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Amended Texas Franchise Tax Apportionment Regulation Adopts Significant Sourcing Changes
By: Jeff Glickman, partner-in-charge of Aprio’s SALT practice At a Glance: The Main Takeaway: The Texas Comptroller of Public Accountants has…
How the Products You Sell Impact Your Purchase Exemptions
By: Tina M. Chunn, CPA, State and Local Tax Senior Manager at Aprio At a Glance: The Main Takeaway: Two advisory…
To Tax or Not to Tax? Using the True Object Test to Assess Sales Taxability
By: Betsy Tuck, State and Local Tax Manager at Aprio At a Glance: The Main Takeaway: In today’s growing, tech-fueled economy,…
FFATA Reporting Requirements
FFATA (Federal Funding Accountability and Transparency Act) reporting is required by all prime awardees that enter into subawards for $25,000…
OMB Extends Single Audit Submission Deadline
On March 19, 2021, the Office of Management and Budget released OMB Memo M-21-20, Promoting Public Trust in the Federal…
IRS Declines to Extend Due Date for First-Quarter Estimated Tax Payments
At a glance: The IRS has confirmed its extension of the filing due date for 2020 individual income tax returns…
Top-3 Fraud Vulnerabilities Associated with Remote Work
30 – Second Summary: The Main Takeaway: Though remote work has the potential to leave you open to fraud, there…
4 Basic Cybersecurity Steps Payment Facilitators Should Take
30-Second Summary: The Main Takeaway: Small businesses are just as vulnerable to cybersecurity threats as major Fortune 500 companies, yet few…
Employee Retention Tax Credit Creates Tax Refund Opportunities
The Consolidated Appropriations Act of 2021 signed into law on December 27, 2020 expanded both which employers are eligible for…
The Top 4 Myths About the Employee Retention Credit
30-Second Summary: The Main Takeaway: Businesses could obtain up to $33,000 per employee if they are eligible for the Employee Retention…
Maryland Comptroller Interprets Taxable “Digital Products” to include Almost Everything
On February 12, 2021, the Maryland General Assembly overrode the Governor’s veto of House Bill 932, making Maryland the most…
Is Vendor-Hosted Software Taxable? A New Rhode Island Ruling Offers Clarity to Providers
For sales tax purposes, when classifying a transaction as taxable software or a nontaxable service, states will often apply the…
Intercompany Transactions: How Diligent Documentation Can Help You Avoid B&O Tax Liability
Although intercompany transactions will typically net out for income tax purposes, that isn’t necessarily the case for states that impose…
The Liquidation Exception to Business Income: When It Does and Doesn’t Apply
Some states provide an exemption to business income for liquidations and will instead classify gains from such transactions as nonbusiness…
Funded R&D Project Documentation is Essential to Claim Credits
The R&D federal tax credit is a lucrative benefit for small and large businesses across industries. But if you don’t…
Maryland’s RELIEF Act Expands Pass-through Entity Tax Election to Apply to Nonresidents
On February 13, 2021, the Maryland legislature approved Governor Larry Hogan’s Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families…
The Newly Extended Solar Investment Tax Credit Can Brighten Your Business
Despite the news coverage, the Consolidated Appropriations Act, signed by President Trump on Sunday, December 27, 2020, contains more legislation than…
EIDL Advances No Longer Reduce PPP Loan Forgiveness
On January 8, 2021, the U.S. Small Business Administration (SBA) issued a Procedural Notice (the Notice) – Repeal of Economic Injury Disaster…
Maryland’s RELIEF Package Provides Sales Tax Credit for Small Businesses of up to $12,000
On February 13, 2021, the Maryland legislature approved Governor Larry Hogan’s Recovery for the Economy, Livelihoods, Industries, Entrepreneurs and Families…
Maryland Legislature Overrides Governor’s Veto to Enact Digital Advertising Tax and Sales Tax on Digital Products
Maryland has become the first state in the country to enact a tax specifically imposed on digital advertising. On February…
Who Should Your First Accounting Hire Be: Controller, Senior Accountant, or CFO?
