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Mercedes, Lexus Forfeit in ERISA Case Underscores Need for Fiduciary Best Practices
The order by the U.S. District Court judge in Mississippi was clear: hand over the Mercedes, two Lexuses, a truck…
GSA Migrating All Sales Reporting to FAS Sales Reporting Portal
The General Services Administration (GSA) intends to migrate all Schedule contracts currently reporting sales in the 72A system over to…
IRS Issues Practice Aid on S Corporation Stock Basis Ordering Rules
In early January 2018, the IRS issued a practice unit on the S Corporation stock basis ordering rules. A practice…
Illinois Adopts Regulation on Trade Show Nexus
The Illinois Department of Revenue adopted a new regulation addressing a safe harbor rule with respect to nexus arising from…
Maine Denies Owner a Tax Credit for New Hampshire Taxes Paid by Business
When a non-resident individual owns and operates a pass-through entity in a state that imposes entity-level taxes, the owner’s resident…
Oregon Court Rules That Banks with No Physical Presence Have Corporate Income Tax Nexus
The Oregon Supreme Court ruled that two banks without physical presence still have income tax nexus in Oregon, impacting the…
New Jersey Denies Resident S-Corporation Shareholder Full Credit for Tax Paid to Pennsylvania
A New Jersey Tax Court opinion demonstrates that although resident individuals receive a credit for taxes paid to other states,…
Wayfair and Sales Tax Nexus: The Aftermath Part 2
Eleven more states will begin enforcement of their economic nexus sales tax rules beginning on Oct. 1, 2018. In our…
The Interplay of Tax Reform’s IC-DISC & Pass-Through Deduction: What We Know So Far
A key tax benefit for companies that do exports was at risk of getting killed from President Donald J. Trump’s…
Do You Know the Laws Governing Unclaimed Property in Your State?
It is not uncommon for nonprofit organizations to have uncashed checks, such as refunds from clients or customers or payments…
The Capitalized Costs of Cannabis
In 1937, Congress ratified the Marijuana Tax Act which made it illegal under federal law to deal in the business…
New Tax Reform Carried Interest Rules Could Put CRE Investors at Odds with Developers
It was somewhat of a surprise in the final legislation President Donald J. Trump signed into law in late 2017…
Two Methods for Valuing Your Construction Company
“What’s the market value of my company?” is a question business owners often wonder about. However, coming up with an…
Maryland Comptroller Issues Guidance on Approved Wayfair Regulations
The Maryland Comptroller has issued a tax alert instructing out-of-state vendors on how to apply recently approved regulations regarding sales…
Dental Practice Lifecycle: Sale of Practice & Retirement
After the start-up and acquisition phase and years of hard work growing your own dental practice, you may be ready…
Should Your Restaurant Go Cashless?
Cashless restaurantsare on the rise, even though the average American still carries cash in her wallet and uses it for…
Revenue Recognition Under ASC 606 for Nonprofits
The new revenue recognition standard, ASC 606, will greatly affect how nonprofit organizations recognize and classify revenue from grants, contracts,…
How Does Blockchain Work?
Blockchain technology is all about trust and transparency. In the current model of commerce, we place “assumed trust” in companies…
New Trust Services Criteria Are Set to Transform SOC 2 Reporting
The ability to demonstrate readiness for the next cyber event is a significant competitive advantage for any company that collects…
Doing Business in China? Make VAT Part of the Revenue Equation
Consider this increasingly common international business scenario: A service provider offers data analytics to clients in China through an online…
Texas Finds Individual Personally Liable for Unpaid Sales Tax
A Texas Administrative Law Judge found that the president and sole owner of a business should be personally liable for…
Massachusetts Rules Taxpayer Outsourcing its Manufacturing Activities Must Still Use Single Factor Apportionment
The Massachusetts Appellate Tax Board determined that an out-of-state company was a manufacturer and therefore required to use single sales…
New York Rules That Purchaser of a Business is Liable for the Seller’s Sales Tax Delinquency
The New York Division of Tax Appeals held that a purchaser of a business is liable for the seller’s sales…
State Corporate Income Tax Consequences of IRC Section 965 Repatriation Income
State guidance that has been issued so far reveals the complexity and variation among them, and taxpayers must analyze the…
Michigan Rules That Repossessed Property Does Not Preclude Bad Debt Sales Tax Refunds
Businesses that write off bad debt may be able to claim sales tax refunds, and as this Michigan Supreme Court…
Death of DOL Fiduciary Rule Raises Question: Do You Know Your Fiduciary Ecosystem?
