Tax-Free Purchases Online May Come to an End with Supreme Court Ruling

  |  January 24, 2018

On January 12, 2018, the United States Supreme Court made the decision to hear State of South Dakota vs Wayfair Inc., Overstock.com, Inc., and Newegg Inc. In the case, Wayfair, Overstock, and Newegg challenged South Dakota Senate Bill 106, which requires remote retailers with annual in-state sales exceeding $100,000, or 200 separate transactions, to collect and remit sales tax starting April 1, 2016.

The Supreme Court’s decision in State of South Dakota vs Wayfair Inc. will affect state nexus laws for remote sellers across the United States. Read more. Read More

IRS Extends Deadline to Supply ACA Forms to Employees

  |  January 3, 2018

In IRS Notice 2018-06, the IRS announced an automatic 30-day extension of the 2018 due date for furnishing 2017 Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). Employers now have until March 2, 2018 to distribute 2017 health coverage information forms to employees. Employees may use this information to determine whether they may claim the premium tax credit on their income tax returns. Read more. Read More

Is Your Business Ready for Year-End Tax Planning?

  |  December 11, 2017

Year-end tax planning is critical to capitalize on the many tax-saving opportunities that may be available for your business. Whether you have a standard corporation, sole proprietorship, partnership, limited liability company, or S corporation, we have outlined potential tax strategies you can take on the federal level to reduce your taxes in the coming year. To find out more, access our 2017 Year-End Tax Planning Guide for Businesses here. Read More

2017 Proposed Tax Reform Legislation – Explained

  |  December 11, 2017

On December 2, 2017, the Senate passed its version of the "Tax Cuts and Jobs Act." This proposed tax reform will be reconciled with the House of Representatives' bill, which passed several weeks earlier. The final bill may become law by the beginning of the new year, and it is poised to make radical changes to the current tax code. To get a better sense of what each bill contains, including their differences from each other and the potential impact they could have on individual and business tax planning, view our guide here. Read More

IRS Announces ACA Penalty Notices – With 30-Day Response Time

  |  November 27, 2017

The IRS has announced that it is notifying Applicable Large Employers (with 50 or more full-time or full-time equivalent employees) “in late 2017” of shared responsibility penalties under the Affordable Care Act (ACA). The penalties will be for calendar year 2015 – the first year that employer reporting was required. The notices are being sent as letters from the IRS, and employers who disagree can respond to appeal the penalties. Read more. Read More

Overtime Rule Struck Down

  |  September 13, 2017

On August 31, 2017, Federal District Court Judge Amos Mazzant overturned the Fair Labor Standards Act (FLSA) Final Overtime Rule that would have doubled the annual salary level to qualify for exemption from overtime from $23,660 to $47,476. The same judge issued an injunction stopping implementation of the final rule nine months ago, and the Trump administration did not challenge the decision. Read more. Read More

Should I File an Income Tax Extension?

  |  August 29, 2017

For some taxpayers, requesting a tax return extension is a regular, yearly occurrence. Yet for others, the notion of requesting time beyond the original due date is outlandish. And there also are those for whom the decision to extend comes down to the wire, determined by whether the return can be filed by the original due date. However, an extension of time to file generally should be considered for every tax period for which an extension is available, regardless of whether you intend to file on or before the original due date of the relevant income tax return. Read more. Read More

Watch Out for the W-2 Email Scam

  |  August 22, 2017

The IRS is urging businesses to beware of a recent increase in email scams targeting employee Forms W-2. The W-2 scam – called a business email compromise or BEC – is one of the most dangerous phishing email schemes trending nationwide from a tax administration perspective. The IRS saw a sharp increase in the number of incidents and victims during the 2017 filing season.

A business email compromise occurs when a cybercriminal is able to “spoof” or impersonate a company or organization executive’s email address and target a payroll, financial or human resources employee with a request. For example, fraudsters will try to trick an employee to transfer funds into a specified account or request a list of all employees and their Forms W-2. Read more. Read More

Vendor Fraud: A Continuing Threat

  |  August 14, 2017

Vendor fraud continues to be a major threat to organizations. In fact, vendor, supplier and procurement fraud is the second most prevalent fraud, according to the 2016-2017 Kroll Global Fraud Annual Report.

Who is the most at risk from vendor fraud? Read more. Read More