News Updates

Sales Tax Implications in Asset Acquisitions

Two often overlooked aspects of asset acquisitions relates to sales tax due on any of the specific assets acquired and successor liability of seller’s unpaid sales tax obligations. Bulk Sale Exemptions When a transaction is structured as the acquisition of net assets...

Charitable donations: Unraveling the mystery of motivation

Traditionally, Americans have supported charities not only for tax breaks and a vague sense of “giving back,” but also for a variety of other financial, emotional and social reasons. Understanding what motivates donors and how their motivations vary across demographic...

Federal government shutdown creates tax filing uncertainty

The IRS has announced that it will begin accepting paper and electronic tax returns for the 2018 tax year on January 28, but much remains to be seen about how the ongoing shutdown of the federal government will affect this year’s filings. Although the Trump...

Time to celebrate! FASB expands VIE exception for private companies

The Financial Accounting Standards Board (FASB) recently gave private companies long-awaited relief from one of the most complicated aspects of financial reporting — consolidation of variable interest entities (VIEs). Here are the details. Old rules Accounting...

IRS issues proposed regs on business interest expense deductions

In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed...

New Sales Tax Collection Requirements

The U.S. Supreme Court turned the sales tax world upside down when it handed down its decision in South Dakota v. Wayfair – the case that challenged the imposition of sales taxes on remote sellers that lacked a physical presence in state. The good old days when states...

Year-End Tax Planning Moves for Businesses and Business Owners

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of new laws that make major changes in the tax rules for...

Year-End Tax Planning for Individuals

As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of new laws that make major changes in the tax rules for...

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