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Colorado Issues Guidance on Application of Factor Presence Nexus Rules
A taxpayer may have nexus in Colorado if more than $500,000 of its sales are sourced to the state, even…
Florida Concludes that Consolidated Group Ceases to Exist Upon Acquisition
Consolidated groups may be required to deconsolidate and file separate returns under certain circumstances, including transactions such as acquisitions and…
Georgia Enacts New Tax Credit for Donations to Rural Hospitals
Georgia’s new Qualified Rural Hospital Organization Expense Tax Credit offers taxpayers a credit for up to 70 percent of their…
Washington Reminds Taxpayers that Transferring Equity Interests Can Result in Real Estate Transfer Tax
Some states apply real estate transfer tax to the sale of a controlling equity interest in an entity that owns…
The Importance of Understanding § 467 Leases
Regardless of the work you do or industry you serve, there is a strong chance that rent makes up a…
Treasury Issues Regulations that Discourage Tax Inversions
Controversial regulations restrict earnings stripping REGULATIONS DISTINGUISH BETWEEN DEBT AND EQUITY On Oct. 13, 2016, the U.S. Department of Treasury…
How Do I Account for Cloud Computing?
On April 15, 2015, the FASB issued ASU 2015-05 focusing on customer’s accounting for internal-use software especially fees paid in…
What Is a Joint Activity?
A joint activity is the combination of fundraising and another function incorporated into a single activity. When accounting for joint…
Why Transactional Data Reporting Will Likely Cost Most GSA Schedule Holders More than the Price Reduction Clause
On June 23, 2016, the General Services Administration (GSA) released the final rule launching its highly anticipated – and controversial –…
Approval Period for 2014 Angel Credit Investments Ends Oct. 31, 2016
The Georgia qualified investor tax credit, or Angel Investor Credit, became available to investors in early-stage Georgia startup companies beginning…
Reminder: IRS Changes Filing Due Dates, including Information Returns
As the year comes to an end, start planning for the new income, payroll and information return due dates now….
The Definition of Marriage According to the Treasury
In 2013, the Supreme Court struck down Section Three of the Defense of Marriage Act, which paved the way for…
Mandatory ITIN Renewal
Important changes coming in October – If you are a taxpayer with an Individual Taxpayer Identification Number (ITIN), there is an…
Proposed Regulations May Signal the End of Certain Valuation Discounts
New proposed regulations will have a severe impact on estate, gift and generation-skipping tax planning and could be made permanent…
Day Trader? What You Need to Know
Individuals trading securities have great incentive to classify themselves as traders. By default, buying and selling publicly traded securities is…
U.S. Treasury Issues New Proposed FBAR Rules
The U.S. Treasury has issued proposed regulations governing the filing of U.S. Foreign Bank Account Reports (FBAR). The new rules…
Is Your Purchasing System Compliant for the Alliant 2 RFP?
In late June 2016, the highly coveted Alliant 2 SB RFP was released and within the 174 page document, there…
IRA Investment: Income Tax Surprise
At a glance Main takeaway: It’s not difficult to come by a traditional retirement plan, however, it’s not as common…
Pennsylvania Sales Tax Goes Digital
Effective August 1, 2016, Pennsylvania’s sales tax will be imposed on the sale of digital products. Thus, sellers of digital…
GSA Moves Forward with the Implementation of the new Formatted Product Tool (FPT)
The Formatted Product Tool (FPT) has been established to assist GSA contracting officers in their evaluation and negotiation of all…
A Welcome Break on the Fee for 1023-EZ Application for Tax Exempt Status
Effective July 1, 2016, the application fee for filing the Form 1023EZ has been lowered to $275. The old fee…
Section 199: Domestic Production Activities Deduction, What Counts?
