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Economic Nexus Since the Wayfair Decision: Frequently Asked Questions About Sales and Use Taxes (Part 1)
The South Dakota v. Wayfair, Inc., decision and economic nexus laws have changed the landscape for taxpayers who sell tangible personal property or provide services that are subject to sales and use taxes. This new landscape has increased the administrative burden on taxpayers and their filing and…
Hiring This Summer? You May Qualify for a Valuable Tax Credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each…
C to S Corporation Valuation Method Gains Acceptance in Kress v. U.S.
A recent decision from the United States District Court – Eastern District of Wisconsin appears to endorse the appraisal approach of tax-affecting the earnings of an S corporation. In March 2019, Chief Judge William C. Griesbach issued an important verdict in Kress v. United States, a case that…
Will FASB Require More Detailed Expense Reporting?
Investors often can’t get sufficient information about a company’s future cash flows because expense information is too dense, according to recent discussions by the Financial Accounting Standards Board (FASB). An ongoing FASB project aims to make the income statement more useful to those who read…
IRS Rolls out New Luxury Car Rules
IRS “luxury automobile” limits were recently adjusted for inflation. The new limits affect certain deductions taxpayers can take for passenger automobiles — including light trucks and vans — used in their businesses. Revenue Procedure 2019-26 lists different limits for purchased automobiles,…
Employers: Be Aware (Or Beware) of a Harsh Payroll Tax Penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a “responsible individual.”
Oregon Enacts Gross Receipts Tax - Corporate Activity Tax
On May 16, 2019, the Oregon governor signed legislation imposing a gross receipts tax for the privilege of doing business in Oregon, also referred to as corporate activity tax (the “Oregon CAT”), on each person with taxable commercial activity.
Prevent Fraud with the Help of Your Audit Committee
Your board’s audit committee is a first line of defense against fraud. But to be effective, committee members need to do more than simply review financial statements and audit results. Members should also adopt the following best practices: