Planning Priorities: Important planning points that affect multiple taxpayer groups.
- Real estate: Review cost segregation studies, depreciation, qualified improvement property, passive activity losses, and Section 1031 exchanges.
- State and local taxes: Evaluate nexus, remote employees, multistate income allocation, sales tax collection, and PTET opportunities.
- International taxes: Review foreign account reporting, foreign tax credits, cross-border transactions, and international information returns.
- Energy incentives: Review expiration and transition rules for clean energy credits, vehicle incentives, and qualifying property.
- Retirement plans: Evaluate SECURE 2.0 requirements, retirement plan startup credits, and employer plan administration.
- Nonprofit organizations: Review unrelated business taxable income, charitable contribution documentation, and exempt organization reporting.
- Business ownership transitions: Evaluate succession planning, business sales, stock transactions, and Section 1202 qualified small business stock.
- Digital assets: Review cryptocurrency transactions, digital asset basis records, and evolving Form 1099-DA reporting.
- Tax compliance: Review outstanding IRS notices, amended returns, estimated taxes, and expiring tax elections.
- Disaster-related provisions: Determine whether federal or state disaster relief, casualty losses, or special filing extensions apply.