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
James Ortiz | April 3, 2019
The Internal Revenue Service has provided clarification – including detailed examples – of the tax treatment of state and local tax refunds arising from any year in which the new $10,000 limit on the state and local tax (SALT) deduction is in effect. Read more. Read More
Ryan Hart | March 22, 2019
What does the Tax Cuts and Jobs Act have to do with divorces and alimony payments? It turns out—a lot. In fact, the new law eliminates tax deductions for alimony payments related to post 2018 divorce agreements. Alimony for divorces pre-2019 that met the tax-law definition if alimony will continue to be deductible. Read more. Read More
Ryan Hart | March 11, 2019
The Tax Cuts and Jobs Act of 2017 affected businesses and employees in any number of ways, and parking expenses were no exception. Before the close of 2018, the IRS issued highly anticipated guidance that will help determine the amount of qualified parking expenses that are subject to disallowance or inclusion in income. Read more. Read More
Jamie Fridley | March 1, 2019
The last thing taxpayers expected following sweeping tax reform was to receive lower refunds than they had in the past. In fact, some are discovering that instead of a refund they owe the federal government. So what went wrong? Read more. Read More