Congratulations on successfully establishing your business and beginning operations! Now that you’re up and running, you may be considering your…
International Tax M&A Due Diligence for U.S. Government Contractors
Many US government contracting companies are continuing to expand their global footprint by performing contracts in other countries. The opportunity…
How to Handle Missing or Lost Retirement Plan Participants
Missing or lost retirement plan participants has been an issue for employers for many years with very limited concrete guidance…
The Pulse – What’s Happening in the Economy and the Capital Markets Dates covered: 2/1/21 – 2/5/21
Executive Summary It was a strong week in the markets, reflecting a good earnings season — but with the positive…
When to File CFC Interest Expense Limitation Elections
The TCJA U.S. Federal tax reform legislation enacted a business interest expense limitation applicable to U.S. taxpayers. The new rules…
The Corporate Transparency Act Gets Tough on Shell Companies
Over the last tumultuous year, a slew of new legislation has been passed, primarily in response to the pandemic and…
Top 5 Tips to Prepare for a Virtual Career Fair
With the spring semester gearing up, we have our eyes set on upcoming career fairs. Each interaction at a career…
Oregon Rules That Dividends and Gains From the Sale of Subsidiaries Are Not Taxable
Although income from an intangible asset may meet the state’s definition of apportionable “business income,” the asset from which such…
Arkansas Legal Opinion Highlights the Treatment of Services Provided with the Sale of Property
When a seller of goods also provides services in connection with its product sales, those services may be subject to…
Does Participation at a Trade Show (Post-COVID) Create Sales Tax Nexus?
Hopefully, in a post-COVID world, in-person trade shows will give businesses an opportunity to market and display their goods and…
New International Tax Reporting Required with Partnership and S Corporation Tax Returns
In recent years, the IRS has continued to emphasize U.S. international tax reporting as a high enforcement priority. U.S. taxpayers…
S Corporation Acquisitions with Foreign Target Corporations
There are a couple of different structuring options for the acquisition of an S corporation. A buyer that is a corporation…
U.S. Government Contractors and Foreign Branch Reporting on Form 8858
Beginning with the tax year 2018, the IRS now requires US taxpayers to file the US federal Form 8858 to…
The Pulse – What’s happening in the Economy and the Capital Markets : 1/18/21 – 1/22/21
Executive Summary The economy and the markets are continuing their healthy start to the year — recent government data shows…
Maryland’s Pass-through Entity Tax Election: Is There a Benefit for Restaurants, Hotels, Distributors and Retailers?
Recent IRS and Maryland publications have provided additional guidance and clarification on Maryland’s pass-through entity (PTE) tax election. The election…
The Key Reporting Changes Provider Relief Fund Recipients Should Know for 2021
The Key Reporting Changes Provider Relief Fund Recipients Should Know for 2021 Healthcare providers that received Provider Relief Fund (PRF)…
The Paycheck Protection Program and The Economic Aid Act: What Does it all Mean?
Signed into law on December 27, 2020, The Consolidated Appropriations Act, 2021 included $900 billion in stimulus relief, including $284…
Second Draw PPP Loan Application Released by SBA
On January 8, 2021, the U.S. Small Business Administration (SBA) released the Second Draw Borrower Application Form, SBA Form 2483-SD, for…
First Draw PPP Loan Application Eligibility and Requirements
On January 8, 2021, the U.S. Small Business Administration (SBA) released the Borrower Application Form, SBA Form 2483, for businesses applying…
Webinar: Unpacking PPP Updates from the Latest Stimulus Bill
The Consolidated Appropriations Act, 2021 (the Act) was passed by Congress on December 21 and includes some significant changes to…
Education 2021 & Beyond MA&A Webinar
As 2020 fades into the rear-view mirror, gain a competitive advantage in 2021 with Aprio’s webinar series: What’s Next –…
Latest Update on CIO-SP4
The NIH Office of Logistics and Acquisition Operations Associate Director Brian Goodger, who is also NITAAC’s acting director, announced that…
What Discount Rate to Use Under ASC 842 to Calculate Your Lease Liability
One of the key changes under the new leasing standard, Accounting Standards Codification Topic 842 (Topic or ASC 842), is…
Congress Makes Business Meals Temporarily 100% Deductible
When Congress passed the Tax Cuts and Jobs Act (TCJA) in 2017, it significantly limited the tax benefits available to…
Basis, That is the Question! If Not Now, When?
The Consolidated Appropriations Act of 2020 (CAA) provided clarification and delivered welcome news for owners of pass-thru entities (S corporations…
The Individual and Business Tax Provisions in the Consolidated Appropriations Act of 2020
The Consolidated Appropriations Act of 2020 (CAA) marks the culmination of months of negotiation around bringing aid to Americans affected…
Consolidated Appropriations Act of 2020 Favorable to Real Estate Industry
In the 5,593-page Consolidated Appropriations Act of 2020 (the Act), there are several provisions which impact the real estate industry….
Enhancements to the Employee Retention Credit
Monday, December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021 (the Act) which included several enhancements to the…