Justin Elanjian, CPA

Our latest episode of Taxes for the Masses - Tax Nerdery talks about the declining number of accounting professionals. We've already gotten a lot of comments on this episode and will be revisiting the topic -- and the excellent research done into the issue -- in a future episode. In the meantime, check out this one, wherever you get your podcasts! #taxday #taxes #accounting Professors.fm Texas McCombs School of Business Indiana University - Kelley School of Business

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CRA Audit activity is in rise and they have much more areas to review. With so many new rules in place , we have to ensure thinking about every aspect of a cross check that we have not missed a point where CRA may potentially audit a topic. For a simple residential house, now we have to think about UHT, trust, residential flipping rules, bare trust reporting, foreign reporting, rental income , deemed disposition, principal residence designation, GST rebate and all that even there is no tax owing. Penalties are large and applying all rules integrated can save not only thousands in penalties but an unnecessarily inconvenience. A good accountant is invaluable not as cost but a value to avoid potential costs. #accountants #taxes #cdntax #cra #cpa

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North Carolina business owners—did you know the state has extended the 2022 #PTET election deadline and clarified franchise tax computations for C-Corporations? Stay compliant and learn more about the latest tax regulations affecting your business here: https://okt.to/uSeazM #NorthCarolina #TaxRegulations #PTETelection #FranchiseTax #Ccorporations #Compliance

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The Tennessee Department of Revenue has released Notice 24-05 discussing the franchise tax property measure repeal. The Notice provides guidance regarding how to handle 2023 returns; the timing of filing refund claims for 2020, 2021, 2022 and 2023; the impact on 2024 returns and estimated payments; and maybe most importantly, the refund claim, return filing process / procedures (which must be filed between May 15 and November 30, 2024). Summary of key points: • 2023 returns should be filed under current rules (i.e., property measure) and then a refund claim requested following the procedure in the Notice. • 2024 returns (estimated payments) franchise tax should be calculated solely on the net worth measure. • Refund claims must be filed between May 15 and November 30, 2024. • Amended returns: o Should be filed through TNTAP in chronological order (i.e., 2020 before 2021, 2021 before 2022, etc.) o After filing the amended returns for all periods, must allow time for the amended returns to process before filing the refund claim.  o Verify that the overpayment generated by the amended returns has posted to the TNTAP account before filing any refund claim. • Refund claims: o File the Franchise Tax Property Measure Repeal refund claim form in TNTAP.  o Refund claims must be accompanied by a completed Report of Debts form. o A balance sheet (pro forma or federal return pages supporting net worth calculation) should be provided with the refund claim to support the franchise tax due based on net worth and expedite the refund process. • Other items: o If credits were previously applied on the return, any excess credits from the amended return will be reinstated for use in subsequent tax years. o Most refunds should be issued within 90 days. o The department is required to publish the name of every taxpayer that receives a refund along with the applicable range of the refund on the Department’s website on May 31, 2025, and remain posted through June 30, 2025. I've provided a link to the Notice in comment #1 below. If you need assistance please contact me at brian.strahle@frazierdeeter.com. #tennessee #tntax #tnfranchisetax #franchisetax #tax #taxes #statetax #stateandlocaltax #SALT #multistatetax #middlemarket #privateequity #taxrefunds #taxcontroversy #statetaxrefunds #TNtaxrefunds #amendedreturns #tnamendedreturns #TNDOR #tntaxlaw #tnlaw #tnlegislation

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On April 25, 2024, the Tennessee General Assembly passed HB 1893/SB 2103, repealing the property base component of the franchise tax. This change allows taxpayers who have paid Franchise taxes based on the property tax base for the preceding three years to file a refund claim for the difference between the property tax base assessment and the calculated net worth base. Time is limited for affected taxpayers to file claims, with the deadline ending November 30, 2024, for returns filed since January 1, 2021. #TaxReform #Tennessee #FranchiseTax

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The Governmental Accounting Standards Board’s (GASB) seminal Statement No. 34 spans over 400 pages, with the “standards section” alone covering 56 detailed pages. This statement provides essential guidelines for Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. Beyond the standards, the rest of the document is rich with additional insights and valuable information that complement the core guidelines, underscoring the importance of a thorough examination. #GASB #GovernmentAccounting #StatementNo34

