Taxes
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…
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…
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…
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…
IRS Releases New Guidance on Taxability for Certain Virtual Currency Transactions
Pay close attention, cryptocurrency investors: on Oct. 9, 2019, the IRS issued Revenue Ruling 2019-24 and 43 Questions and Answers,…