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.
InsightTop considerations for for-profit recipients of Provider Relief Funds: Reporting, compliance, tax impacts, and moreSteven SchwartzLearn when and how to report on use of the federal COVID-19 healthcare funding, the tax and Single Audit implications, and other information for providers.
InsightNew law permits PPP loan recipients to obtain Employee Retention Credits, extends and expands ERC for 2021Dana 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.
InsightHow individual and business tax rates, credits, and more could change under 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.
InsightTreasury and IRS release final regulations on treatment of carried interestMoshe Biderman, Jonathan R. Collett, Robert Richardt, Mark PapaThe new regulations include substantial taxpayer-friendly modifications. In a newly published article for Bloomberg Tax, CohnReznick’s Moshe Biderman, Jonathan R. Collett, Robert Richardt, and Mark Papa break down the regulations.
InsightTax credit available to employers that voluntarily provide FFCRA COVID-19-related paid leave during first quarter of 2021Employers that had to provide COVID-19-related paid sick and family leave in 2020 can claim a tax credit if they voluntarily do so in early 2021. Read more.