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.
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.
Taxpayers Receive Much Needed Guidance on New 20 Percent “Pass-through” Deduction
On August 8, the United States Department of Treasury and the IRS released the long-awaited and highly anticipated proposed regulations for IRC Code Section 199A, the statute governing the new 20 percent deduction on “qualifying business income” allowed to owners of “pass-through” entities.
John Yeager Discusses Technology Business Acquisitions in Bloomberg Tax
In a recent article published by Bloomberg, John Yeager, Director of Business Transformation Services at Bennett Thrasher, discusses several factors behind the recent trend of accounting firms acquiring technology companies.
Tax Return Due Dates Reminder
As the time for filing tax returns in 2018 nears its end, taxpayers should be aware of the filing deadlines applicable to their individual and business tax returns. These filing deadlines were updated by the Surface Transportation and Veterans Health Care Choice Improvement Act for tax returns filed during 2017, and continue to be effective for returns filed in 2018 and future years.
Brian Sengson Discusses Wayfair Ruling Impact for Technology Companies in Hypepotamus
In an article published recently by Hypepotamus, Brian Sengson discusses what the South Dakota v. Wayfair ruling means for online retailers and technology companies. Now that the physical presence rule has changed, SaaS companies are especially at risk due to their cloud accessibility and monthly pricing models.
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.
Deductibility of Meals & Entertainment Expenses under the Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (“TCJA”) of December 2017 makes several significant changes to the deduction for meals and entertainment related to a taxpayer’s business.
Georgia Rural Hospital Tax Credit Program
Nationwide, 4.1 million Americans pay more than $10,000 each in property taxes alone, according to ATTOM Data Solutions. The itemized deductions of many taxpayers stand to be severely limited with the new $10,000 cap on state and local taxes enacted as part of tax reform in December of 2017, especially if multiple personal real properties are owned.
James Pickett and James Parks Discuss Tax Cuts and Jobs Act in Accounting Today
In a recent article published in Accounting Today, James Pickett and James Parks provide insight on how businesses of all sizes are looking for guidance following the major changes to the Tax Cuts and Jobs Act. Pickett and Parks explain the reason for the most significant tax legislation in 30 years.
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.
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