Articles

Posted by: Shane Ratigan

This article was originally published on AccountingWeb, 10/30/2018. As the impact of the Supreme Court’s case on Wayfair Inc. continues to play out, some commentary has focused on different aspects of the decision including the fact that in all sales tax states, long-standing laws already compel consumers who make tax-free purchases to self-remit the taxes […]

Posted by: Jane Searing

The Key Worldwide Foundation, formed in 2013, now finds itself at the center of the college admissions scandal grabbing headlines the last couple weeks. Over the years, millions of dollars had flowed through the charity as part of the scheme without IRS detection. Watching the story develop, it was interesting how quickly attention turned to […]

Posted by: Shane Ratigan

This article was originally published on AccountingWeb, 9/10/2018. There’s little doubt e-commerce businesses will feel the impact of the Wayfair decision, but as the states either introduce or dust off their economic nexus rules for remote sellers, one area where the state rules diverge is their measure of economic thresholds. Economic nexus allows the states […]

Recently, you may have received a notice from out-of-state sellers identifying various online purchases for which you were not charged sales tax. Here is what you need to know concerning the notice: A change in state tax law, effective January 1, 2018, requires out-of-state sellers and marketplace facilitators (e.g., Amazon.com) with sales of $10,000 or […]

Posted by: Cheryl R. Olson

In this current environment, it’s common to hear about the importance of transparency. Keeping your own website updated with current information is important, but you also have some control over what the public learns about your organization through other websites, such as GuideStar. GuideStar gathers, organizes, and distributes information about nonprofit organizations in the United […]

Posted by: Jane Searing

It is the season for membership renewal. Many individuals are renewing their memberships in local art museums, the zoo, aquariums, or other charitable organizations providing member benefits. The questions for members and organizations alike are: What is the value of the membership? Is the membership tax deductible? and Can membership donations be recommended out of […]

Posted by: Shane Ratigan

With the Wayfair ruling expanding sales tax collection obligations, your clients with customers in multiple states are exploring the viability of automated sales tax and other indirect tax calculation solutions. Finding a way to streamline collections is key, as no one wants to keep up with this manually any longer. Automation is also key – […]

Posted by: Shane Ratigan

This article was originally published on AccountingWeb, 5/29/2018. In retail sales, at least one type of sales transaction where the application of sales or use tax isn’t obvious or always occurs is when a seller makes a bulk sale of all, or nearly all, the assets of a business. A bulk sale occurs outside the […]

Posted by: Deby MacLeod · Jane Searing

This article originally appeared in Journal of Accountancy. Reprinted by permission. Before deciding whether your not-for-profit organization should accept cryptocurrency for gifts, you must understand what it is. A cryptocurrency, or virtual currency, is a digital medium of exchange that can be used for purchasing, selling, and storing value, but it is not backed by a sovereign government. In […]

Posted by: Karen Dunn

The new “siloing” law requiring computing UBI separately for each unrelated business created significant challenges. Notice 2018-67, released last fall, addressed some of these questions. The Notice’s interim guidance can be relied on until formal regulations are adopted. The Notice requested comments, most notably whether NAICS codes should be used to determine the separate trades […]

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