Archive for October 2019
Technology Newsletter, October 2019
https://www.aprio.com/media/newsletters/tb-insights-10-19.html
Read MoreUtah Rules That Taxpayer May Exclude Foreign Income from Combined Water’s Edge Return
The state income tax impact of a federal income tax election may be unclear and give rise to unintended negative state income tax consequences, as was the case in this Utah decision addressing the exclusion of certain consolidated members from the state’s combined return. By Jeff Glickman, SALT Partner The Internal Revenue Code (“IRC”) is littered…
Read MoreWayfair and Nexus: The Aftermath, Part 7 – Thresholds, Timing and Local Taxes
States and localities continue to enact sales tax economic nexus rules, apply Wayfair to income tax, and provide guidance in a variety of areas, including what revenue counts toward the thresholds and procedures for registering after the thresholds are exceeded. States and localities continue to enact economic sales tax nexus rules following the Wayfair decision…
Read MoreTexas Rules That Tee Time Reservation App Is a Taxable Data Processing Service
A recent Texas decision ruled that the taxpayer’s tee time reservation app constituted taxable data processing services and that sales was tax due on the barter transaction with its golf course customers, highlighting the sales tax complications that can arise when a third party technology gets involved in transactions that were traditionally between a buyer…
Read MoreCalifornia Rules That Minority LLC Owner is Not Required to Pay the Annual LLC Tax
Taxpayers have a potential California refund opportunity for the annual $800 LLC as the Office of Tax Appeals struck down the state’s argument that prior case law established a bright line 0.2 percent ownership test for “doing business”. By Betsy Tuck, SALT Manager Does your business own a minority interest in a limited liability company…
Read MoreLLC Operating Agreement Can Terminate an S Corporation Election
Limited liability companies (LLC) should be careful that their operating agreement does not contain language that violates the criteria required to make a small business corporation (S corporation) election. LLCs should also make sure the agreement does not contain language in any amendments or restatements that would cause an S corporation election to automatically terminate.…
Read MoreStarting a Private Foundation
Private foundations are independent legal entities that are typically funded by individuals, groups, or businesses. A person might want to start a foundation for various reasons: to be philanthropic, to expand their brand, to expand giving opportunities, and to take advantage of tax laws. When creating a private foundation, the first step is to define…
Read MoreLBA Haynes Strand is joining Aprio | Client Video
The Truth About Interim Rate Variance Invoices
Many government contractors assume that interim rate variance invoices should be prepared once the incurred costs are submitted and rates are settled with Defense Contract Audit Agency (DCAA), other cognizant audit agency, or an administrative contracting officer (ACO). However, both of these assumptions are not true. The best time to prepare interim rate variance invoices…
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