Taxes
S Corporation Acquisitions with Foreign Target Corporations
There are a couple of different structuring options for the acquisition of an S corporation. A buyer that is a corporation…
Maryland’s Pass-through Entity Tax Election: Is There a Benefit for Restaurants, Hotels, Distributors and Retailers?
Recent IRS and Maryland publications have provided additional guidance and clarification on Maryland’s pass-through entity (PTE) tax election. The election…
Important Changes to 1099 Filing Process
The IRS has made changes to the annual 1099 filing process that most employers have become accustomed to. These changes…
Missouri Issues Ruling on Taxability of Purchased and Stored Gift Cards
Even though the sale of gift cards to consumers is not subject to sales tax since those transactions are treated…
Are Virtual Currency Airdrops Really Taxable? IRS Clarifies New Tax & Reporting Requirements
The IRS released a memo on August 28, 2020, as part of an ongoing campaign to provide clarity on the…
D.C. Council Eliminates Most QHTC Tax Incentives
The District of Columbia’s Fiscal Year 2021 Budget Support Emergency Act of 2020 (A23-0404), which received Mayoral approval on August…
Tennessee Rules That Live Online Class is Not Taxable but Self-Paced Online Class Is Taxable
A recent Tennessee ruling addressing the application of sales tax to online live and self-paced education courses highlights that the…
Best Buy Owes Illinois Sales Tax on Installation Contracts
An Illinois Court of Appeals decision concluded that just because Best Buy enters into contracts with customers to install appliances…
Ohio Concludes that Taxpayer’s Survey Respondents Service is Subject to Sales Tax
As businesses provide more services through technology and software platforms, it becomes essential to consider the sales tax implications, because…