The U.S. Supreme Court recently issued a ruling that could have a dramatic impact on American retailers, and not only those who primarily operate on the Internet. In what has been called the Wayfair sales tax case, the court on June 21, 2 018 said that states can impose sales taxes on businesses even if they do not have a physical presence in the state. The ruling effectively overturns Quill Corp. v. North Dakota, which was a Supreme Court decision handed down in 1992. In that case, the court said that the Commerce Clause in the U.S. Constitution forbids states from imposing sales tax
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Archives for Industry News
California Competes Tax Credit
The California Competes Tax Credit is an income tax credit for businesses wanting to stay and grow in California. The purpose is to attract and retain employers in California industries with high economic multipliers and that provide their employees good wages and benefits. Any business can apply. The credit applies to any type of business expecting to increase headcount and/or make a capital investment in California. Businesses compete for these tax credits by asking for a percentage return on investment. California plans to grant $230 Million in Cal Competes tax credits to California businesses over three separate application rounds in
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IRS To Issue More ACA Penalties
The IRS began issuing Affordable Care Act (ACA) penalty assessments in its Letter 226J tax notice in November 2017. These notices are being sent to employers who the IRS identified through its recently developed Affordable Care Act Compliance Validation System “ACV” System, as having failed to comply with the ACA’s employer mandate. So far, the IRS has issued more than 30,000 of these notices containing employer shared responsibility payments (ESRPs) assessments of more than $4.4 billion. Under the ACA, organizations with 50 or more full-time employees and full-time equivalent employees, are required to offer minimum essential coverage to at least
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MGI Member Kevin Wiest from Wright Ford Young & Co.
video src=’https://www.cpa-wfy.com/vimeo.com/185552732′ format=’16-9′ width=’16’ height=’9′
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Are you Taking Advantage of the New Tax Law Benefits?
Industry News and Newsletter and Updates.
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What Is an Offer in Compromise with the IRS?
An offer in compromise can make you happy: “Oh boy, the IRS said yes, and my tax debts are over!” Or it can frustrate you. Let’s go over how to navigate the IRS settlement guidelines and see what an offer in compromise entails. Here’s the good news: An OIC can be a fresh start from your IRS debt. You no longer have to worry that the IRS will seize your wages or bank accounts. Your credit score will no longer show any tax liens against you — the IRS releases them all. IRS collections are put on hold and the
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Industry News and Newsletter and Updates.
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Federal Tax Depreciation Guidelines
How to Co-ordinate Cost Segregation with Like-kind Exchange
The Tax Cuts and Jobs Act (TCJA) was signed by the President on December 22, 2017. The TCJA is the most significant overhaul of Internal Revenue Tax code since the 1986 Tax Act under President Reagan. The Committee Report has over a thousand pages of modifications to many areas of the tax code. One piece of the new legislation (that concern most real estate investors) involves changes to the like-kind exchange rules. When certain conditions are met, no gain or loss is recognized when a taxpayer exchanges property of like-kind (used in a trade or business or for investment purposes).
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Industry News and Newsletter and Updates.
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Bracket Changes and More From the IRS
You haven’t even filed your 2017 taxes yet, but the IRS has already announced changes that will affect your 2018 taxes, which you’ll be filing in 2019. The changes were announced in Revenue Procedure 2017-58, which runs 28 pages, but below are some key points. How do these changes impact you? Of course, if any meaningful tax reform is passed, anything can be changed. We’ll keep you posted on any developments that affect you. The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300. For single taxpayers and married individuals filing separately, the standard deduction
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Industry News and Newsletter and Updates.
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Big Changes in Social Security and Retirement Plans for 2018
From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you’re an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years. Social Security: New ceilings First, let’s start with what is not changing. The 7.65 percent Social Security deduction remains the same. And as before, it’s doubled to 15.30 percent for the self-employed. However, the maximum earnings subject to Social Security rises from $127,200 to $128,700, a $1,500 increase. The Society for Human Resource
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Industry News and Newsletter and Updates.
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