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
InsightCOBRA premium assistance, employer tax credit available for 2021 Q2 and Q3Dana FriedRead key details of the American Rescue Plan Act’s Q2-Q3 COBRA premium assistance and employer tax credit: eligibility, taxation, how to claim the credit, and more.
InsightIRS provides guidance on accounting method changes by CFCsRead how controlled foreign corporations (CFCs) can obtain automatic consent to change their accounting method to the Alternative Depreciation System (ADS).
InsightAn overview of tax provisions in Biden’s American Families PlanBrian Newman, Stephen Gregory, Yasmina BersbachRead how President Biden’s recently introduced plan would change income and capital gains tax rates, various tax credits, and more.
InsightEmployee Retention Credit (ERC) now available for all of 2021, and PPP loan recipients can claim ERCsDana FriedRead how ERC requirements have changed for 2021, including what counts as qualified wages, who is an eligible employer, the maximum credit amount, and more.
InsightIRS issues fact sheet on tax credit available to employers that voluntarily provide FFCRA COVID-19-related paid leave during 2021 Q2, Q3Dana FriedCertain employers can claim a credit if they voluntarily provide paid sick or family leave for defined COVID-19-related reasons, including vaccination. Read more.