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Shadow Lending’s Rise Opens New Access to Capital
Once relegated to the dusty niches of capitalism, shadow lending has become a viable and sought-after source of capital that’s…
Washington Court Holds that Fees for Access to Online Research Library are Taxable as a Digital Automated Service
As businesses provide more products/services using technology, determining the proper sales/use tax treatment is more difficult given varying state classifications…
Firm Mattresses? Yes. Firm Financials, Not So Much
Steinhoff International Holdings NV (Steinhoff), which owns well-known mattress retailer Mattress Firm, was recently recognized as one of the worst…
The Devil is in the Details (of the Contract): U.S. Tax Court Upholds the Current Definition of “Funded” Research
By Carli Huband, Partner-in-Charge, R&D Tax Credit Services and Maggie Crow, Senior Technical Writer When it comes to qualifying for…
Refundable Tax Credit For D.C. Retail Businesses
Businesses in the District of Columbia should not overlook the Small Retailer Property Tax Relief Credit. The term “small retailer”…
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…
Massachusetts 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…
Alabama 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…
The 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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
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…
Hawaii Enacts Economic Nexus Threshold for Income Tax and Other Significant Tax Legislation
Hawaii became the first state to enact a Wayfair economic nexus provision for income tax purposes, and this may be…
Arkansas: Contractor May Purchase Exempt Solar Farm Equipment Without Sales Tax
Sales tax rules for manufacturing businesses differ among the states, particularly with regard to the exemption for manufacturing equipment, and…
Is Preferred Equity Right for Your Deal?
As CRE Lending Tightens, Preferred Equity Makes a Comeback Preferred equity is nothing new in commercial real estate, but we…
Not All States Are On Board with the Tax Benefits of Qualified Opportunity Zone Investments
The Tax Cuts and Jobs Act provides very favorable tax benefits to taxpayers that make investments in Qualified Opportunity Zones,…
The Business Interest Deduction Limitation
Taxpayers filing their tax returns for tax years beginning after December 31, 2017 will need to adhere to the business…
When and How to Share Data in an M&A Transaction
If you’re in the finance sector, you’re likely familiar with Eugene Fama’s Efficient Market Hypothesis (EMH), an investment theory whereby…
U.S. Government Contractors and Cross-Border Payroll Tax Issues
The cross-border global expansion of business activities continues to increase exponentially in the US government contracting industry. Many government contracting…
Texas Rules That Taxpayer is Providing Taxable Data Processing Services
Whether a particular service should be classified for sales tax purposes as an exempt information service or a taxable data…
New Jersey Issues Guidance for Mandatory Unitary Combined Reporting
As part of a major corporate tax overhaul, New Jersey enacted mandatory combined unitary reporting for taxable years ending on…
Alternative Tax Strategies for the Qualified Improvement Property “Glitch”
The road to tax reform was paved with good intentions. The Tax Cuts and Jobs Act (TCJA) produced the most…
Louisiana Denies Claim of Overpaid Sales Tax from Rewards Program Transactions
This Louisiana Court of Appeals decision highlights the sales tax impact of discounts, including rebates and coupons, which can vary…
Washington Rules That Pharmacy Benefit Service Provider’s Revenues are Subject to B&O Tax
A Washington Court of Appeals opinion explains how the status of a third party as an agent or independent contractor…