The IRS on Thursday issued proposed regulations (REG-112129-23) addressing the application of the Sec. 55 corporate alternative minimum tax (AMT) as amended by the Inflation Reduction Act of 2022, P.L. 117-169. The Service also issued a notice further delaying the application of the penalty for failure to pay estimated tax with respect to the corporate AMT.The proposed regulations provide guidance on determining if a corporation is subject to the corporate AMT...(More)

When I was a practicing attorney, I often heard that someone didn’t need an Estate Plan, or needed only a “simple plan” because they didn’t have much in the way of assets, or they only had relatively few beneficiaries. Other potential clients indicated that they didn’t need a plan because they added a beneficiary to all their assets.None of these circumstances means that an individual doesn’t need an Estate Plan.  In fact, individuals whose estates are modest, who have few beneficiaries, or who have added beneficiaries to assets may require more planning than they realize. (More)

Cash flow is the lifeblood of a business. It's the stream of money coming in and going out that keeps operations running, pays bills, and helps a company to grow. For small business owners and entrepreneurs, managing cash flow isn't just about bookkeeping; it's a critical part of ensuring the financial health and longevity of your enterprise.Understanding the nuances of cash flow is essential, as it's a more accurate measure of a company's financial health than profitability alone. A business can be profitable... (More)

By any measure, sales taxes matter. Sales taxes account for 30.4 percent of all state tax revenue, second only to individual income taxes (37.7 percent),[1] and are a meaningful source of local tax revenue as well, albeit a distant second behind property taxes. They win high marks for their stability and economic efficiency, but are often criticized for their complexity for remote sellers and potential regressivity, both real and perceived.Nearly a century into the history of state sales taxes, moreover, interest in them is coming full circle.(More)