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Winter is Coming for Technology Companies Conducting R&D
Brace yourselves—winter is coming soon for companies conducting R&D in the U.S. and the battle will be harder fought for…
Data Center Design Must Evolve to Keep Up with Zettabyte Demands, Rising Real Estate Costs
Each time we respond to an email, run an internet search, check Instagram or buy something, a data center somewhere…
Guidance Issued on Calculating and Reporting the QBI Deduction for Tax-Exempt Trusts
The IRS has issued guidance to tax-exempt trusts with unrelated business income, which claim the §199A Qualified Business Income (QBI)…
Virginia is for Lovers—and Internet Sales Tax
Virginia became the latest jurisdiction to implement an economic nexus standard for sales and use tax, which will require many…
Indiana Rules on Employee/Contractor Status for Unemployment Insurance Tax
Worker classification issues don’t just impact federal taxes, and businesses that misclassify workers can be held liable for state unemployment…
Several States Address Rules on the Proper Use of Resale Certificates
The rules regarding when it is appropriate to provide a resale certificate are not always clear, and businesses that issue…
Washington Enacts New Economic Nexus Rules for B&O and Sales Taxes
Recent legislation in Washington will expand Business & Occupation Tax nexus to capture more businesses and imposes certain reporting requirements…
Maine Supreme Court Upholds Reduction of Taxpayer’s Credit for Taxes Paid to Norwegian County
When claiming resident tax credits for taxes paid to other jurisdictions (even ones outside the U.S.), the taxpayer must recalculate…
Is This Your Situation: Managing Restricted Funds for a Nonprofit Organization?
At a glance Main takeaway: Nonprofits often receive substantial donations with specific requirements on how the donor would like their…
Accepting Cryptocurrency Donations for Not-for-Profits
At a glance Main takeaway: Accepting cryptocurrency may appeal to your donor base, introduce new funding streams and lead to…
Did You Know that Your Nonprofit Organization is Exempt from Paying Property Taxes?
At a glance Main takeaway: Did you know that nonprofit organizations, by law, can also be exempt from paying property…
The Deductibility of an Estate’s Excess Deductions to Beneficiaries
As we planned for and now prepare estate and trusts returns for 2018, beneficiaries and executors want to know: After…
The Accuracy-Related Penalty: New Disclosure Requirements
The Internal Revenue Service (IRS) has issued Revenue Procedure 2019-9, which outlines disclosure requirements to reduce or avoid accuracy-related penalty….
Retailers and Restaurateurs Cheer Legislation to Fix Expensing for Improvements
By: Ross Boardman, Tax Senior Associate, and Ciara Stephens, R&D Technical Writer Retailers and restaurateurs are breathing a sigh…
Why is there an IRC Section 163(j) note on my K-1?
By: Scot Goldring, Tax Senior Manager, and Kelsey Monaghan, Tax Associate If you own part of a company doing business…
Should your Medical Practice be a “C” Corporation?
The 2017 Tax Cuts and Jobs Act created the Internal Revenue Code (IRC) 199A, which provides for a maximum of…
IRS Issues Tax Relief for Victims of Alabama Storms
On Monday, March 11, 2019, the IRS announced a tax relief to aid recent victims of the tornadoes and severe…
Late Tax Return Filing May Mean Reduced Social Security Benefits
Late filing your tax returns? Here’s another reason to quickly get into compliance: You may be missing out on future…
Virginia Amends Residency Definition for Estates and Trusts
On February 15, Virginia amended its estate/trust residency statute by removing one of the definitions used to determine whether an…
Tax Saving Strategy: Hire Your Kids
One often overlooked tax saving strategy is to hire your children to work for your business, assuming they can legally…
Georgia Adopts Partnership Audit Procedure Regulations Similar to the New IRS Rules
Georgia has adopted regulations to provide further guidance on last year’s legislation establishing partnership audit rules similar to those enacted…
Taxpayer’s Invoicing Methodology Leads to Alabama Sales Tax Exposure
In cases where a business is selling both taxable goods and non-taxable services, sales tax may be due on the…
New Jersey Enacts Significant Corporation Business Tax Changes
New Jersey enacted major changes to its corporate business tax that will take effect in 2019, such as post-allocation net…
New York City Rules That Tax Gain from Sale of Partnership Interest is Subject to Corporate Tax
