Articles

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What’s Next for State Tax Nexus?

The recent Wayfair decision has drastically altered the landscape for states that want to collect sales and use taxes. Prior to this landmark U.S. Supreme Court case, economic “nexus” for tax purposes was established only if the seller of goods or services exhibited a “physical presence” in the state. Under Wayfair, sales and use tax…

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How Tax Reform Affects Tax Planning for C Corporations

One of the biggest changes under the Tax Cuts and Jobs Act (TCJA) is the permanent installation of a flat 21% federal income tax rate for C corporations for tax years beginning after 2017. The new 21% rate applies equally to personal service corporations (PSCs). (Under prior law, PSCs were taxed more heavily than other…

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Evaluating Portfolio Company Compliance with New FASB Lease Rule

It’s a common challenge: The balance sheet treatment of leases makes it difficult for private equity firms and other investors to accurately compare different acquisition targets. A portfolio company with substantial financing (formerly known as capital) lease obligations might appear highly leveraged, while another that is able to structure those commitments as operating leases and…

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Private Companies Face Deadline for New Revenue Recognition Standard

A critical deadline is approaching for private companies. For annual reporting periods beginning after Dec. 15, 2018, private entities must adopt a new standard for revenue recognition issued by the Financial Accounting Standards Board (FASB). The new standard, “Revenue from Contracts with Customers,” replaces all previously existing standards and guidance in order to, among other…

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New Law, New Limit on Deductions for Business Interest Expense

The Tax Cuts and Jobs Act (TCJA) imposes a new limitation on deductions for business interest expense. This is a permanent change for tax years beginning in 2018 and beyond. Will your business be affected? Here’s what you need to know. How Have the Rules Changed? Under prior law, some corporations were subject to the…

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Effects of the Tax Law Vary Based on Major Life Events

Change is part of life. The Tax Cuts and Jobs Act (TCJA) has brought sweeping changes to the federal income tax rules for individuals. But how will you and your family be affected? That depends on your specific circumstances. Major life changes — from marriage and birth to divorce and death — can provide opportunities…

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New Tax Benefits of Hiring Your Kid

Summer jobs can be an effective way to teach children about financial responsibility, encourage them to save for college or retirement, and provide them with spending money during the school year. If you own a business, consider hiring your child (or grandchild) as a legitimate employee. It can be a smart tax-saving strategy for employee…

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Ensure Compliance With New York’s Revitalized 421-a Tax Abatement Program

For developers able to navigate the city’s unfolding new rules, the New York skyline offers an enticing tax break. New York’s 421-a property tax exemption lapsed in early 2016, amid escalating concerns that developers weren’t providing adequate affordable housing in exchange for tax breaks, but it was officially renewed as “Affordable New York” in April…

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