Tax Archive

The Not-So-Simple Aggregation Rules for Tax Reform's Simplifying Conventions

Tax reform promised overall simplification for small business taxpayers. While many of these simplifying exceptions existed in some fashion prior to tax reform, the enactment of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, significantly expanded the universe of taxpayers that qualify for the provisions.

IRS Attempts to Clarify Section 199A Qualified Business Income Deduction in FAQs

Just before the onset of this year’s tax filing deadline, the IRS re-examined Section 199A, the 20 percent deduction for pass-through businesses that was enacted as part of the 2017 Tax Cuts and Jobs Act. As a result, the IRS’ list of frequently asked questions was amended to include guidance for the IRS Section 199A – Qualified Business Income Deduction.

Final Regulations Limit Federal Charitable Contribution Deductions in Connection with Receipt of State Tax Credits

The IRS and Treasury Department recently issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations.

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.