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Nexus Standards, Remote Sellers and NOL Carryovers in State/Local Tax Update
The latest Freed Maxick State and Local Tax Update contains a number of must-read items from around the country.Mississippi economic nexus standard: The Mississippi Department of Revenue has adopted an...
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The Importance of Customer Due Diligence Best Practices When Opening an Account
Lower Risk for Your Bank and Better Customer Service Starts at Account OpeningCustomer due diligence (CDD) at account opening is the foundation for anticipating the expected activity of your bank’s...
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Federal Tax Reform and its Potential State Taxation Impact on Businesses
The massive federal tax reform was officially signed by President Trump on Friday, December 22nd.We’ve discussed the federal tax reform in previous blogs but the focus of this post will discuss the...
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Connecticut is Offering a Fresh Start Tax Amnesty Program
Connecticut announced it is launching the CT Fresh Start, an amnesty program for all eligible taxes administered by the Department of Revenue Services (DRS). The program started on October 31, 2017...
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Net Operating Loss Rules Changed Under New Tax Cuts and Jobs Act
Net operating losses (NOLs) have traditionally been allowed as a deduction for businesses under IRC Section 172. The code stated that businesses will be allowed a deduction equal to the sum of the net...
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Are You Eligible for the New Tax Act’s 20% Pass-through Deduction?
Complex Qualification Rules and Calculations Lie AheadThe Tax Cuts and Jobs Act has introduced into tax law the opportunity for an individual taxpayer to take a 20% deduction related to their qualified...
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Global Intangible Low Tax Income (GILTI) and Foreign-Derived Tangible Income...
New International Tax Provisions for 2018 and BeyondWith the recently enacted tax reform two new terms have been introduced into the international tax arena: global intangible low-taxed income (GILTI)...
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New European General Data Protection Regulation (GDPR) Will Impact US Businesses
After years of preparation and debate, On May 25th 2018, the European Union’s General Data Protection Regulation (“EU GDPR” or “GDPR”) will go into effect and be fully enforceable.The law’s primary...
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IRS Releases 2018 Withholding Tables; Payroll Questions Remain
Employees should still review withholding to make sure they are not surprised by a significant balance due at tax time.The IRS has issued updated payroll withholding tables designed to reflect changes...
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New York State Tax Credits for Agricultural Activities
New York farmers often overlook credits that can result in significant savings at tax time.People from around the world identify New York with bright lights, Wall Street, and the arts and culture of...
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Specified Service Trades and Businesses Excluded from Tax Act’s 20%...
For Many Taxpayers, Uncertainty Still Prevails About Their Eligibility for the Pass-throughThe Tax Cuts and Jobs Act introduced a new deduction for pass-through entities equal to 20% of their qualified...
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State/Local Tax (SALT) Update: Quill Sales Tax Review, SALT Deduction...
The latest Freed Maxick State and Local Tax Update contains many must-read items from around the country.Supreme Court to review Quill Corp v. North Dakota’s presenceOn Jan. 12, the U.S. Supreme Court...
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New IRS Partnership Audit Rules are Now in Effect
Significant Economic Impact on Partners on the Horizon?The 2015 Bipartisan Budget Act repealed existing TEFRA partnership audit procedures and replaced them with the new Partnership Centralized Audit...
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Speaking Out on Three Key Changes for Businesses in the Tax Cuts and Jobs Act
Listen to a tax director describe the “must know” news for business ownersThere are a significant number of new rules and opportunities for business of all kinds and sizes to minimize their Federal...
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Good News: No Changes to the Research and Development Tax Credit
However, Startups Need to be Mindful About Future Changes to Research and Development Deductions.Most tax experts would agree that the recently enacted Tax Cuts and Jobs Act of 2017 was generous to...
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International Tax Accounting: Mandatory Repatriation “Toll Tax” of Income...
The Tax Cuts and Jobs Act signed into law by President Trump has been at the forefront of the national news since its passage in December. There are sweeping changes to the individual, business, and...
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New 2018 PCI DSS 3.2 Compliance Requirements Effective February 2018
Nine “Best Practices” Out, Nine New PCI DSS Mandates InIn December of 2004 Visa, MasterCard, American Express, Discover, and JCB Co. created the Payment Card Industry (PCI) Data Security Standard (DSS)...
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Speaking Out on Tax Reform: 20% Qualified Business Income Deduction & Cash...
Listen to Tax Director, Don Warrant’ s take on 2 Key Changes impacting Business Owners in the Tax Cuts and Jobs ActFreed Maxick presents three recorded interviews with Tax Director Don Warrant on...
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Overview of New Federal Tax Credit for Employer Paid Family and Medical Leave
Good news for employers: eligibility, coverage and scope of the tax credit In connection with the 2017 Tax Cuts and Jobs Act, Congress created a new tax credit for employer paid family and medical...
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Questions Taxpayers Should Ask Tax Advisor About Cost Recovery Tax Reform Rules
12 Questions Taxpayers Should Ask Their Tax Advisor About New Cost Recovery RulesHow real property owners can take advantage of the latest tax minimization opportunitiesIf you are a real property...
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