Archive for January 2020
New York: Mandatory S-Corporation Rules Applied Following 338(h)(10) Election
Pursuant to a unique New York provision, a federal S-corporation that did not make a separate New York S-election was treated as a New York S-corporation following a sale of the business in which the parties made a 338(h)(10) election, resulting in a large New York tax assessment against the S-corporation shareholders. By Kristen Davis,…
Read MoreMassachusetts Explains Application of Multiple Points of Use Exemption for Software Transactions
For businesses that purchase software that will be used concurrently by users in multiple states, sales tax rules may allow the purchaser to provide the seller documentation that certifies the percentage of usage in each state, which could minimize the purchaser’s sales and use tax liability. By Jess Johannesen, SALT Manager State tax laws have always…
Read MoreAlabama Denies Refund of Composite Payments Not Claimed Within Statute of Limitations
Owners of pass-through entities should pay close attention to the taxes that are paid on their behalf by the pass-through entity, because failure to take credit for those payments in a timely manner may prevent a future refund claim. By Tina M. Chunn, SALT Senior Manager On Dec. 27, 2019, the Alabama Tax Tribunal issued a…
Read MoreState Marketplace Facilitator Rules Adding Complexity to Sales Tax Compliance Landscape
State marketplace facilitator rules have created added complexity to sales tax compliance, and marketplace facilitators and marketplace sellers need to pay attention to state guidance in order to understand their respective obligations. By Jeff Glickman, SALT Partner The November/December 2019 issue of the SALT Newsletter contained an article noting the rise in state marketplace facilitator rules…
Read MoreTax Accounting & Provision Services Overview
New Description of Materiality for Audit and Attest Engagements
The American Institute of Certified Public Accountants’ (AICPA) Auditing Standards Board (ASB) recently issued a new description of materiality for audit and attestation engagements. The primary reason for this change is to align the materiality concepts of AICPA with other major accounting governing bodies in the U.S. The AICPA believes that the revised definition will…
Read MoreThe SECURE Act Passed – What does it mean for you?
By Michael Saulnier, Director, Retirment Plan Services On Dec. 20, 2019, President Trump signed a new Act into law that aims to expand and strengthen retirement solutions for workers across the country. This new legislation called the SECURE Act (an acronym for “Setting Every Community Up for Retirement Enhancement”), triggers significant changes for both existing…
Read MoreRetail Franchise and Hospitality Overview
Enterprise Risk Management Overview
New IRA Distribution Rule
As we rang in 2020, the Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act went into effect, enacting a number of major changes to IRA and 401(k) retirement plans. From an estate planning perspective, perhaps the most significant change under the SECURE Act is the mandate requiring plan…
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