Tax Archive

Heightened Security and Clarity – Latest Revision to the EIN Application Process

The IRS recently heightened security measures that altered the process by which individual entities apply for an Employee Identification Number (EIN).

Congress Enacts Significant IRS Reform to Better Protect Taxpayers

The second time around was the charm for the Taxpayer First Act (TFA), legislation that makes taxpayer-friendly improvements at the IRS. Key changes include establishing an independent office of appeals within the IRS, requiring the agency to modernize its infrastructure and adopting enhanced cybersecurity measures.

Overwhelmed by Wayfair? Automation Can Help

The Court’s South Dakota v. Wayfair decision allows states lawfully to require remote sellers to collect and remit sales and use taxes if they have an economic nexus, usually defined as a certain number of transactions and/or a minimum amount of revenue, with the destination state.

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.