Archive for August 2019
Webinar: Qualified Opportunity Zones
Hawaii Enacts Economic Nexus Threshold for Income Tax and Other Significant Tax Legislation
Hawaii became the first state to enact a Wayfair economic nexus provision for income tax purposes, and this may be the beginning of a trend for more states to do the same. By Betsy Tuck, SALT Manager The 2019 Hawaii Legislative session has closed and there are several new tax laws that taxpayers should be…
Read MoreNew York Imposes Sales Tax on Purchaser of Assets Even When Seller Committed Fraud
Buyer Beware! States generally enforce successor liability for sales tax against purchasers of a business, even in cases where the seller may have committed fraud against the buyer, as was the case in this New York Tax Appeals Tribunal decision. By Jeff Glickman, SALT Partner Buying a business is a big deal, no matter the size. …
Read MoreArkansas: Contractor May Purchase Exempt Solar Farm Equipment Without Sales Tax
Sales tax rules for manufacturing businesses differ among the states, particularly with regard to the exemption for manufacturing equipment, and as this Arkansas Revenue Legal Opinion highlights, the specific function of each piece of machinery and equipment can impact whether it qualifies for an exemption. By Tina M. Chunn, SALT Senior Manager Most states provide some…
Read MoreReal Estate Newsletter August 2019
https://www.aprio.com/media/newsletters/RE-insights-08-19.html
Read MoreIRS Revives Form to Report Nonemployee Compensation
Employers who pay subcontractors nonemployee compensation should be aware of a change coming after 2019. The Internal Revenue Service (IRS) is bringing back a form last used in the early 1980s, 2020 Form 1099-NEC, Nonemployee Compensation. The IRS released a draft version of the form, which will be used to report compensation paid to contractors…
Read MoreFASB Votes to Delay New Lease Standard Effective Date
On July 17, 2019 the Financial Accounting Standards Board (FASB) voted unanimously to draft an Accounting Standards Update (ASU) to defer the effective date of the new Accounting Standards Codification 842, Leases. Once finalized, the delay provides privately-held companies with an extra year to adopt the new lease standard. Previously, the standard was scheduled to…
Read MoreIs Preferred Equity Right for Your Deal?
As CRE Lending Tightens, Preferred Equity Makes a Comeback Preferred equity is nothing new in commercial real estate, but we can expect the funding strategy to become more attractive in the coming months and into 2020. As we enter the final stages of the latest real estate expansion, preferred equity could help developers push deals…
Read MoreSpotlight on Stock Options
DOL Expands Retirement Plan Options for Smaller Businesses rather than Emerging Tax
The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs) that provide their employees a defined contribution…
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