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The federal research and development tax credit represents one of the most powerful ways Congress can encourage innovation. However, it also may represent one of the most underutilized tax breaks, as evidenced by many taxpayers who qualify for its benefits for many years before taking advantage of its savings. This article explains the basics of this credit.

On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The standard will eliminate recognition guidance under current U.S. Generally Accepted Accounting Standards, and replace it with a principles-based approach for determining revenue recognition.

Companies have always been valued primarily on a monetary basis, with success measured based on the strength of their balance sheets and cash inflows and outflows reported in their financial statements.

ITINs are alternatives to SSNs that are required in a number of situations involving foreign nationals. Some significant changes to the ITIN program were set in motion last year, and some of those changes are becoming action items now, with the beginning of the 2016 tax return filing season and the expiration of certain ITINs. The purpose of this notice is to describe those changes and explain how you should handle them.

Last month, we published a Tax Advisory explaining Donald Trump’s tax plan. The purpose of this article is to highlight a few of its provisions that seem likely to impact the real estate and construction industries.

Many businesses that are organized as LLCs and S Corporations, pass through the taxation of their income to its owners. The top federal tax rate for businesses that pass through its income to the owners of such businesses are subject to the highest tax rate of 39.6% and the top dividend tax rate from 15% to 20%.

Due to the diversity in practice in how certain cash transactions are presented and classified in the Statement of Cash Flows, the Financial Accounting Standards Board (FASB) has recently issued two accounting standards updates (ASU) including ASU 2016-15 and ASU 2016-18 with the objective of reducing this existing diversity.