Talk about being thankful. We had more than 350 clients and friends register for our annual fall CPE day — undaunted by the virtual format we presented in again this year. We are always truly happy to put together this day, no matter the format, to help educate clients on what they need to...
Read MoreEveryone loves a good tax credit, but Pennsylvania tax credits are especially popular among the state’s start-ups, and for good reason. Many of these credits can be sold on a secondary market for cash, including the Keystone Innovation Zone (KIZ) credit and the Research and Development (R...
Read MoreSales and use taxes are transactional based and impact everyone and every business. Ohio, in particular, imposes sales and use tax on enumerated services, or specific services it deems taxable, rather than all services by default. Historically, Ohio has imposed sales and use tax on employment...
Read MoreAs we continue to help businesses make their way through an evolving and often challenging economy and onslaught of legislative changes, our tax team continues to dig deep and analyze major issues and opportunities ahead.As editor and contributors to the AICPA’s Tax Adviser August Tax...
Read MoreAs a part of our series aimed at helping you navigate the impact of sales and use tax on your business, periodically we will focus on the impact of these taxes on specific industries, beginning with a high-level look at construction.Construction contractors face many complexities when navigating...
Read MoreWashington’s tax regime has always been non-traditional in comparison to other states, imposing no individual income tax or business tax for those within its borders. However, even well before Wayfair, Washington had a reputation as one of the most aggressive states pursuing out-of-state...
Read MoreIn this first installment of our series aimed toward helping you navigate the impact of sales and use tax on your business, we start with a fundamental element: understanding the difference between and implications of sales and use tax.Sales and use taxes are transactional based and impact...
Read MoreOn Thursday, July 1, 2021, Governor Mike DeWine signed Am. Sub. House Bill 110 (HB 110) into law. Namely, the budget:Provides 2021 municipal income tax guidance to employers and remote workers;Exempts employment labor services and employment placement services from sales tax;Reduces personal...
Read MoreWith Ohio Commercial Activity Tax (CAT) audits on the rise, it’s a good time for taxpayers to revisit their CAT group elections to determine whether or not it’s time to make a change.What is the Ohio CAT?The CAT is an annual privilege tax measured by gross receipts delivered within...
Read MoreNew Jersey is launching a compliance initiative that will allow members of combined filing groups who owe New Jersey state tax from periods prior to 2019 to voluntarily come forward with reduced consequences. If non-filers participate in the program — running June 15, 2021, through October...
Read MoreNew York passed its 2021-2022 budget bill, a $212 billion dollar spending package that primarily increases taxes on high earning individuals and businesses. Below are the five areas affected taxpayers need to consider.1. Three New Tax Brackets for IndividualsNew York will increase tax rates on...
Read MoreThe governor of Illinois has signaled his support for the state’s 2021 Budget Bill, a $42 billion dollar spending package. While the bill does not increase personal income tax rates, it does effectively increase taxes on businesses and their owners by closing several “tax loopholes...
Read MoreWith the recent signing of the Senate Bill 18 (SB 18), or the Ohio Conformity Bill, the state has made some noteworthy changes for taxpayers.1. State Individual Extension ConformityOhio has postponed the filing deadline for state tax returns to May 17, 2021, following the federal government&rsquo...
Read MoreThe first two parts of this series on advanced 529 plan strategies focused on shorter term strategies to maximize the tax efficiency of these accounts. The third strategy is focused on long-term tax efficiency by passing down 529 plan assets to your heirs.The beauty of 529 plans is that they grow...
Read MoreIn Part 1 of this series on advanced 529 plan strategies, we discussed creating a state tax deduction for private elementary and secondary school tuition under the new tax law for 2018. This change in the tax code is also the driving force behind strategy number two.To recap, in 2017 and prior...
Read MorePosted by Jessica Bender
Read MoreNow that the holiday season is behind us, it’s time to make some progress on those New Year’s resolutions to improve your control over your personal finances. This article is the first in a three part series focused on saving for college through 529 plans. Most are familiar with these...
Read MoreAs the COVID-19 pandemic continues, many businesses have seen their open receivables accounts swell. As you make tough decisions around writing off receivables, it is important to also consider the state sales tax and gross receipts tax implications.Many state taxing authorities allow for a bad...
Read MoreOver the past several weeks, there has been a significant shift from working in the office to working from home as businesses and employees comply with "stay at home" orders across the country. However, businesses that have employees teleworking outside the office could be creating a...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal...
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