Tax Archive

Tax Transformation: Value Drivers of Change

What prevents tax professionals from maximizing their role as strategic leaders? For many, it comes down to lack of time and capacity. This is where tax transformation comes in. Fueled by technological innovation, growing compliance obligations, and competitive pressure, the revolution affecting tax has impacted businesses across all industries and countries.

2019 Updates for Economic Nexus Thresholds on Remote Sellers for Sales and Use Taxes

Virginia recently adopted economic nexus thresholds for sales and use tax collection purposes, while North Dakota and Washington amended their existing rules. Other states simply codified their existing regulations or administrative guidance.

Tax Legislation Introduced to Correct the Drafting Error for Qualified Improvement Property

As a positive first step in addressing the 2017 tax reform drafting error involving qualified improvement property, bipartisan legislation was introduced in March that would correct this drafting error and make it effective as if it had been apart of the original 2017 tax reform act.

Accounting Changes for Recognition of Pension Liability Settlements

An update to ASC 715 incorporating new pension accounting standards will impact the way plan sponsors approach the recognition of pension liability settlements. Although these accounting standard changes will impact all pension plan sponsors, the focus of this article is on the treatment of additional pension costs resulting from pension risk transfer activities.

Virginia Finally Updates Its Internal Revenue Code Conformity Date for the 2018 Tax Year

On February 15, Virginia Governor Ralph Northam signed House Bill 2529. The bill includes an emergency clause that updates the Commonwealth’s conformity to the Internal Revenue Code in effect on February 9, 2018, to the IRC “as [it] existed on” December 31, 2018.

Many Taxpayers Unsettled By Lower Tax Refunds

The last thing taxpayers expected following sweeping tax reform was to receive lower refunds than they had in the past. In fact, some are discovering that instead of a refund they owe the federal government. So what went wrong?

IRS Issues Final Regulations Regarding the Qualified Business Income Deduction

Taxpayers finally have guidelines from the IRS regarding the Section 199A deduction. In issuing the final regulations regarding qualified business income (QBI), the IRS provided clarifications about how taxpayers can demonstrate they qualify for the deduction. Additionally, the IRS issued proposed regulations regarding previously suspended losses.

Eight Key Tax Planning Opportunities for 2019

More than a year after sweeping federal and state tax reform was enacted, businesses of all sizes are still wrapping their arms around the changes. This article discusses eight planning opportunities and considerations businesses should review as part of their 2019 strategy.

Understanding the New Limitation on Excess Business Loss Limitation

The new limitation on excess business loss is designed primarily to restrict the ability of taxpayers to use business losses to offset other sources of income. The provision is effective for taxable years beginning after December 31, 2017, and before January 1, 2026.

Business Tax Planning Post-Tax Reform

The Tax Cuts and Jobs Act of 2017 resulted in sweeping changes to the tax code. One year later, business owners should be aware of how the changes affect their businesses, and how to plan accordingly moving into 2019.