“Big Time Construction Corporation” made a significant profit this year resulting in higher taxable income than expected. Therefore, Big Time…
Using a “Back Door Roth” IRA? Be Mindful of the IRA Aggregation Rule
As many of you know, the concept of a “back door Roth” IRA is relatively simple. It allows taxpayers with…
Additional Extension: Work Opportunity Tax Credit
On June 17, 2016, the IRS issued Notice 2016-40, which extends the transition relief period for employers claiming the Work…
The R&D Tax Credit & You – How Recent Changes Could Translate into Money in the Bank
By Carli McDonald, partner-in-charge of R&D Tax Credit Services Necessity may be the mother of invention, but America’s businesses are…
Brexit and Your Taxes
By Mitchell Kopelman, partner-in-charge, Tax practice, Technology and Biosciences group As a result of the voters in the UK deciding…
From the GSA Trenches: Schedule Sales Reporting Issues
Contractors holding GSA Multiple Award Schedule (MAS) contracts are required to report quarterly all contract sales, and remit 0.75 percent…
“Flexible” South Carolina Ruling Creates Sourcing Uncertainties
On May 20, 2016, an Administrative Law Court decision in South Carolina resulted in the two things that taxpayers try…
The Changing Face of Bequest Demographics
One of the more interesting studies I have seen in recent years was one done by Russell N James III,…
Luxury Car Rules: ‘How to Avoid Indulging in Luxury Car Limitations’
In the market for a new car and hoping to kill two birds with one stone? Taking the time to…
Leverage Your Data to Manufacture Profitable Growth
Make better use of the data you already have to make better decisions by implementing these three easy enhancements. Data….
Corporation May Not Deduct Matching Contributions to its PAC
In a recent private letter ruling LTR 201616002, the IRS responded to a request for ruling as to whether contributions…
From the GSA Trenches: Don’t Overlook Compliance with the FAR 51 Deviation
At a recent Contractor Assessment, a few of the compliance errors pertained to the Federal Acquisition Regulation (FAR) Part 51…
M&A Tax Shop Talk – “F reorganization” Part II
Still thinking about selling your business? Do you have the proper techniques and structures in place? Generally, one of the…
Purchasing Meals as a Tax Exempt Entity in VA, What you Need to Know
Virginia Changes Sales Tax Policy on Meals Purchased by Tax Exempt Entities – Effective as of April 22, 2016, a change…
Understanding Variable Consideration and The Time Value of Money
Understanding variable consideration and the time value of money
M&A Tax Shop Talk – “F reorganization”
The “F reorganization” has become the tax planning structuring technique of choice in today’s middle market M&A world. So, what…
Handling Deferred Revenue When Selling Your Business
One of the most complicated tax accounting items to handle in the context of an M&A transaction is deferred revenue….
How State and Local Governments Can Order From GSA Schedules
One common misconception about the GSA Schedules is that only federal agencies are allowed to purchase from them. This mistake…
From the GSA Trenches: So You’re Having a Contractor Assessment
It’s that time again. Your GSA Industrial Operations Analyst (IOA) has contacted you for an “assessment of your GSA contract.”…
GSA is Making It Easier with the IT70 Startup Springboard Initiative
GSA is making changes to its IT70 GSA schedule guidelines that ease requirements regarding corporate experience, relevant projects and submission…
Proposed Changes to Pension and Other Post Retirement Benefits Disclosure Requirements
On January 26, 2016, the Financial Accounting Standards Board issued two new proposed Accounting Standards Updates in an effort to…
Service Contract Labor Standards: Basics and Pricing Implications
Service Contract Labor Standards, formerly known as The Service Contract Act (SCA) of 1965, sets minimum wage and fringe benefit…
GAO Decides GSA Schedule Labor Category Descriptions Limit Technical Scope of Responsive Proposals
GSA Schedule contractors need to pay careful attention to a recent protest decision issued by the Government Accountability Office (GAO)…
My Customer’s Exempt from Sales Tax, but is my Construction Contract?
Construction contractors in the region face anything but uniformity when it comes to dealing with the rules addressing sales tax…
The FASB Simplifies the Balance Sheet Classification of Deferred Taxes
By: Charles Webb, tax partner On Nov. 20, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)…
Comply with SCA or Go to Jail!
Companies doing business with US tax payer dollars need to understand the government regulations governing their government contracts. They need…
Questionable Transactions, What Could It Be and Are They Deductible?
What happens when your prized employee turns out not to be the person you thought they were? During the course of…