Every dollar your organization pays in taxes is a dollar that will never contribute to profitability or growth. With our deep knowledge of federal tax law, regulatory and legislative pronouncements, and tax court rulings, CohnReznick advises your business on ways to minimize tax obligations and maximize benefits in full compliance with the law.
COMPLIANCE AND PREPARATION
Your company’s tax situation is unique. CohnReznick conducts a thorough review of your business plans, current activities, and industry nuances to develop an optimal tax strategy. Our capabilities extend well beyond tax reporting and filing to include expert advice on tax deferral programs, federal tax credits, and other incentive programs. Once in place, our team works with you to proactively comply with current and evolving regulations to reduce tax burdens while fulfilling all statutory requirements.
NATIONAL TAX ADVISORY
Successful organizations balance two tax objectives — minimizing their tax burdens and reducing the risk of audit and unexpected tax liabilities. Our National Tax Advisory group works to meet both goals, delivering advice on best practices for tax-efficient accounting on income and expenses, inventory, Section 382 net operating loss (NOL) calculations, limitations, and carry-forwards. By performing repair and maintenance analyses, fixed asset studies, and earnings and profit analyses, this team identifies opportunities for your business to minimize federal tax obligations. At the same time, through a cost segregation analysis of your personal and real property, we may discover ways to defer taxes, increasing cash flow to your business.
TAX PROVISION (ASC 740, 740-10)
Compliance with financial rule ASC 740 and ASC 740-10 provisions on calculating current and deferred income tax is now required of all companies adhering to U.S. GAAP standards. CohnReznick brings in-depth knowledge of rules and requirements and a familiarity with best practices including the establishment of a robust recognition, measurement, and disclosure process to support all of your business filings.
InsightIRS rules: Deductions not permitted if there is a reasonable expectation of PPP loan forgivenessBrian Newman, Stephen Gregory, Travis ButlerThe IRS also created a safe harbor for later deducting expenses funded by Paycheck Protection Program (PPP) loans that are ultimately not forgiven. Read more.
InsightHow individual and business tax rates, credits, and more may change in the Biden presidencyJoe Biden has proposed or supported changes across the tax landscape. Read a summary of notable ones that could impact individuals and businesses.
InsightIRS provides guidance on accounting method changes, election relief for bonus depreciationRichard ShevakRevenue Procedure 2020-50 outlines how to change accounting methods to apply different bonus depreciation regulations, how to make or revoke elections, and more.
InsightIRS releases 2021 retirement plan and IRA COLA-based limitation amountsDana FriedRead which contribution limitations, threshold and phase-out amounts, and other key figures have increased under the IRS’s cost of living adjustments for 2021.
InsightAFFORDABLE HOUSING: The latest on Section 163(j) limitation on business interestRead the highlights most applicable to affordable housing partnerships of final and proposed regulations on business interest expense under Section 163(j).