Wayfair—Big Sales Tax Nexus Changes

Written by Jack Schmoll, CPA As I am sure many of you saw SCOTUS ruled on South Dakota v. Wayfair yesterday. The court found for South Dakota and overturned Quill v. North Dakota (1992). Quill had held that a business had to have some type of physical presence in a state before a state could […]

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New Podcast | 6-18-18

This week’s podcast covers the following developments: IRS indicates that TCJA UBIT provisions may be delayed, but no specific commitment Physician’s attempt to claim that social security disability is not taxable fails Taxpayer found to be solely in the business of selling controlled substances Shareholder barred from unilaterally changing S corporation’s election not to claim […]

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New Podcast | 6-11-18

This week’s podcast covers the following developments: Updated timeline for some TCJA guidance Court accepted father’s testimony for where son lived during tax year Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license The IRS grants some relief for §965 transition tax payments Memo deals with confusion […]

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Registration Now Open for Annual Business Meeting

As previously shared on our website, the Annual Business Meeting has been rescheduled to Wednesday, June 27, at 11:00 am. This year’s meeting will be conducted online and registration information can be found at this link. We expect the meeting to last no more than 30 minutes. The order of business shall be as follows, […]

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New Podcast | 6-4-18

This week’s podcast covers the following developments: Fact sheet on how the IRS contacts taxpayers–and how it doesn’t Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes Taxpayer was found to be a statutory employee, deductions allowed above the line IRS issues proposed regulations that […]

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General Assembly Begins Budget and Tax Hearings

Today the NC General Assembly is considering the Senate Bill 99 Appropriations Act of 2018 Conference Report that was posted on the website of the General Assembly last evening. This report cannot be amended, except by a subsequent act of the General Assembly. We are pleased to report to our members that included in the […]

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New Podcast | 5-29-18

This week’s podcast covers the following developments: FBAR penalty limited to lower amount in old regulation Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred IRS to issue regulations on SALT/charity workarounds, raises substance over form issue DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners […]

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Aspiring NC CPAs Recognized for CPA Examination Performance

The American Institute of CPAs has recognized Alison Mackay, Wesley Sweigart, and Katherine Warlick as winners of the 2017 Elijah Watt Sells Award. The award is bestowed upon candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, passed all four sections of the Examination on […]

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