The on-again, off-again legal deathwatch of a stronger fiduciary rule by the U.S. Department of Labor that captivated investment advisors…
Atlanta Business Chronicle Viewpoint: Call to Action for Georgia Manufacturers
Originally published in the Atlanta Business Chronicle on Friday, Aug. 24, 2018. View the original here. Georgia’s manufacturing industry is…
Are Charitable Contributions Deductible on Form 1041?
Every time a testator decides to make a charitable organization a beneficiary in either their will or trust, the question…
How to Account for Debt Securities
US Treasury bills are short-term obligations sold at a price less than their face value. Treasury notes and bonds are…
Five Key Changes to Tax Law That Will Affect Colleges and Universities
Colleges, universities and other nonprofits have plenty to digest when it comes to last year’s massive tax overhaul. Many of…
Department of Labor’s New Focus During Retirement Plan Audits
Most employers are terrified at the thought of being audited by a regulatory agency. Retirement plan audits in particular cause…
Prepare for Scrutiny of Information Risk Management with SOC for Cybersecurity
Businesses today face unprecedented challenges when it comes to protecting sensitive digital information and programs. Unfortunately for many companies, the…
Georgia Music Investment Act Provides Tax Credits to Boost State Music Industry
People around the world tap their feet, clap their hands and nod their heads to the beat of Georgia musicians….
Top Tax Question for Law Firm Partners: Should I Participate in State Composite Filings?
Many law firms operate in more than one state. Oftentimes, this requires partners or shareholders to file income tax returns…
401(k) Auto Enrollment Trends
Hardly a day goes by when we don’t hear about the retirement crisis in America. In response to this crisis,…
Dental Practice Lifecycle: Start Up & Acquisition
Every dental Practice follows its own unique lifecycle, however, there are a few main phases it will pass through as…
New R&D Expense Amortization May Hurt Cash Flows, Valuations
Research and development, which is the lifeblood that keeps many companies competitive, will soon lose some of its advantageous tax…
Audit Preparedness and You
Audit season is starting up for organizations with December 31st year ends. Nothing really rings in the New Year like…
Head and Heart: “Real” Employee Engagement Reduces Turnover, Increases Productivity
Most annual performance reviews and employee surveys include a section about employee engagement, a nebulous catch-all category that attempts to…
Top Tax Mistakes Attorneys Make
Most attorneys work tirelessly to advance their careers and earn a particular salary. So, don’t let some common tax mistakes…
Service Contract Labor Standards (SCA) Minimum Health and Welfare Amounts Increased
Effective July 11, 2018, the Department of Labor (DOL) increased the prevailing health and welfare (HW) fringe rate under the…
Virginia Rules That Nexus is Created by In-State Contractor Marketing to Out-of-State Customers
Virginia ruled that a business has sales/use tax nexus in the state when it has an independent contractor who solicits…
New York Court Upholds Double Taxation of Dual Resident on Investment Income
A recent New York court opinion held that a resident of two states could be taxed by both states on…
Wayfair and Sales Tax Nexus: Let the Aftermath Begin
There has been a flurry of state activity leading up to and following the Wayfair decision, as states begin the…
North Carolina Court Rules That State Can’t Tax Trust Based Solely on Resident Beneficiary
The North Carolina Supreme Court ruled that, pursuant to the Due Process Clause of the Constitution, the state could not…
Michigan Provides Guidance on the Unitary Business Group
Determining whether related entities constitute a unitary business group that is required to file a combined return is complicated, but…
Real Estate Turns to Real-Time Video to Catch Thieves, Save Money
It was the middle of the night when the would-be thief canvassed the site of the mixed-use development that was…