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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…
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…
New York Imposes Sales Tax on Purchaser of Assets Even When Seller Committed Fraud
Buyer Beware! States generally enforce successor liability for sales tax against purchasers of a business, even in cases where the…
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…
IRS Revives Form to Report Nonemployee Compensation
Employers who pay subcontractors nonemployee compensation should be aware of a change coming after 2019. The Internal Revenue Service (IRS)…
FASB Votes to Delay New Lease Standard Effective Date
On July 17, 2019 the Financial Accounting Standards Board (FASB) voted unanimously to draft an Accounting Standards Update (ASU) to…
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…
DOL Expands Retirement Plan Options for Smaller Businesses rather than Emerging Tax
The U.S. Department of Labor (DOL) has released a final rule which should make it easier for smaller businesses to…
South Carolina Rules Data Collection and Analysis Services Using Online Reporting Software is Not a Taxable Communications Service
Sometimes states and taxpayers jump to the conclusion that if SaaS is provided, then the transaction is automatically taxable if…
New York Court Holds that Competitive Price Audits Constitute Taxable Information Services
In applying the “personal and individual” exclusion to otherwise taxable information services, New York’s high court looked to the nature…
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,…
States Continue to React to the Tax Cuts and Jobs Act’s New GILTI Provisions
States continue to enact legislation on the treatment of GILTI over a year and a half after such provisions were…
How to Value a Restaurant Business
Investors are constantly looking to purchase or buy into existing restaurants, while existing restaurant owners are always looking to sell…
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…
What You Need to Know about Virginia’s New Sales & Use Tax Collection Requirements
Many states have updated their laws since the Supreme Court issued its South Dakota v. Wayfair decision in June 2018…
IRS Releases Regulations Affecting Contributions to State Tax Credit Programs
By Rob Stroud, Senior Tax Manager, and Keith Little, Senior Tax Associate For several years, various programs have been popular…
United States Supreme Court Holds That State May Not Tax Trust Due Solely to Resident Beneficiary
The Court’s unanimous decision, while expressly limited to the specific trust at issue, provides taxpayers with opportunities to obtain state…
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…
Alabama Supreme Court Holds That Custom Software Is Taxable
The Alabama Supreme Court ruled that custom software is taxable (reversing over 20 years of guidance from the state) and…
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…
Wayfair and Nexus: The Aftermath, Part 5 – Aggregation and Local Issues
To celebrate the one-year anniversary of the Wayfair decision, this article addresses recent guidance from Virginia on its aggregation rules…
Inherited an IRA? It’s Not Always 100% Taxable
Beneficiaries of an inherited individual retirement account (IRA) are typically not privy to the income tax filings of the decedent….
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…
Wayfair and Nexus: The Aftermath – Part 4
As states continue to issue guidance on their Wayfair rules, we are beginning to see the slight differences among them…
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…
New Georgia Law Expands Tax Credits in Rural Counties and Oregon Enacts New Business Tax
Recent legislation in Georgia expands certain tax credits for taxpayers locating in designated rural counties, and Oregon enacts a new…
Employer-Owned Life Insurance Policies: Tax Treatment & Reporting Requirements
In the past, money received through a life insurance contract, paid by reason of the death of the insured, were…
Maryland Comptroller Clarifies GILTI Treatment
On April 17, 2019, the Comptroller of Maryland issued a Tax Alert to provide guidance to taxpayers on the state’s…
Artificial Intelligence to Help Resource-Strapped IRS More Efficiently Identify Tax Crimes
Tax criminals, beware: like the hosts in Westworld, the Internal Revenue Service (IRS) is becoming sentient! The IRS is now…
IRS Issues Guidance Explaining Inclusion in Federal Gross Income of State and Local Tax Refunds
With new rules under federal tax reform, such as the $10,000 itemized deduction limitation for state and local taxes, the…
Wayfair and Nexus: The Aftermath – Part 3
Indiana issued much-needed guidance to address which sales are used to calculate the economic nexus revenue threshold (other states need…
New York Rules that Marketplace Facilitator is Required to Collect Sales Tax
Despite not having a marketplace facilitator statute at the time of the ruling, the state ruled that a marketplace facilitator’s…
Indiana DOR: Out-of-State Pharmacy Benefit Management Company’s Revenue is Sourced to Indiana
Whether a taxpayer is a service provider or a seller of goods has significant state tax consequences, and taxpayers that…
Donations of Food Inventory Equals Sizeable Charitable Deductions for Restaurants
Restaurants that donate food inventory to charitable organizations could have the opportunity to claim tax deductions for charitable contributions, which…