Tax Reform and Choice of Entity Considerations

  |  April 2, 2018

All pass-through entities, including partnerships and S corporations, should evaluate their choice of entity as a result of tax reform and the new reduced corporate tax rate of 21 percent (previously 35 percent). Converting from a pass-through entity to a C corporation requires thoughtful consideration, analysis, and planning. Read more. Read More

Connecting Risk and Strategy: How Are U.S. Organizations Handling ERM Today?

  |  March 21, 2018

A just-released survey from the Pool College of Management at NC State University reveals that about one-third (32%) of organizations in the U.S. survey group do minimal to no formal assessments of strategic, market, or industry risks.

The survey has been conducted each year since 2009, providing an opportunity to observe shifts in trends. It covers a broad range of industries and provides some useful insights about the level of sophistication in risk oversight, highlighting many of the challenges associated with strengthening it. An increasing number of U.S. organizations embrace the concept of enterprise risk management (ERM), but there is noticeable room for improvement in how they are managing the process.

Read more about the changes in the marketplace that are likely influencing this trend at the Journal of Accountancy. Read More

What CEOs Should Know & Do About Cybersecurity

  |  March 16, 2018

During the past few months we have spoken with hundreds of companies’ chief executive officers (CEOs) from numerous U.S. and global industries, including financial services, healthcare, government contracting, automotive, manufacturing, private equity, and law firms, about the importance of cybersecurity. From these conversations, we have concluded that the three most frequently asked questions by CEOs are:

What should we know about cybersecurity? , what should we do about cybersecurity?, and how do we assess the quality of our cybersecurity program? Read more. Read More

How Tax Reform Will Impact Restaurants

  |  March 2, 2018

On December 22, 2017, the conference version of the tax reform bill was signed into law, marking the largest change to U.S. tax policy in decades.

With most of the provisions set to go into effect in 2018, it’s important that the restaurant industry review the changes that occurred during the conference process to understand the impact to their companies.

To help organizations navigate the key provisions affecting restaurants, we’ve summarized top considerations and implications. Read more. Read More

Top 10 Things Companies Need to Know About Tax Reform

  |  February 26, 2018

The $1.5 trillion new tax law represents the most sweeping change to tax code in a generation. Tax reform of this magnitude will have broad implications for businesses of all sizes and in all industries. While accountants and tax departments wade through the 185-page legislation, here are the top 10 things companies need to know. Read more. Read More

Tax Reform and Section 199A Deduction of Qualified Business Income of Pass-Through Entities

  |  February 26, 2018

On December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most comprehensive update to the tax code since 1986 and includes a number of provisions of particular interest to partnerships and their partners. This alert addresses the Section 199A deduction for qualified business income of pass-through entities. Read more. Read More

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