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.
InsightTax reporting for nonemployee compensation: Be aware of new form, deadline for 2020Dana FriedThe new form 1099-NEC has a 2020 deadline different from the one previously used for Form 1099-MISC, and there will generally be no automatic extension available.
InsightU.S. Department of Labor revises rules and requirements for FFCRA emergency leaveDana FriedChanges include an adjusted “health care provider” definition and less timely documentation requirements for workers seeking leave for COVID-19-related reasons.
InsightAny deferred employee OASDI tax must be paid ratably starting in 2021, IRS saysDana FriedRead about the rules and risks of the coronavirus relief option to defer employee portions of Social Security tax through the end of 2020
InsightPresident signs executive order to temporarily defer payroll tax through Dec. 31, 2020Patrick Duffany, Brian NewmanTaxpayers weathering COVID-19 hardships now have extra time to pay payroll taxes. But be careful: For now, it’s not forgiveness, just deferral. Read more
InsightProposed regulations for small business taxpayer exceptions clarify gross receipts test rules, definitionsRichard Shevak, Travis ButlerRead about proposed clarifications and definitions for IRC sections 263A, 448, 460, and 471, which let small businesses simplify their tax accounting methods.