New Sales Tax Nexus Standard: South Dakota V. Wayfair, Inc.

In the landmark decision of South Dakota v. Wayfair, Inc., the US Supreme Court overturned the Quill physical presence standard, deeming it “unsound and incorrect.” In turn, the Court upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or the number of transactions with the state exceed certain thresholds.

The Tax Cuts & Jobs Act Influences Business Valuation

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law.  It is the most comprehensive tax reform seen in the United States since President Ronald Reagan’s 1986 Tax Reform Act. 

Qualified Opportunity Zone Investments

Included in the Tax Cuts and Jobs Act, signed into law in December 2017, is a new tax planning technique for deferring gains from sales. By investing in Qualified Opportunity Funds, taxpayers can defer (and potentially partially avoid) gain recognition on the sale of any property.

ASC 606 – The Early Results are In!

ASC 606, the long awaited and much debated new accounting standard for revenue recognition in the United States has now become reality for most public companies.  Adoption of this new standard was required for calendar-year public companies effective January 1, 2018, and the results of adoption have now become public with the earnings releases and 10-Q filings for the first quarter ending March 31, 2018.

Jeff Call Discusses Tax Season in Accounting Today

In a recent article published in Accounting Today, Bennett Thrasher partner Jeff Call provides insight regarding how the Tax Cuts and Jobs Act has impacted the accounting industry. Call says, “We’re spending 85 percent of our time with clients exploring what they should be doing to take advantage of the new provisions that might be beneficial, or working around them to mitigate any negative aspects of the law.”

Handling IRS Notices and Letters

You checked your mail. Among the mail was an envelope with a return address that started with three words: Internal Revenue Service. Don’t panic. Receiving mail from the IRS is something millions of people experience every year

Fraudulent Tax Refund Scam

Bennett Thrasher and others have received reports of a new scam that involves fraudulent tax refunds being deposited by scammers into taxpayers’ bank accounts.

Peter Stathopoulos and Brian Sengson Discuss Sales Tax Nexus in Retail Merchandiser

In a recent article published in Retail Merchandiser, Bennett Thrasher partner Peter Stathopoulos discusses the bright-line physical presence test of sales tax nexus in Quill Corp. v. North Dakota and the Multistate Tax Commission’s (MTC) latest attempt to erode that U.S. Supreme Court decision with respect to taxing remote sellers.

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