James Ortiz | October 9, 2018
In its decision on South Dakota v. Wayfair on June 21, 2018, the U.S. Supreme Court overturned a 1992 precedent that excused out-of-state retailers from collecting and remitting state sales tax when selling products to residents of a state. The seller was only required to collect sales tax if they had a physical presence such as a brick-and-mortar store or an employee within the buyer’s state legal boundaries.
With the recent ruling, physical presence is no longer required for a state to impose a sales tax on sellers, and states stand to collect potentially billions of dollars in sales taxes from remote sellers. While states aim to maximize a potential windfall of new tax revenue, tribes should be exploring the impact on their sales tax collection. Read more. Read More
David Cechanowicz | September 26, 2018
Last quarter, this newsletter focused on the Retirement Planning section of REDW Stanley’s Wealth Management map. We looked at the inter-relationships between various aspects of financial planning and how retirement planning can span decades and often dominate other planning goals.
At the bottom of the diagram are three additional sections we refer to as the lenses through which we view the decisions that are made in the main planning areas. Because we at REDW Stanley are fiduciaries, we must first act in our client’s best interest. Then we measure and account for the tax impact of planning decisions, and finally, we factor in how those decisions affect risk.
When risk is considered, the following are possible responses... Read more. Read More
Christina Roderick | September 26, 2018
The introduction of Opportunity Zones are one of the less-publicized provisions of the recent Tax Cuts and Jobs Act, which was enacted on Dec. 22, 2017. What are Opportunity Zones? Read more. Read More
Corrine Wilson | September 24, 2018
On September 6, the Senate passed H.R. 6124, the Tribal Social Security Fairness Act of 2018. The bill, which amends Title II of the Social Security Act, was passed by both the House and Senate by unanimous consent in identical form. It was presented to the President on September 12 and signed into law on September 20.
Currently, tribal council members are not allowed to pay into the Social Security program, but state and local government officials are. The Act corrects this by allowing tribal governments to opt in to agreements that provide Social Security coverage (including Old Age, Survivors, and Disability Insurance benefits) to council members. Read more. Read More
REDW | September 18, 2018
Growing beyond 100 employees is an important landmark in a company’s history. While companies may view crossing this threshold as cause for celebration, the Department of Labor (DOL) may view it as a trigger for increased scrutiny of your employee-benefit plan. Certain employee benefit plans with 100 or more eligible participants may be required to engage an independent auditor (referred to as an Independent Qualified Public Accountant or IQPA) to audit the plan’s financial records.
Going through an audit for the first time can be a daunting task. Read more. Read More
REDW | September 10, 2018
On December 22, President Trump signed the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018," into law, marking the largest change to U.S. tax policy since the 1980s.
With most of the provisions already in place, it is critical to understand the bill’s conference process and IRS regulations issued in 2018, as they will provide guidance on how to apply key provisions along with the intent of Congress in drafting the bill.
To help them navigate the key provisions affecting the real estate and construction industries, we’ve summarized the top considerations and industry implications below. Read more. Read More
Sandy Abalos | September 10, 2018
Ever since Congress enacted the Tax Cuts and Jobs Act in December, many business owners are reconsidering which business entity makes the most sense for their particular business. With the new, lower tax rate for C corporations, many pass-through entities, including S corporations, are reconsidering their structure to take advantage of the substantially reduced 21% corporate tax rate.
The Act also provided tax relief to S corporations (and other pass-through entities) in the form of a temporary business income deduction (with some limitations), so that’s what makes it complicated. It may not be worth switching after all. When it comes to choosing business entities, one thing hasn’t changed—it all depends on a number of factors. Read more. Read More
Jennifer Moreno | August 29, 2018
Be on the lookout for a current cyberattack that tries to trick you into giving up your Microsoft Office 365 (O365) username and password.
This attack tries to steal your Microsoft® Office 365® (O365) login credentials so that criminals can access anything you have stored in O365. This could include your email, OneDrive files, and anything you’ve put in the cloud. An attacker sends a fraudulent email that contains links to an authentic-looking (but fake) O365 login page designed to steal your credentials.
Read more to access a training and inforgraphic on how to spot fraudulent emails seeking your O365 credentials. Read More