The State of Kentucky has recently joined Ohio and Texas as the latest state to offer a tax amnesty program as a way to reduce the state’s budgetary gap. Kentucky imposes many taxes as well as harsh interest and penalty… read more
Under current U.S. generally accepted accounting principles (GAAP), goodwill is not amortized, but is tested at least annually for impairment. If it is determined that the carrying value of the goodwill exceeds its implied… read more
The city of Philadelphia recently enacted Bill No. 120007 (the Bill), providing for an exclusion from the city’s Business Income and Receipts Tax (BIRT) and Net Profits Tax (NPT) for investment companies, general partners,… read more
The State of Texas imposes many taxes and has onerous interest and penalty provisions applicable to failure to file and/or late payment of tax. The State recently enacted a tax amnesty program that covers most state and local… read more
The State of Ohio imposes numerous taxes, which include interest and penalty provisions that apply to a taxpayer who fails to file and/or remits payment late. The State recently enacted a tax amnesty program… read more
The District of Columbia enacted mandatory unitary combined reporting for tax years beginning after December 31, 2010. The proposed regulations issued by the Office of Tax and Revenue on January 20, 2012, are currently… read more
Section 461 of the Internal Revenue Code governs the timing of when taxpayers are permitted to claim a tax deduction for various liabilities. Under the rules detailed in the regulations, a liability is generally deducted… read more
Beginning with 2012, the aggregate cost of employer-sponsored health coverage must be reported on Form W-2 issued to an employee (on the Forms W-2 issued in January 2013). The aggregate reportable cost is reported on Form… read more
With travel, investments, business arrangements and transactions that are so varied and significant -- even with access to top advisors -- it is easy to overlook or be unaware of the myriad of taxes and tax collectors that… read more
In a set of proposed regulations and rulings, the Treasury Department and the Internal Revenue Service (IRS) have reduced the regulatory burdens for retirement plans and made it easier for retirees to choose retirement benefits… read more