In Brief: Donor-Advised Funds let you donate appreciated investments, avoid capital gains tax, and still get a full deduction. You can choose later which charities receive the funds. Qualified Charitable Distributions (QCDs) allow people 70½ and older to give directly from an IRA and reduce taxable income. This can count toward Required Minimum Distri…
By Rob Flowers
In Brief: Foreign-owned businesses and U.S. investors in foreign entities face additional and often complex U.S. tax and financial reporting requirements. Missing required filings such as FBAR, Form 5471, or Form 5472 can result in significant IRS penalties and in some cases criminal exposure. FBAR reporting is required when foreign bank accounts exc…
For eligible businesses, the federal Research & Development (R&D) tax credit can provide an immediate and significant tax savings. However, the process for claiming the credit is different from other federal incentives. It requires the taxpayer to pass a four-part test which determines whether reported research activities and expenses sati…
Many California businesses must participate in CalSavers if they do not offer a retirement plan, but this program provides no tax benefits. Establishing an IRS qualified retirement plan provides federal tax credits that offset startup and contribution costs. Three key credits include the Retirement Plans Start Up Costs Credit, Employer Contribution…
In Brief Though often unrealized, many manufacturers qualify for research & development tax credits. Product design or improvements and technology integrations are activities that frequently qualify. Beginning in the 2025 tax year, eligible expenses can be fully expensed in the current year. Despite the savings potential, R&D Tax Incentiv…
By Rob Flowers
The 2025 edition of the PKF Worldwide Tax Guide has just been published, offering essential insights into the tax and business regulations of 158 of the world’s most significant trading countries. This comprehensive guide is an invaluable resource for businesses and advisors seeking to navigate the complexities of international tax systems. With cont…
2025 年 7 月 4 日，“《和解法案》（Reconciliation Act）”由美国总统特朗普签署，并由国会表决通过。该法案包含美国税收政策的全面改革方案，并对社会、教育、公共服务和医疗保健方面的资金进行了重新分配。 该法案也被称为“大而美法案（Big Beautiful Bill Act）”，它将对个人、企业，以及广泛的经济领域产生巨大的影响。最重要的是，根据该法案，2017 年颁布的“《减税和就业法案》（TCJA）”中许多原本定于 2025 年底到期的条款将被永久保留。 对于企业和高收入人群而言，其中有三项条款尤其值得关注，具体如下： 将州税及地方税收（SALT）扣除额上限暂时提高至 4万美元，此条款…
For individual taxpayers, the new tax bill signed into law on July 4, 2025, can be seen as a mixed bag, but with enough positive provisions to look forward to. The good news is that many popular provisions of the 2017 Tax Cuts and Jobs Act (TCJA) — including lower individual tax rates, a higher standard deduction and a significantly higher estate tax exclusion —…
The new tax bill signed into law on July 4, 2025, holds significant benefits for construction contractors. In general, the “One Big Beautiful Bill” (OB3) makes permanent certain provisions of the 2017 Tax Cuts and Jobs Act (TCJA) that were scheduled to expire at the end of this year or phase out over several years. Additionally, it contains numerous new prov…
大而美”税收法案 内容概述 The Reconciliation Act, passed by Congress and signed into law by President Trump on July 4, 2025, contains sweeping changes to US tax policy, as well as spending shifts to social, educational, human services, and healthcare programs. The Act, also known as the “One Big Beautiful Bill Act,” carries implications for individuals, businesses…
Over the last few months, construction companies and contractors have faced new uncertainties impacting their businesses. The Trump administration’s announcement of tariffs on lumber, aluminum, steel, and certain minerals has caused an increase in the price of raw materials and other construction materials. In fact, a recent survey by the Ass…
The Research & Development (R&D) tax credit is a federal tax incentive designed to encourage innovation through qualifying research activities. While many U.S. companies have utilized the incentive for years, U.S. subsidiaries of foreign companies can also benefit. Eligibility requirements are generally the same, including the need to pas…
