Cherry Bekaert: The Tax Beat

As we navigate through changes brought by the new administration in 2025, there are significant developments within the Internal Revenue Service (IRS) that will impact taxpayers and tax professionals. The IRS is aiming...

Earlier this year, final regulations were issued under Prop. Reg. Section 1.6011-10 , setting forth the criteria that classify certain micro-captive insurance arrangements as listed transactions or transactions of...

Navigating the complex terrain of financial statement reporting and income tax disclosures is a major challenge for companies as they face heightened regulatory scrutiny and evolving standards. The Financial Accounting...

In 2024, a year marked by numerous natural disasters, the IRS has stepped up to provide taxpayers with crucial relief measures. More than 60 disaster relief notices have been issued, offering postponement of tax return...

The employee retention credit (ERC) remains a hot topic as the Internal Revenue Service (IRS) has opened a new window for its voluntary disclosure program, allowing employers to withdraw their claims. While the IRS is...

The Section 179D Energy Efficient Commercial Building Deduction (Section 179D) and cost segregation studies can help commercial building owners save significantly on taxes. Section 179D provides a tax deduction for new...

For fast-growing companies, becoming a C corporation for income tax purposes can offer significant tax savings for their shareholders. Section 1202 of the Internal Revenue Code (IRC) is a powerful tool for attracting...

Public Law 86-272 (PL 86-272) offers limited protection to out-of-state companies that solely solicit sales for tangible personal property within a state. Small and medium-sized businesses in the manufacturing...

Private aircraft ownership can be a great asset for companies, providing convenience, flexibility and efficiency for business travel. However, ownership also comes with significant costs, including purchase...

When expanding operations into the U.S. market, business owners must learn about the federal, state and local tax systems they will encounter. Sales tax in the U.S. is quite different from a value-added tax (VAT) or a...

On December 14, 2023, the Financial Accounting Standards Board (FASB) expanded income tax disclosure requirements for public and private companies. The expanded disclosure requirements are detailed in Accounting...

The Internal Revenue Service (IRS) has taken several steps to tackle the millions of invalid Employee Retention Credit (ERC) claims. First, they temporarily halted all ERC claims until the beginning of 2024. Two new...

The New Markets Tax Credit (NMTC) program has been issuing tax credits for more than two decades as a driving force for investors to aid low-income communities across the United States. In September 2023, Cherry...

The Tax Cuts and Jobs Act (TCJA) was enacted in 2017, and part of this bill amended the lifetime exclusion amount for estate and gift tax planning. Over the last 6 years, the lifetime exclusion has ballooned from $10...

The Inflation Reduction Act of 2022 (IRA) bolstered existing clean energy tax credits and incentives and added new ones. Looking forward to 2024, it is important to stay up to date with the qualifications for these...