, or import of a lengthy list of specified chemicals and substances. The quarterly tax took effect on July 1 and will require impacted companies to…
Read MoreBonus Depreciation Phase Out and What it Means for Your Business
At a glance Schedule a consultation with an Aprio Tax professional today The full story: Throughout the pandemic, Congress provided companies with much needed COVID relief by extending the bonus depreciation tax provision as a means of providing incentives for businesses to make investments in equipment and improvements to keep people employed and keep factories…
Read MoreDigital Asset Staking: Your Top Tax Questions, Answered
At a glance Schedule a consultation today The full story: As its name implies, the United States Internal Revenue Code sets forth rules for how income is taxed in the U.S. Income is defined as “revenue received for goods or services, or from other sources, as rents or investments” or “the money, or amount of…
Read MoreAprio Box Announcement
Watch the video to learn how to share files with your Aprio Team using Box At Aprio, we are constantly seeking opportunities to enhance the client service experience through state-of-the-art technology and tools. We are implementing Box to advance efficient, seamless and secure collaboration between you and your Aprio team. Aprio is now utilizing Box…
Read MoreNorth Carolina Businesses Set to Receive a New Wave of COVID-19 Financial Relief
At a glance: The full story: North Carolina-based businesses are receiving a life preserver to help weather the devastating impact of COVID-19: the Business Recovery Grant Program (BRGP). The BRGP was launched by the North Carolina Department of Revenue (NCDOR) to help owners recoup some of the financial losses they have endured as a result…
Read MoreThe Bad News Not Being Reported on the Demise of the Build Back Better Act
At a glance The main takeaway: With the demise of the Build Back Better Act (BBBA), a clause from a 2017 tax legislation is resurfacing that will heavily impact any company who performs or invests in research and development. Impact on your business: The 2017 tax act will force many companies to now budget or use working…
Read MoreBig Changes for the Crypto World Part 2: How the Proposed Provisions in the Build Back Better Act will Impact Cryptocurrency
At a glance Schedule a consultation with Aprio today. The full story: The proposed Build Back Better Act (BBBA) includes legislative text that will have significant impacts on the cryptocurrency world. There are two huge provisions within this act which will transform how gains and losses are managed in the world of investing in digital…
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