When a taxpayer sells an equity interest in a business, the gain from that sale may be taxable in the…
Washington Advises on Tax Treatment of Alarm Monitoring Services
As changes in technology intersect with changing sales tax rules, businesses may find themselves subject to new or different sales…
Key Items to Remember About Startup Funding Term Sheets
The phrase “term sheet” is often bandied about in the startup world. To the uninitiated, it may seem mystical. It…
3 Ways to Use Retail to Diversify Your Restaurant Business
The public is spending more money at restaurants than ever — but it’s not always on dining. A milestone was…
IRS Enhances Security, Puts Hurdles in Place to Tax Transcript Access
In an effort to bolster protections to taxpayer data, the Internal Revenue Service (IRS) recently made two changes to its…
Tax Reform: Why the Right Business Structure Is Vital for Tech Startups
The business entity you choose when starting a new company is more important than ever before in the wake of…
Best Practices for Managing Grant Requirements
At a glance Main takeaway: Requests for transparency and accountability continue to grow with increased donor demands around the use…
Illinois Provides Guidance on Computer Software Licensing Agreement Signature Requirement
Illinois’ state tax exemption for software licenses requires, among other things, that there be a signed written agreement between the…
Iowa Supreme Court Ruled That Lowe’s Installation Services May Be Taxable
Failure to properly analyze how a service may be classified for sales tax purposes can lead to unexpected liability as…
Local Louisiana Jurisdiction Rules That Walmart.com is Required to Collect Sales Tax on Third-Party Sales
In this Louisiana court decision, one local parish argued successfully that Walmart.com was responsible for collecting and remitting local sales…
California Rules That Delivery of Goods in Taxpayer’s Trucks Satisfies P.L. 86-272 Nexus Protection
A federal law limiting income tax nexus allows companies to engage in certain solicitation activities in a state without having…
Arkansas Considers Certain Audio Production Services a Taxable Digital Product
Arkansas, like some other states, now taxes certain digital audio and/or digital products, and companies providing services in this industry…
Normalizing Owner Compensation
When performing a business valuation, I always consider making adjustments to revenue and/or expenses of the business in order to…
More Restaurants Adding “Locally-Sourced” to the Menu
The nexus of all things trending in the restaurant industry seems to be consumer preference for fresh, healthy, local ingredients….
Capitalize or Expense? The Age-Old Question of Repairs and Maintenance
The question of whether to capitalize or expense repairs and maintenance costs has plagued sole proprietorships, businesses and rental property…
Federal Government Shutdown Creates Tax Filing Uncertainty
The United States has been under a partial government shutdown since Dec. 22, 2018, and while the House of Representatives…
Restaurants Use Composting for Sustainable Food Waste Removal
Plastic straws have been all over the news lately. As the NYT recently wrote, “the ubiquitous plastic straw has suddenly…
Are Smart (Blockchain) Contracts Really Smart?
If you’ve ever been through an automatic car wash, you can appreciate the benefits of a smart contract. You drive…
Louisiana Supreme Court Declares Unconstitutional the Credit Limitation for Out-of-State Taxes Paid
A potential refund opportunity exists for individuals who do not get a full credit against their resident state taxes for…
Arkansas Determines that Sales Tax is Due on Crowdfunding Campaign Sales
Crowdfunding campaigns are a great way to raise money for a new product idea, but they can also give rise…
Arizona Court Holds That Service Revenue is Included in Property Rental Business Tax Base
Arizona’s Transaction Privilege Tax is like a sales tax in some ways but not others, which can result in unexpected…
Washington Finds that ATM Processor’s Service Revenue Sourced to ATM Location for B&O Tax
For apportionment purposes, applying market-based souring rules to service revenues is complicated because it is based on the facts and…
Utah Rules That Contractor’s Purchase of Freeway Signage Subject to Sales Tax
For real property contractors, one of the most difficult issues to analyze is if tangible personal property used in the…
Ohio Supreme Court Rules That Resale Exemption Applies to Purchase of Promotional Items
Although promotional items purchased and given away for free are typically not eligible for a resale exemption, there may be…