David Cechanowicz | January 16, 2020
In December 2019, Congress passed a funding bill dubbed the SECURE Act – Setting Every Community Up for Retirement Enhancement – which includes certain provisions that will significantly change the way retirement benefits are distributed and taxed for most beneficiaries other than surviving spouses. Read more. Read More
Dennis Davis | January 6, 2020
Santa Claus came a few days early for more workers – including those working part-time and even freelance – when the SECURE Act was signed into law on December 20, 2019. The new legislation, which took effect on January 1, 2020, stands for Setting Every Community Up for Retirement Enhancement. It provides more part-time employees with access to tax-friendly workplace retirement plans such as 401(k)s, while also making it more affordable for small businesses to set up these plans. Read more. Read More
Alison Furfie | December 30, 2019
While employees of S-corporations are able to claim employee health insurance as a tax-free benefit, shareholders who own more than two percent of the company stock cannot. Their health insurance premiums are subject to a few special income tax rules ... Read more. Read More
Michael Jacobson | October 18, 2019
On October 16, the Financial Accounting Standards Board unanimously approved delaying implementation of new lease accounting standard, giving privately held organizations additional time to prepare. Read more. Read More
Mike Chelius | September 20, 2019
One outcome of the Tax Cuts and Jobs Act (TCJA) is the increased scrutiny by the IRS of S corporations and their shareholders with regard to certain tax liability issues. Read more. Read More
James Ortiz | August 23, 2019
Starting July 1, 2019, both in-state and out-of-state companies doing business in New Mexico became subject to new state tax laws initiated by House Bill 6, signed into law on April 4. Read more. Read More
James Ortiz | July 1, 2019
Beginning July 1, 2019, out-of-state and online retailers who lack physical presence in New Mexico may be required to collect and remit New Mexico gross receipts tax. Out-of-state businesses will be required to register with the New Mexico Taxation and Revenue Department and begin remitting gross receipts tax if in the previous calendar year they have total taxable gross receipts of at least...read more. Read More
James Ortiz | June 24, 2019
Under new Arizona law that takes effect October 1, 2019, out-of-state online retailers doing business in Arizona may be required to collect and remit transaction privilege sales tax (TPT) to the state of Arizona. Remote sellers must file and pay if their total annual sales exceed... read more. Read More
Dean Willingham | May 9, 2019
In 2016, the Financial Accounting Standards Board issued an Accounting Standards Update (ASC 842) that changed the way financial reporting will be done for leasing transactions. This change will affect all companies and organizations that lease assets such as real estate, airplanes and vehicles, and manufacturing equipment. Read more. Read More
James Ortiz | April 5, 2019
On April 4, New Mexico Governor Michelle Lujan Grisham signed House Bill 6 into law, initiating complex changes to New Mexico tax laws over a two-year period, some of which are effective immediately and others that will be phased in thru July 2026.
The new laws include changes to the personal income tax, corporate income tax, gross receipts tax (GRT), and several excise taxes. Here are some key provisions of the bill that affect New Mexico’s taxpayers. Read more. Read More