Individuals and Small Businesses – Time for a Tax Check-up!
There’s no time like the present for a tax check-up, especially when you think about the many changes within the new Tax Cuts and Jobs Act legislation. These changes have the potential to significantly impact your personal or small business income tax return for the tax year 2018 and the next several years thereafter. Let’s […]
Employers: Do not Ignore IRS Notices Regarding the Affordable Care Act
Many employers are continuing to struggle with Affordable Care Act (ACA) compliance. And it’s no wonder as many facets of the ACA law have either been changed, delayed or overturned since the law’s inception. But make no mistake: certain employers are still obligated under current ACA law to comply with offering healthcare coverage to their […]
Retirees – Maximize Charitable Contributions and Save Taxes When Taking Your RMD
Here’s something retirees age 70-1/2 should consider when thinking about how to save on their taxes. Many retired taxpayers may be losing the federal deduction for charitable contributions they make due to the increase in the standard deduction under the federal Tax Cuts and Jobs Act of 2017 (TCJA). However, for retirees who are over […]
Wayfair comes to the Empire State
On January 15, 2019, The New York State Department of Taxation and Finance released Notice N-19-1, Notice Regarding Sales Tax Registration Requirements for Businesses with No Physical Presence in New York State. Click here for Notice N-19-1 https://www.tax.ny.gov/pdf/notices/n19-1.pdf The Department of Taxation and Finance is using a provision that already exists in the sales tax law [Sec. 1101(b)(8)(iv); […]
Fulfilllment by Amazon Creates Sales Tax Concerns
If your business uses Fulfillment by Amazon (FBA) where Amazon handles third-party seller’s back-end operations, including storage, fulfillment and customer service, you may have sales & use tax nexus in those jurisdictions where the internet retailer has fulfillment centers. Amazon will ship a FBA seller’s inventory to various facilities based on space or product demand […]
State Taxes – Are You in Compliance?
States are aggressively looking for taxpayers that are doing business in their state and not filing returns. Rather than wait until your company receives a state tax notice, we recommend that you proactively look at where your company may have state tax return filing requirements. Once a state has contacted you or determined you have […]
Nexus Creep – Corporate Income Tax
A current prevailing view amongst the states is that their nexus rules, which determine when an out-of-state company is subject to taxation, have not kept pace with the economic realities of how companies conduct business across state lines. To combat this, several states are moving away from the constitutional requirement to have a physical presence […]
California Implementing New Sales Tax Filing Requirements
Following the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc. on June 21, 2018 overturning Quill’s physical presence requirement for sales tax nexus, state taxing authorities have been implementing new sales tax filing requirements similar to the legislation passed by South Dakota. This legislation requires “remote sellers” who exceed $100,000 of annual sales or engage in more […]
State and Local Tax Checkup
Now is the perfect time to determine whether your business is in compliance with the state and local tax laws of the jurisdictions where you are selling your goods and services. This may be the last thing you are thinking about or want to be thinking about right now, but given the current tax climate […]
Update – States Implementing New Sales Tax Filing Requirements – 9/28/18
As of September 28, 2018, the following states have issued guidance about when their new sales tax filing requirements will become effective (states highlighted in RED have been added since our August 14th Advisory). These effective dates are: Alabama, Mississippi – Remote sellers with annual in-state sales in excess of $250,000 small seller exception should register and […]