Privately held government contractors racing to implement new FASB and IASB standards for identifying and reporting revenue from customer contracts by the end of this year are wrestling with one overarching question—when?
Enacted as part of the Tax Cuts and Job Act (TCJA), the new “base erosion and anti-abuse tax” (BEAT) can apply to certain corporations that make “base erosion payments” paid or accrued in taxable years beginning after December 31, 2017.
Congress isn’t alone in offering tax breaks to most U.S. taxpayers this year. Back by popular demand, most states, including Virginia, will offer a sales tax holiday, right before the start of the new school year.
On June 21, 2018, the Supreme Court of the United States issued its widely anticipated decision in South Dakota v. Wayfair. In a 5-4 decision, the Court held that the physical presence rule for state tax jurisdiction is incorrect and not a requirement under the Commerce Clause of the U.S. Constitution. The decision will have wide-ranging implications for all businesses.
While taxpayers await further guidance from the IRS and Treasury Department providing specifics on the FDII deduction, corporations should begin assessing whether they may qualify for the benefit immediately for quarterly estimated payments and financial reporting purposes.
In response to new state and local tax (SALT) limitations included as part of tax reform, a number of states are getting creative in working around the limits to allow their taxpayers to have a deduction and to keep them from leaving their state.
Individuals enrolled in high-deductible health plans (HDHP) can benefit from enrolling in health care savings accounts (HSAs). In addition to saving on taxes, enrollees can accumulate funds for medical expenses.
Last month, the IRS released Rev. Proc. 2018-29, which provides procedural guidance for the implementation of tax accounting method changes related to taxpayers’ adoption of the new revenue recognition standard for financial reporting purposes under ASC 606.
The Texas Tax Amnesty Program is now open and runs through June 29, 2018. Under certain circumstances, the program will provide delinquent taxpayers with relief from penalties and interest on tax due.
Can your organization absorb the loss of key personnel, whether it’s via normal attrition or something more sudden like illness or a personal emergency? It may be unpleasant to consider the possibility, but it’s important to plan for such absences by creating and maintaining standard operating procedures for each key role within your organization.