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.
CohnReznick Tax: Alerts and Webinars
InsightNew IRC Section 174 can affect all taxpayersTravis Butler, Scott Ibbotson, Tim MorrisonThe new Section 174 law has far-reaching implications for companies conducting qualified research and/or have experimental expenditures. Read more.
InsightRethinking tax accounting methods: 4 key change typesRichard Shevak, Travis Butler, Tim MorrisonOptimizing your company’s tax accounting methods can help you avoid IRS risk or defer tax payments. Read about 4 top change types and their benefits.
InsightBefore you file an estate tax return, here’s what to consider to maximize proceedsDonald NimeyIn some cases where assets’ value declines after the date of death, it may be possible to maximize proceeds with an alternative date. Learn more.
InsightForm 1099 filing for 2022 tax yearJimit Mehta, Susan CooperAs you prepare for the 1099 filing season, note the changes effective for the 2022 tax year as well as important information and deadlines in this alert.
InsightGuidance at last – IRS releases Section 174 accounting method guidanceRevenue Procedure 2023-8 provides procedures to change methods of accounting for specified research or experimental expenditures. Read more.