Archive for July 2016
IRA Investment: Income Tax Surprise
At a glance Main takeaway: It’s not difficult to come by a traditional retirement plan, however, it’s not as common to find a plan trustee that allows investments in real estate, specifically debt financed property. Impact on your business: For some, an investment in real estate is preferred over traditional retirement plan options, such as…
Read MorePennsylvania Sales Tax Goes Digital
Effective August 1, 2016, Pennsylvania’s sales tax will be imposed on the sale of digital products. Thus, sellers of digital products should start collecting Pennsylvania sales tax on such sales to customers located in Pennsylvania. This is a significant expansion of the sales tax base in Pennsylvania, with purchases of music, smartphone “apps,” and online…
Read MoreGSA Moves Forward with the Implementation of the new Formatted Product Tool (FPT)
The Formatted Product Tool (FPT) has been established to assist GSA contracting officers in their evaluation and negotiation of all participating contractors’ schedule pricing. The FPT is expected to assist GSA with standardizing Manufacturer Part Numbers in order to streamline analysis of fair and reasonable pricing. The tool will utilize complex algorithms to compare all…
Read MoreA Welcome Break on the Fee for 1023-EZ Application for Tax Exempt Status
Effective July 1, 2016, the application fee for filing the Form 1023EZ has been lowered to $275. The old fee was $400. That’s a savings of $125, and is a welcome relief to small nonprofits applying for tax exempt status. The new streamlined Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of…
Read MoreSection 199: Domestic Production Activities Deduction, What Counts?
“Big Time Construction Corporation” made a significant profit this year resulting in higher taxable income than expected. Therefore, Big Time Construction Corporation is exploring opportunities to reduce their tax liability. As a construction contractor who builds or renovates real properties in the United States, the Company is eligible to take advantage of the IRC Section…
Read MoreCommentary: Brexit and Your Taxes
Commentary: Brexit and Your Taxes
Read MoreProvidence Title Company of Texas Receives SOC 2 Type 2 Report with Focus on ALTA Best Practices Compliance from HA&W, LLP
The report demonstrates that Providence Title Company of Texas has effective risk management procedures in place over a period of time July 12, 2016- HA&W, LLP, a nationally-recognized tax, accounting and business consulting firm, announced today that Providence Title Company of Texas, a multi-office title agency located in Texas, has received a Service Organizations Controls…
Read MoreTechnology & Biosciences Insights July 2016
https://www.aprio.com/media/newsletters/tb-insights-july-2016-2.html
Read MoreState & Local Tax (SALT) Newsletter July 2016
https://www.aprio.com/media/newsletters/SALT-Newsletter-072916.html
Read MoreUsing a “Back Door Roth” IRA? Be Mindful of the IRA Aggregation Rule
As many of you know, the concept of a “back door Roth” IRA is relatively simple. It allows taxpayers with higher incomes ($132,000 or more if you’re single, and $194,000 or more for married couples filing jointly in 2016) to fund their Roth accounts through contributions to traditional IRA accounts and subsequently convert them to…
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