Alerts

URGENT: New North Carolina Filing Requirement for Large Multistate Corporations due April 15th

If your company is a large multistate corporation conducting business in North Carolina, please be reminded of a new informational filing requirement due this week. Regardless of whether or not you have an S corporation election in place, you may be required to file Form CD-400 MS, Market-Based Sourcing Informational Report. The form is required if the following criteria were met for your 2014 tax year: your company’s apportionable income was greater than $10 million; your North Carolina apportionment percentage is less than 100%; and your company was subject to apportionment of income based at least in part on the. Read More.

New Credit Opportunities for Virginia Businesses

On March 7, 2016, Virginia Governor Terry McAuliffe approved and signed into law State Bill 58 (“the Bill”), which enhances the state’s existing Research and Development(“R&D”) tax credit  and creates a new Major Research & Development tax credit (“Major R & D credit”). If your business is engaged in R&D activities within Virginia you can apply for either credit for which your business qualifies, but not for both. Virginia lawmakers hope the legislation will create new jobs by providing incentives to businesses considering establishment or expansion of research and development activities in Virginia, promote economic growth, and attract new businesses. Read More.

Will you be Subject to a Phase 2 HIPAA Audit?

The March 2016 edition of Cherry Bekaert Benefits Consulting’s Health & Benefits Update details Phase 2 of the Health Insurance Portability and Accountability Act (HIPAA) audit program. Please visit Cherry Bekaert Wealth Management’s website to read the Health & Benefits Update for March 2016  in its entirety.

Internet Tax Freedom Act Made Permanent: What It Really Means for Online Sellers

On February 24, 2016, President Obama signed into law the Trade Facilitation and Trade Enforcement Act of 2015 (“the Act”), which permanently continues the ban on taxes for accessing the Internet. This law makes it illegal for states to pass discriminatory taxes on and establishes an ending date of June 30, 2020, for taxes and fees imposed by the seven states that had previously enacted taxes on Internet access charges. CompTIA, the Computing Technology Industry Association, along with its member companies and more than 30 state and regional tech councils, pushed strongly for this permanent extension. However, the Act does. Read More.

Don’t Overpay Uncle Sam!

The following tax deductions and credits are available and should be considered as you gather the information for your 2015 income tax return and estimate your tax liability for 2016: Business and Employment-Related Expenses Did you purchase depreciable assets for your business during 2015? If so, you can benefit from bonus depreciation and expensing options that have been enhanced over the last few years. These enhancements include the ability to deduct up to $500,000 of certain tangible property and leasehold improvements placed in service during the year, and the ability to deduct half of the cost of any additional eligible. Read More.

Attention Executors: Basis Reporting Requirement for Estate Tax Returns Filed After July 31, 2015 —New Revised Extension Date!

New Revised Extension Date! Alert updated July 28, 2016 If you are an executor or beneficiary of an estate, you may be responsible for filing an additional tax form due to recent rule changes. As a result of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (“The Act”), a new basis consistency standard has been imposed for assets distributed by certain estates. This standard generally requires that the basis of inherited property in the hands of an heir equals the value used for estate tax reporting purposes. The Act also introduced a new reporting requirement that. Read More.

Internet Tax Freedom Act Made Permanent – What It Really Means

On February 24, 2016, President Obama signed into law the Trade Facilitation and Trade Enforcement Act of 2015 (“the Act”), which permanently continues the ban on taxes for accessing the Internet. This law also makes it illegal for states to pass discriminatory taxes on transactions that occur online, and establishes an ending date of June 30, 2020, for taxes and fees imposed by the seven states that had previously enacted taxes on Internet access charges. However, the Act does not end local taxation of sales of goods and services through the Internet unless such taxes are discriminatory in comparison to. Read More.

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