People, Industries, Client Stories, News. Search it Here.

  • About Us
  • Industries
  • Services
  • People
  • Insights
  • Events
  • Careers
  • Contact
  • Privacy Policy
  • Site Map
  • Terms and Conditions
Search
Subscribe
Client Login
Friedman Alliance
  • Instagram
  • YouTube
  • Facebook
  • LinkedIn
  • Twitter
Menu
Friedman LLP
  • About Us
  • Industries
  • Services
  • People
  • Insights
  • Events
  • Careers
  • Contact
About Us
  • Overview
  • Awards
  • Purpose and Values
  • Diversity and Inclusion
  • DFK International
  • Friedman Gives Back
  • Women's Development Network
  • Merge With Us
  • Friedman Alliance
  • Client Experiences
Industries
  • Agriculture
  • Architecture & Engineering
  • Automotive
  • Cannabis
  • Construction
  • Digital Currency
  • Entertainment & Gaming
  • Financial Services
  • Health Care
  • Hospitality
  • Law Firms
  • Life Sciences
  • Manufacturing, Distribution & Retail
    • Consumer Products
    • Diamond & Jewelry
    • Fashion
  • Multimedia
  • Nonprofit
  • Real Estate
    • Affordable Housing
    • Owner/Developer
    • REITs
  • Restaurants
  • Technology
Services
  • Accounting, Audit & Assurance
    • Employee Benefit Plan Audits
  • Asia Practice
    • China Practice
    • 中国 业务
  • Business Development Advisory
  • COVID-19 Recovery and Growth Consulting
  • Cybersecurity Consulting | CyZen
  • Distressed Loan Workouts For Lenders and Borrowers
  • Economic & Statistical Consultants (Eco-Stat LLC)
  • Financial Recruiting Services
  • Forensic, Litigation & Valuation Services
    • Business Interruption Claims
    • Business Recovery
    • Divorce and Matrimonial
    • Economic Damage Analysis
    • Forensic Accounting and Fraud Investigation
    • Securities and Class Action
    • Valuation
  • Governance, Risk & Compliance
  • International Services
  • Outsourced Accounting
  • Public Company Services
  • Qualified Opportunity Zone Consulting
  • Tax
    • Corporate & Business Tax
    • Estate & Trust
    • Family Office
    • International Tax
    • Private Client
    • State & Local Tax (SALT)
    • Tax Controversy
    • Transfer Pricing
  • Transaction Advisory Services
    • Quality of Earnings
Careers
  • Campus Hires
  • Experienced Hires
Friedman LLP

PUBLICATION: May 20, 2022

This Week In Tax

This Week In Tax
Processing...
Publication: This Week In Tax

This Week In Tax is your one-stop shop for the latest newsworthy tax highlights, giving you a head start on tax planning for the months ahead.

Week of May 20

Claiming Bonus Depreciation on Lesser Known Property in 2022
2022 marks the final year of 100% Bonus Depreciation, which was made possible by The 2017 Tax Cuts and Jobs Act. What does this mean for you? Read on.

Sen. Gillibrand Plans to Bring Back Fashion Industry with FABRIC Act
The FABRIC Act intends to defend workers’ rights, guarantee wage and hour implementation, and endorse a fashion industry that is essential to America. Read on.

Week of May 13

Drop Until You Swap! What to Do With Partners Who Don’t Want a 1031 Exchange
If you need to cash out partners who no longer want to participate in the 1031 exchange, consider the drop and swap. We can help you navigate the process today.

America COMPETES Act Aims to Heighten Competition Overseas
The house and senate are trying to reach an agreement to pass the America COMPETES Act, providing roughly $50 billion towards chip manufacturing. Learn more.

Week of May 6

The increased lifetime exemption amount provided for by the Tax Cuts and Jobs Act (“TCJA”) used to shield certain lifetime gift transactions involving GRATs; QPRTs; custodial accounts; transfers of life insurance policies; and certain transfers of a promise to pay could be subject to claw-back after 2025 resulting in a loss of some or all of the increased lifetime exemption provided for in the TCJA.

Week of April 29

What happens when the IRS asserts unreported income? How does a taxpayer prove that such income was not received or doesn’t even exist?

Week of April 22

Cryptocurrency represents a paradigm shift for money as we know it — how we save it, how we invest it, how we spend it.

Week of April 15

They say nothing happens in Washington in an election year. Then again, every other year is an election year. The classic refutation is the passage of the Tax Reform Act of 1986 (”TRA86”) less than two weeks before that year’s mid-term elections.

We don’t expect any legislation of that magnitude to emerge, but that hasn’t stopped the parade of tax bills in Congress – some meaningful, some less so – from being introduced.

Week of April 8

Congress has introduced two bills of interest to the automotive industry — the first addresses dealers' LIFO inventory concerns and the second concerning the ‘‘Autofill Act of 2022,” which will allow taxpayers to file returns online on a secure IRS website. The returns would be automatically populated with information already in IRS systems – W-2s, 1099s, Social Security information.

Week of April 1

President Biden has sent his 2023 budget proposal to Congress, and it includes information about the way individuals, estates, and gifts may be taxed.

Week of March 25

To say that the tax treatment of cryptocurrencies is uncertain would be an understatement. The IRS hopes its guidance will help clear things up. Plus, if you’re considering launching a crowdfunding effort, you should brush up on the IRS’s latest reporting guidance.

Discover even more, here. 

  • Share

Insights

Insights

Back to Insights

Related Services

Related Services
  • Tax Services

People

People
  • Michael J. Greenwald
    Michael J. Greenwald
    MPPM, CPA, Partner, Business Tax Leader
    mgreenwald@friedmanllp.comp212.842.7513
    f212.842.7001

Subscribe

Subscribe

© 2022 Friedman LLP All Rights Reserved.
  • Privacy Policy
  • Site Map
  • Terms and Conditions

Designed and developed by Greenfield/Belser Ltd.

DFK International