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.
InsightNew IRS guidance on CARES Act waiver of 2020 required minimum distributions includes rollover deadline extensionDana FriedNotice 2020-51 also has a sample plan amendment for letting certain retirement plan participants choose whether to receive a 2020 required minimum distribution.
InsightIRS issues proposed regulations on non-deductibility of certain transportation fringe, transportation, and commuting expenses, including employer-provided employee parkingDana FriedThe IRS has updated guidelines related to “qualified transportation fringe” (QTF) expenses, including employer-provided employee parking expenses. Read more.
InsightIRS expands eligibility for CARES Act retirement plan and IRA ‘coronavirus-related distributions’Dana FriedRead new qualifying circumstances for distributions from select retirement plans or IRAs, for individuals, spouses, and household members impacted by COVID-19.
InsightProposed regulations clarify ‘real property’ for Section 1031 like-kind exchange limitationsPatrick Duffany, Brian Newman, Daniel KingNew proposed guidance also covers how the receipt of personal property in a real property exchange would impact the eligibility of like-kind exchange treatment.
InsightNew flexibility provisions passed for Paycheck Protection Program loan recipientsThe Paycheck Protection Program Flexibility Act modifies deadlines, limitations, tax deferral policies, and other rules, many related to loan forgiveness. Read more.