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With the passage of the Corporate Transparency Act (CTA) by Congress, a game-changing requirement for reporting beneficial ownership information (BOI) has been introduced. Aimed at cracking down on the misuse of shell companies and opaque ownership to hide illicit gains, this measure requires reporting to the Financial Crimes Enforcement Network (FinCEN). Want to understand what this means for you? Download our comprehensive Beneficial Ownership Reporting FAQs resource for all the insights you need! #CorporateTransparency #FinCEN #BOI #ReportingRequirments

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https://lnkd.in/dxJB4q-7 This will become interesting very quickly. Several things to unpack in this announcement. Tim Parrish and I will release our thoughts soon. I would love to better understand the criteria used to identify high risk claims. Perhaps based on a match of W2 data? Based on Q3 2021 filings? Based on industry?

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Practice Forward is undeniably the key that unlocked our ability to strategically pivot towards advisory services and take those early, first steps to develop a more predictive and prescriptive approach to helping our clients. All firms that have been living in a commoditized, reactive, and descriptive environment should pivot and look towards an advisory centric business model. It’s not too late.

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The IRS has released final regulations (T.D. 9992) regarding the determination of whether a qualified investment entity (QIE) is domestically controlled. These regulations, effective from April 25, 2024, introduce a transition rule exempting existing QIE structures from the final domestic corporation look-through rule for a ten-year period, subject to specific requirements. Section 897(h)(2) defines that a U.S. real property interest (USRPI) does not encompass an interest in a domestically controlled QIE. Notably, the DC-QIE exception applies to investment vehicles like real estate investment trusts (REITs) and regulated investment companies (RICs that predominantly hold USRPIs. Gain or loss on stock disposition in a domestically controlled QIE is generally not taxable under Section 897(a). For clarity, Section 897(h)(4)(B) dictates that a QIE is domestically controlled if less than 50% of the stock's value is held directly or indirectly by foreign persons during the designated testing period. These regulations offer valuable guidance for QIEs in understanding and navigating domestic control determinations, providing essential insights for stakeholders in these entities.

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"Millions of preparers inappropriately bypassed or missed accounting for Section 174, assuming legislative corrections would take place and would save them from their detrimental stances" Great article we just published sharing the risk of not making section 174 adjustments - there is enough information out for everyone to know that just because you are not taking the R&D tax credit doesn't mean you are subject to #section174. The R&D credit is now more valuable than ever because of 174 rules. #manufacturing #software #engineering verticals will be the biggest focus for 174 - lets setup a call today to discuss. #creditsandincentives #fundyourfuture #ACEC #manufacturingassocations https://lnkd.in/eGgPbDfw

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We just published a new blog post about the June 2024 Individual Due Dates, learn more from your friends at MTS Professional Tax Service Inc. Just click below.

Yesterday, I was reviewing questions a tax preparer asked one of my clients about the partnership representative on Form 1065, and I paused. Did we really need this info? The centralized audit regime lets the IRS audit partnerships at the entity level, meaning they deal with the partnership, not individual partners. It streamlines audits but changes how information is gathered. 𝙎𝙤, 𝙒𝙝𝙚𝙣 𝘿𝙤 𝙔𝙤𝙪 𝙉𝙚𝙚𝙙 𝙋𝙖𝙧𝙩𝙣𝙚𝙧𝙨𝙝𝙞𝙥 𝙍𝙚𝙥𝙧𝙚𝙨𝙚𝙣𝙩𝙖𝙩𝙞𝙫𝙚 𝙄𝙣𝙛𝙤? 👉 Look into Question 31 on Form 1065: 𝙉𝙤𝙩 𝘾𝙝𝙚𝙘𝙠𝙚𝙙: The client hasn't opted out of the centralized audit regime. You need the partnership representative’s info. 𝘾𝙝𝙚𝙘𝙠𝙚𝙙: The client has opted out, so no need to ask for this info. It’s a small step that can save you and your clients a lot of time and confusion. Ever been in a similar situation or have tips to share? Drop a comment! Let’s make tax prep simpler together. Tax Bytes with #YourTaxGuy CA Nemin Vora #irs #cpa #cpafirms #ustax #ai #taxtips

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