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U.S. Individual Shareholders of Controlled Foreign Corporations May Elect to Decrease Tax on GILTI
The Tax Cuts and Jobs Act (TCJA) enacted various US international tax provisions. The new law includes the US federal…
U.S. Shareholders of Foreign Corporations and the Moving Target of Form 5471
The 2017 Tax Cuts and Jobs Act (TCJA) enacted significant changes to the U.S. international tax regime. U.S. shareholders are…
IRS Releases Draft Revision of Schedule K-1 and Notice on Reporting Partnership Capital
This year, the IRS released a new draft revision of Schedule K-1 proposing several changes for tax year 2019. Of…
Spending Bill Extends Tax Breaks, Adds Retirement Account Provisions
With its winter recess looming before it, Congress has engaged in a flurry of activity. Most notably, it reached agreement…
Navigating S Corporation and Partnership Loss Planning Rules and Limitations
Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), the largest tax overhaul in decades, individuals could…
The Nonprofit Parking Tax Has Been Repealed
Thanks to a bipartisan effort in the U.S. House and Senate, the nonprofit parking tax (commonly referred to as the…
Exit Strategy Using an ESOP
At a glance The main takeaway: Employee stock ownership plans (ESOPs) are unique and nontraditional vehicles to streamline the business…
Renovations Placed in Service Provide Tax Deductions for Hospitality Business Owners
As 2019’s tax year begins to wind down, restaurant, hotel, and food distribution owners have the opportunity to take advantage…
California Issues Ruling on Sourcing of Income Paid to Independent Directors
Individuals who serve as independent members of a corporation’s board of directors may find that that their board compensation is…
Georgia Addresses Sales of Services Versus Tangible Personal Property
When businesses provide tangible personal property in connection with the delivery of a service, states often engage in a fact-specific…
Wyoming Rules That Sale of Business Assets Was Subject to Sales Tax
While most states provide a sales tax exemption for sales of business assets, the specific language of these exemptions differs…
Tennessee Issues Sales Tax Guidance on Car Subscription Services
In today’s economy there are subscription services for just about anything, including cars, and a Tennessee letter ruling highlights some…
Illinois Concludes that Receipts from Deemed Sale of Assets is Excluded from the Sales Factor
When selling a business, the receipts from the sale of assets can have a significant impact on the sales factor…
Uber Eats is a Marketplace Facilitator….Are You?
Almost as many states impose sales tax obligations on marketplace facilitators as they do on businesses with economic nexus, and…
Not All SOC 2 Reports are Created Equal
Information security in and of itself is incredibly complex. And the framework for SOC 2 examination and reporting is equally…
New In-Person Meetings with Revenue Officers Aim to Encourage Compliance… But What Are the Risks?
By: Mitchell Kopelman, Partner-in-Charge, Tax and Maggie Crow, Senior Technical Writer, R&D Tax Credit Services. On Nov. 15, 2019, the…
5 Ways to Polish Your Accounting Resume
The process of creating a resume is not intuitive. No one is born knowing the unspoken rules of business and…
2020 Outlook: Medical is Still a Solid Bet for Retail Owners and Investors
In 2020, market savvy healthcare providers will continue their migration away from traditional medical campuses to retail centers and malls….
IRS Tax Notices 6173, 6174, and 6174-A, What They Mean and What To Do.
Did you receive the IRS tax notice 6174, 6174A or 6173 in connection with your virtual currency transactions? If you…
IRS Aims to Expose Cryptocurrency-related Income with New Question on Form 1040
Earlier this month, the IRS released the first guidance in five years on the taxability for virtual currency transactions, including…
Use an ESOP to Transfer Ownership of Your Business
At a glance The main takeaway: With an impending retirement wave on the horizon, more businesses will be looking for…
Factor 2020 Cost-of-Living Adjustments into your Year-End Tax Planning
The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some…
8(A) Contractors Must Maintain Eligibility for the Life of the Program—or Else!
The Small Business Administration’s (SBA) 8(A) program allows the government to award contracts to eligible 8(A) firms on a set-aside…
Business Year-End Tax Planning in a TCJA World
The first tax-filing season under the Tax Cuts and Jobs Act (TCJA) was a time of uncertainty for many businesses…
It’s Not Too Late To Trim Your 2019 Tax Bill
Fall is in the air and that means it’s time to turn your attention to year-end tax planning. While several…
Utah 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…
Wayfair 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…
Texas 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…
California 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…
LLC 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…
Starting a Private Foundation
Private foundations are independent legal entities that are typically funded by individuals, groups, or businesses. A person might want to…
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…
“Keeping it Classy”: Understanding Solicitation Guidelines for Your Association’s PAC
The research is in! Stakeholders are demanding that corporations take an active role in solving social and economic problems through…
How Do I Value Collectible Assets for Estate Tax Purposes?
Collections containing paintings, coins, jewelry, sculptures, antiques, books, vases, silverware and other valuables are often the culmination of a lifetime…
The End of DUNS Numbers
It’s the end of an era. Starting in December 2020, a new, non-proprietary unique entity identifier (UEI) will replace proprietary…
ACP Market Analysis: Emphasis on Electronic Warfare Drives C4ISR M&A Activity
Electronic Warfare (EW), the battle for controlling electromagnetic spectrums, relies on data and signals to survey, fight, and defend military…
States Begin Applying Wayfair Decision to Income Taxes
Many states have been slow to change their income tax nexus rules to comply with the more aggressive sales and…
CEOs Speak: Setting Direction and Bringing Your Concept to Life
Experience is the best teacher. The next best thing is to learn from those who’ve done it. The October 3…
When Your Estate Includes an IRA
Several times each year, an executor will ask us, “What do I do with the IRA in the estate?” Often…
Massachusetts Will Allow Residents to Claim Tax Credit for the Connecticut Pass-Through Entity Tax
Massachusetts issued a draft directive that will permit resident members of pass-through entities that pay the new Connecticut Pass-Through Entity…
Texas Rules That Online Game is Subject to Sales Tax
A recent Texas decision imposing sales tax on charges for online games highlights the difficulty of applying old sales tax…
Georgia Department of Revenue Issues a Potpourri of Income Tax Guidance
The Georgia Department of Revenue issued guidance on GILTI and FDII as well as the impact of the United States…
Tennessee Provides Sales and Use Tax Guidance on Internet Database Services
Tennessee issued a private letter ruling concluding that the taxpayer’s web-based database access service was not taxable as either a…
Should I Change My Grantor Trust to a Nongrantor Trust?
In recent years, grantor trusts have been a popular method used by taxpayers in an effort to protect some of…
Estate Tax vs. Inheritance Tax: What’s the Difference?
Many taxpayers understand that when they die, assets belonging to their estate could be subject to a federal estate tax….
What Happens When a QPRT Ends?
Homeowners who want to minimize their future estate taxes and transfer their home to their children might consider setting up…
Timeline for Campus Candidates in Public Accounting
When should you start applying for internships and full-time positions? The answer depends on your industry, but we will focus…
Wayfair and Nexus: The Aftermath, Part 6 – No More Cookies and Thresholds
Kansas’ Governor vetoed the state’s proposed Wayfair sales tax economic nexus legislation, but then the Kansas Department of Revenue issued an administrative…