Trey Webb Discusses Qualified Opportunity Zones in Accounting Today

In an article for Accounting Today published on May 28, 2019, Bennett Thrasher partner Trey Webb offered insight on the second round of Internal Revenue Service (IRS)-proposed regulations on Qualified Opportunity Zones (QOZs), which were originally included in the Tax Cuts and Jobs Act.

Sales Tax Economic Nexus Applies to All Businesses, Not Just E-Commerce

In last summer’s landmark decision of South Dakota v. Wayfair, Inc. (“Wayfair”), the US Supreme Court upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or number of transactions with that state exceed certain thresholds.

Brian Sengson Shares Insights on Wayfair Ruling in Law360

In an article recently published in Law360, state and local tax attorney Brian Sengson discusses how technology companies will continue to face expanded sales tax nexus as states adopt economic nexus law. Companies, particularly technology companies, should not take the Wayfair ruling lightly.

Top 5 Impacts of ASC 606 on Manufacturing Companies

As private companies are gearing up for the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, many are wondering how this guidance will impact the manufacturing industry. For privately‐held entities, ASC 606 applies for annual periods beginning after December 15, 2018 (2019 will be the first year for December year‐ends).

IRS Gives Taxpayers A Break on Meal Deductions

On October 3, 2018, the IRS issued Notice 2018-76 confirming that certain business meals will continue to be deductible, subject to the 50% limitation. As background, the Tax Cuts and Jobs Act (“TCJA”) of December 2017 eliminated the deduction for entertainment expenses effective January 1, 2018, creating uncertainty whether client business meals would be treated as a form of nondeductible entertainment.

Qualifying ERP Implementation for the R&D Tax Credit

Enterprise Resource Planning (“ERP”) has become an integral component of the manufacturing process as it can provide insight on vendor management, product logistics and server integration. Taxpayers may be able to qualify time for the R&D tax credit associated with developing and integrating the ERP system depending on whether it is developed primarily for internal or external use

Tim Oberst Discusses the Section 199A Deduction in Accounting Today

In an article published in Accounting Today, Bennett Thrasher partner Tim Oberst discusses the highly anticipated proposed regulations for Code Section 199A, the new 20 percent deduction on “qualified business income” of pass-through entities, released by the Treasury Department and the IRS on August 8.

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