Every dollar your organization pays in taxes is a dollar that will never contribute to profitability or growth. With our deep knowledge of federal tax law, regulatory and legislative pronouncements, and tax court rulings, CohnReznick advises your business on ways to minimize tax obligations and maximize benefits in full compliance with the law.
COMPLIANCE AND PREPARATION
Your company’s tax situation is unique. CohnReznick conducts a thorough review of your business plans, current activities, and industry nuances to develop an optimal tax strategy. Our capabilities extend well beyond tax reporting and filing to include expert advice on tax deferral programs, federal tax credits, and other incentive programs. Once in place, our team works with you to proactively comply with current and evolving regulations to reduce tax burdens while fulfilling all statutory requirements.
NATIONAL TAX ADVISORY
Successful organizations balance two tax objectives — minimizing their tax burdens and reducing the risk of audit and unexpected tax liabilities. Our National Tax Advisory group works to meet both goals, delivering advice on best practices for tax-efficient accounting on income and expenses, inventory, Section 382 net operating loss (NOL) calculations, limitations, and carry-forwards. By performing repair and maintenance analyses, fixed asset studies, and earnings and profit analyses, this team identifies opportunities for your business to minimize federal tax obligations. At the same time, through a cost segregation analysis of your personal and real property, we may discover ways to defer taxes, increasing cash flow to your business.
TAX PROVISION (ASC 740, 740-10)
Compliance with financial rule ASC 740 and ASC 740-10 provisions on calculating current and deferred income tax is now required of all companies adhering to U.S. GAAP standards. CohnReznick brings in-depth knowledge of rules and requirements and a familiarity with best practices including the establishment of a robust recognition, measurement, and disclosure process to support all of your business filings.
CohnReznick Tax Alerts
InsightInfrastructure bill eliminates 2021 Q4 Employee Retention Credit (ERC) for most employersDana FriedWith the exception of recovery startup businesses, employers are no longer able to claim an Employee Retention Credit for Q4 2021. Read more.
InsightIRS releases 2022 retirement plan and IRA COLA-based limitation amountsDana FriedRead which contribution limitations, threshold and phase-out amounts, and other key figures have increased under the IRS’s cost of living adjustments for 2022.
InsightWhat do federal tax proposals mean for solar valuations?Steven Munson, Donald NimeyRead about potential impacts of corporate and ITC tax changes proposed under the American Jobs Plan, the Build Back Better Act, and other federal plans.
Press ReleaseSolarz joins CohnReznick as National Tax Managing DirectorCohnReznick LLP, one of the leading advisory, assurance, and tax firms in the United States, today announced that Alan H. Solarz, JD, CPA, has joined the firm as Managing Director in its rapidly growing National Tax practice. Based in New York, Solarz has more than 35 years of experience as a transactional tax lawyer and tax advisor.
InsightIRS provides additional ERC guidance on calculations for newer businesses, majority owners’ wages, PPP loan forgiveness as gross receipts, and moreDana FriedNotice 2021-49 and Revenue Procedure 2021-33 cover majority owners’ wages as Qualified Wages; PPP forgiveness amounts and the gross receipts test; and more.