How does the Payment Card Industry (PCI) Data Security Standard (DSS) apply to service providers? Service providers are entities that are directly involved in the storing, processing, or transmitting of cardholder data on behalf of another entity. They also include other organizations, such as…

New York is the latest state to provide tax reductions to business and individual taxpayers. New York’s recently passed $221 billion Fiscal Year 2023 budget expands the benefits of the state’s workaround of the $10,000 federal cap on state and local tax (SALT) deductions and provides a number of…

The Securities and Exchange Commission (SEC) issued a proposed rule under the Investment Advisers Act of 1940 that would bring new audit and reporting requirements as well as prohibit certain actions. The SEC stated that the proposed reforms are to “protect private fund investors by increasing…

Following a recent Technical Memorandum issued in California, New York has issued a proposed rule to adopt parts of the Multistate Tax Commission’s (MTC) updated statement on P.L. 86-272, which was updated in 2021 to reflect the impact of e-commerce. P.L. 86-272 limits the ability of state and…

The pandemic has placed enormous strain on the nation’s health care workforce. Labor costs account for more than half of the typical hospital’s total expenses. Even a slight increase in labor costs can have a significant…

Rising real estate prices have made property development an increasingly attractive opportunity for owners of undeveloped “raw” land. Property owners involved in development, however, can face very different tax consequences—and different returns on their investments—depending on their status as…

As credit card and digital wallet purchases replace in-person, paper and coin currency transactions, a company’s ability to support these technologies will become key to customer satisfaction. This is especially true in the hospitality and retail sectors, which are among the most heavily…

The IRS has issued Notice 2022-15, setting down certain conditions under which a taxpayer will be relieved of underpayment penalties under IRC Section 6656 for failing to make required deposits of the Superfund Tax, which is reinstated effective July 1, 2022.

Underpayment penalties will…

If your organization has decided to hire an outsourced cloud monitoring service, it is important to consider how you will ensure that the services are delivered in the right way. The key to long-term success is establishing an oversight system early on and maintaining it for the duration of the…