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.
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.
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
REDW | September 4, 2018
On August 14, the National Indian Gaming Commission (NIGC) announced the approval of non-binding guidance on Class III Minimum Internal Control Standards (MICS).
The NIGC’s Class III MICS were last substantively revised in 2005. In 2006, the D.C. Circuit Court of Appeals ruled that NIGC lacked authority to enforce or promulgate Class III MICS. Since that time, the Class III MICS have remained untouched. Read more. Read More
REDW | August 29, 2018
The Albuquerque chapter of the Institute of Management Accountants will host James Ortiz, REDW State and Local Tax Senior Manager, as featured speaker for its September meeting.
James will discuss the implications of the South Dakota v. Wayfair ruling on sales and use tax compliance requirements, sales and use tax systems, taxability, and nexus determinations.
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.
Christina Roderick | August 27, 2018
On Thursday, August 23, 2018, the IRS issued proposed regulations that would disallow the federal deduction for donations made to charitable organizations in which taxpayers receive a tax credit. The proposed regulation was needed to halt the many states that were putting in place credit programs to circumvent the recent tax law change limiting the deduction for state and local taxes to $10,000.
The proposed regulation impacts donations made after August 27, 2018. The regulation is not final and a comment period is required; however, to secure your Arizona state tax credits for 2018, we are recommending you make your contributions before August 28, 2018. Read more. Read More
Christina Roderick | August 20, 2018
On April 30, 2018, the California Supreme Court announced a decision in the case of Dynamex Operations West, Inc. v. Superior Court of Los Angeles, creating a new test that could make it much harder for companies to claim that a worker is an independent contractor and not an employee. As a result, as many as 300,000 California workers could be newly considered employees rather than independent contractors. Read more. Read More