ARTICLE | April 30, 2024 Authored by RSM US LLP Artificial intelligence (AI) is transforming how companies in all industries do business, introducing new opportunities to increase business capabilities, efficiency and insight. One of the key applications at the center of this current AI revolution is Microsoft Copilot for Microsoft 365, an AI companion that helps users unlock new levels of creativity, productivity and analytics. RSM US LLP’s Todd Bleeker and William Jones recently joined presenters from Microsoft and AI for Social Progress and Economic Growth (AI4SP) for a webcast that prov ..read more

ARTICLE | April 09, 2024 Authored by RSM US LLP Executive summary: State tax ASC 740 Q1 update The following state tax developments were enacted during the first quarter of 2024 and should be considered in determining a company’s current and deferred tax provision pursuant to ASC 740, income taxes, for the quarter ended March 31, 2024. This information summarizes the listed developments and may not provide additional nuanced considerations that may be relevant for provision purposes. For questions about these quarterly updates or other recent legislative and regulatory developments, please ..read more

ARTICLE | March 20, 2024 Authored by RSM US LLP Tax policy is driving the decarbonization of many industrials companies. In the United States, nearly two years after the passage of the Inflation Reduction Act of 2022 (IRA), manufacturers are actively engaged in decarbonization projects. The federal and state tax incentives provided by that legislation have in many cases been the catalyst to greenlight these projects. The U.S. federal tax credits from the IRA fall into a few general categories: Production and investment credits for clean electricity generated from renewable resources such a ..read more

ARTICLE | March 13, 2024 Authored by RSM US LLP Executive summary: President Joe Biden’s proposed FY 2025 budget unlikely to spur action in current Congress but will set course for tax policy discussion The Biden administration released its fiscal year 2025 proposed budget, which is generally viewed as an expression of the administration’s priorities. Similar to last year’s budget proposal documents, this budget message was released to a divided Congress, and none of the revenue proposals in the proposed budget are expected to be enacted during the second session of the 118th Congress ..read more

ARTICLE | February 15, 2024 Authored by RSM US LLP Executive summary: Significant new provisions available to qualified retirement plans Qualified retirement plans have seen significant legislative changes over the last few years in the form of both new optional provisions, as well as required modifications. The volume of changes, along with staggered effective dates, the push back of amendment deadlines, lack of guidance from the IRS and changing workforce demands has confronted plan sponsors with an overwhelming number of operational decisions for their plans. In addition to staying in co ..read more

REAL ECONOMY BLOG | February 05, 2024 Authored by RSM US LLP The service sector continued its impressive expansion in January, growing for 43 of the past 44 months, according to the data released by the Institute for Supply Management on Monday. The overall index posted an upside surprise, rising to 53.4% from 50.5%. Anything above 49% generally indicates an expansion, suggesting that growth accelerated in January as it reached the highest level since September. The increase was broad-based as most of the subindexes showed positive change. Employment growth rebounded to positive territory ..read more

ARTICLE | January 12, 2024 Authored by RSM US LLP Today’s businesses face an exponentially changing marketplace. Any organization that tries to keep pace using yesterday’s processes will quickly fall behind. Instead, you must change along with it—or even proactively adapt in anticipation—by embracing new ways of working, thinking and engaging. Human-centered design can help organizations like yours understand how user interactions drive business outcomes and gain a competitive edge in an evolving market. By bridging the gap between your business and your most valuable resources—your custome ..read more

ARTICLE | December 08, 2023 Authored by RSM US LLP Executive summary: IRS to target large partnerships and wealthy individuals Large partnerships and high net worth individuals are the target of a sweeping enforcement effort that artificial intelligence will support, the IRS announced Sept. 8, 2023. The agency will prioritize enforcement against the largest and most complex partnerships, as well as individuals with annual income over $1 million and more than $250,000 in tax debt. The IRS has worked in conjunction with experts in data science and tax enforcement to create machine learning te ..read more

ARTICLE | November 29, 2023 Authored by RSM US LLP Executive Summary As 2023 comes to an end and just in time for the holidays, the IRS threw a much needed 'hail Mary’ pass to payment processors and online marketplaces that settle payments for customers by announcing yet another delay in implementation of the lower $600 form 1099-K reporting threshold for third-party settlement organizations (TPSOs). On Nov. 21, 2023, the IRS released Notice 2023-74  announcing that third-party settlement organizations (TPSOs) will not be required to report tax year 2023 transactions on a Form 1099-K t ..read more

OUTLOOK | November 02, 2021 Authored by RSM US LLP Companies face uncertain consumer behavior Consumer goods companies (i.e., apparel, home products and furnishings, beauty and wellness, recreational goods) experienced strong performance in 2021 as consumers, flush with additional discretionary income from government stimulus and wage rate growth, largely spent it on goods. However, as we move toward summer 2022, cracks are forming in consumers’ willingness and ability to purchase goods, especially given the current inflationary environment, with the April 2022 year-over-year consumer price ..read more