News

2024 Cost-of-Living Adjustments for Qualified Retirement Plans

Posted November 29, 2023

Robert W Dowdle, CPA, MPAcc BDO has published a highlighted summary of the significant cost-of-living adjustments (COLA) effective for 2024. These adjustments recently announced by the Internal Revenue Service (IRS) and the Social Security Administration (SSA) have a wide-ranging impact, including the savings rate for retirement plans. In general, annual compensation amounts and limits […]

Taxpayers Can Now Withdraw Employee Retention Credit Claims

Tax Tips

Posted November 27, 2023

David Martinson, CPA The IRS announced on October 19 the details of a special withdrawal process to help employers who filed an employee retention credit (ERC) claim and are now concerned about its accuracy in light of the IRS’s broader program warning about invalid claims. Who can ask to withdraw an ERC claim? Employers can use […]

2023 Year-End Tax Planning for Businesses

Year End Planning

Posted November 15, 2023

2023 has been a relatively quiet year from both a tax standpoint, and an overall economic standpoint for the United States. After 2022 saw historically high inflation as the economy rebounded from the impacts of the pandemic, inflation has cooled somewhat, and it appears that the chances of a recession have abated. The U.S […]

Unlock Year-End Tax Planning Success

Year End Planning

Posted November 15, 2023

A Trio of Essential Guides As the year draws to a close, proactive tax planning becomes pivotal for anyone looking to optimize their fiscal strategy – be it personal, business-related, or international. At VSH, we understand the complexity of staying up to date with the ever-evolving tax landscape. That’s why we’ve created comprehensive year-end tax […]

2023 International Investment Overview and Required Filings

International Tax Tips Year End Planning

Posted November 15, 2023

International Investment Overview and Required Filings: Filing requirements are based on a taxpayer’s specific facts and need continual evaluation. FinCEN Form 114 – Foreign Bank and Financial Account Reporting (FBAR): Required by U.S. persons and entities to report non-U.S. financial accounts exceeding an aggregate of $10,000 USD at any time during the calendar year. […]

2023 Tax Updates & Planning for U.S. Taxpayers Living Abroad

Year End Planning

Posted November 15, 2023

With 2023 quickly coming to an end, we want to ensure you are aware of your U.S. tax responsibilities and required filings for the upcoming year. Outlined below are helpful updates and tax planning ideas. Considerations for 2023: Net Investment Income Tax (NIIT) and Foreign Tax Credits: We are monitoring the ongoing court case […]

IRS Stops Processing New Employee Retention Credit Claims, Urges Employers to Seek Trusted Tax Professionals for Help

Advisory

Posted October 22, 2023

On September 14, 2023, the IRS published Information Release (IR) 2023-169 announcing IRS Commissioner Danny Werfel’s order to immediately stop processing new employee retention credit (ERC) claims. The moratorium will be in place at least through December 31, 2023. The IRS also issued IR-2023-170 on the same day, urging businesses to seek out a trusted […]

IRS Will Use New Resources to Expand Partnership Audit Focus

Advisory

Posted October 19, 2023

The IRS on September 8 announced that it will be leveraging funding from the Inflation Reduction Act to take new compliance actions, including actions focused on partnerships and other high-income/high-wealth taxpayers. It intends to use artificial intelligence (AI) and improved technology to identify potential compliance risk areas. With respect to partnerships, the IRS indicates that […]

Cross-Border Expansion: Navigating Business in the United States

International

Posted October 15, 2023

Expanding your business into a new country can be a daunting process, and when it comes to entering the United States, there’s no exception. With so many federal, state, and local tax laws, it’s easy to feel overwhelmed. But with careful planning and the right advice, you can confidently navigate the complex landscape of doing […]

VSH Promotes Lloyd Sandquist to Senior Assurance Manager

Staff Update

Posted October 10, 2023

VSH CPAs, a leading accounting and consulting firm in Northwest Washington, is pleased to announce the promotion of Lloyd Sandquist, CPA, to Senior Assurance Manager. Lloyd, a seasoned accounting professional with over 35 years of experience, is a valuable asset to the VSH audit and accounting department. He specializes in providing assurance services for privately […]

Technology’s 2023 Valuation View

Advisory

Posted October 5, 2023

2022 marked a 32-year low for U.S. initial public offerings (IPOs), with an 88% drop in the volume of IPOs compared to the prior year. In addition, dealmaking stalled, with business leaders unwilling to assume both the costs and risks inherent to transactions, making it a down year for valuations. This drop had several causes, […]

IRS Releases Substantive Guidance on the Treatment of Research and Experimental Expenditures Under Section 174

Advisory

Posted September 29, 2023

On September 8, 2023, the IRS released pre-regulatory guidance concerning the requirement to capitalize and amortize specified research and experimental (SRE) expenditures under Internal Revenue Code Section 174, as revised by the 2017 Tax Cuts and Jobs Act (TCJA). Notice 2023-63 is the long-awaited substantive counterpart to the procedural guidance initially released last winter (and […]

Featured Posts

2024 Tax Updates & Planning for Cross-Border Businesses and Global Families

Year-End Updates and Planning Considerations for Business Owners

The Connelly Case: How Life Insurance Policies Impact Your Estate’s Value

2024 Cost-of-Living Adjustments for Qualified Retirement Plans

Taxpayers Can Now Withdraw Employee Retention Credit Claims

2023 Year-End Tax Planning for Businesses

Unlock Year-End Tax Planning Success

2023 International Investment Overview and Required Filings

2023 Tax Updates & Planning for U.S. Taxpayers Living Abroad

IRS Stops Processing New Employee Retention Credit Claims, Urges Employers to Seek Trusted Tax Professionals for Help

IRS Will Use New Resources to Expand Partnership Audit Focus

Cross-Border Expansion: Navigating Business in the United States

VSH Promotes Lloyd Sandquist to Senior Assurance Manager

Technology’s 2023 Valuation View

IRS Releases Substantive Guidance on the Treatment of Research and Experimental Expenditures Under Section 174

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