Articles

Posted by: Bob Heller ·

Figuring out when and how a supplier should collect sales taxes in a drop shipment transaction is often a bewildering task. Generally, sales for resale are not subject to state and local sales taxes – provided that a purchaser supplies proper exemption documentation. As a result, wholesalers who deliver taxable products directly to their customer’s […]

Posted by: Joe Haberzetle ·

California nonresident investors have long complained about having to pay $800 annually in minimum corporate franchise tax or California LLC tax, merely for holding a passive investment in a California business and regardless of whether the investment generates income.  As it turns out, the law may have been on the investors’ side all along. In […]

Posted by: Shawn Hansen ·

Under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC), private-sector retirement and welfare plans are required to file annual returns/reports. Filing a Form 5500, along with any required schedules and attachments, typically satisfies the annual reporting requirement. The Form 5500 is the primary source of information about a plan’s financial […]

Posted by: Steve Day ·

Co-authored by Patrick McColgan and Richard Newby, Duff & Phelps On January 31, 2017, the IRS announced that its Large Business and International (LB&I) division will focus on issue-based examinations. Under this approach, the LB&I division will use and develop specialized IRS knowledge and resources to successfully run compliance campaigns targeted towards several key risk […]

Posted by: Megan Kuchan ·

Updated on February 14, 2017, to add the latest information on the delay on ruling. See the end of the article. On February 3, 2017, President Donald Trump signed a directive to delay implementation of the Department of Labor (DOL) fiduciary rule. Originally set to be effective this coming April, the postponement will allow the […]

Posted by: Rick Cooley ·

On January 20, 2017, President Donald Trump issued a presidential memorandum declaring a moratorium on all new federal rule making. This practice is not unusual for an incoming president, especially one from a different political party than the departing president. In fact, former President Barack Obama issued a similar order shortly after his inauguration in […]

By Paul Ung, Tax Manager Every year, we get numerous e-mails and calls from clients who report that someone from the IRS is demanding money right away for past due amounts. These demands are followed by a threat of arrest, lawsuit, deportation, or other acts of intimidation. These communications are IRS scams. IRS scams are […]

Posted by: Jennifer Mace ·

In today’s increasingly global economy, there are many U.S. tax-reporting requirements that relate to foreign investments, foreign organizational operations, and other international transactions. One of these requirements is the Report on Foreign Bank and Financial Accounts (FBAR). While the reporting requirement has been around for decades, IRS scrutiny and compliance efforts have been a focus […]

Posted by: Rick Cooley ·

Whether you love or hate the United States’ 45th President, Donald J. Trump, all taxpayers should prepare for big changes in tax year 2018. Though President Trump talked a great deal about tax reform while on the campaign trail, we are all anxiously awaiting the tax reform legislation that will emerge from his campaign’s tax talking points […]

Posted by: Troy Rector ·

The New Year is off to a better start than originally thought for institutions of higher education and nonprofit research organizations.  Under the National Defense Authorization Act (NDAA) for Fiscal Year 2017 [S. 2943] signed by President Obama on December 23rd, the micro-purchase threshold for procurement under the Uniform Guidance was increased from $3,500 to […]

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