Best Way to Start Recovery after Hurricane Harvey
The true impact and devastation of Hurricane Harvey won’t be completely known for weeks, maybe even months. And yet, it’s not too early to look forward to what it’s going to take to begin recovery efforts. If you have a business that’s been affected by this latest natural disaster, the first thing to do is make sure your people are taken care of and have shelter and food. Then, it’s time to start thinking about the long road ahead of insurance claims for both property damage and lost profits due to business interruption, casualty loss deductions on your tax returns,. Read More.
September 15 Corporate Tax Filing Deadline for FYE June 30
The corporate tax filing deadline for corporations with a fiscal year-end (“FYE”) of June 30 is coming up on September 15. The temporary regulations that govern this deadline also provide for a seven-month filing extension, which would expire April 15. (Please note that the extension to file doesn’t extend the time in which a corporation must pay any tax that’s due.) Both this deadline and the length of the extension are different from the tax filing deadlines of corporations with different fiscal year-end dates. Beginning with returns filed for the 2016 tax year, other C corporations generally file their tax. Read More.
Tax Amnesty Period Helps Users of Fulfillment Services
Updated as of October 17, 2017: The Multistate Tax Commission (“MTC”) sales and use tax amnesty program for online retailers, which was scheduled to end October 15, 2017, has been extended to November 1, 2017. Updated as of August 22, 2017: The District of Columbia, Massachusetts, Minnesota, Missouri, and North Carolina have joined the Multistate Tax Commission (“MTC”) National Nexus Program since this tax alert was originally published. You can check the MTC’s Nexus Program landing page for updates as new states join the initiative. Do you sell products to customers in a state where you don’t have your own office or warehouse? If so, do you. Read More.
A New Choice for Employers Looking to Reduce Healthcare Costs
Healthcare spending continues to increase year after year. Hospital and outpatient facility services represent a significant portion of rising healthcare costs. Under the current private insurance system, these facilities can charge inflated prices for services but then discount those services for the insurance providers of their choice. Ask yourself – why should employers pay retail prices for in-network private insurance coverage when the same service can be provided at Medicare-based wholesale costs? In response to this inefficient system, Cherry Bekaert Benefits Consulting has developed Focused Average Cost Tracking (“FACT”), a healthcare model that significantly lowers the cost of hospital and outpatient facility claims. Read More.
Expanded Georgia Tax Credits: Who Qualifies and How to Get Them
If you do business in Georgia, you may be able to benefit from legislation that the Georgia General Assembly passed recently. This legislation expands certain tax credits and incentives that are available to qualifying taxpayers. Georgia Revitalization Zone Tax Credits Effective January 1, 2018, the Georgia Commissioner of Community Affairs will create a list of Revitalization Zones comprised of vacant downtown areas in Georgia communities with populations of less than 15,000 residents. The goal is for businesses and investors to increase their rates of investment and job creation in these areas as a result of the tax credits. Businesses and. Read More.
New Tax Reporting Requirements Effective July 1, 2017
If you have customers in Colorado, Louisiana, or Vermont, you may be subject to new tax notification and/or reporting requirements effective July 1, 2017. These requirements are intended to make it easier for the states to collect use tax from their residents. Colorado Out-of-state retailers with at least $100,000 in gross sales to Colorado customers during the previous calendar year who don’t collect and remit Colorado sales tax are now subject to the following requirements: At the time of sale, they must notify Colorado customers of their obligations to self-report and pay use tax to the Colorado Department of Revenue. Read More.
Sales and Use Tax, Technology and the Evolving Definition of Sales Tax Nexus
States across the U.S. are challenging the physical presence standard that has so long been a leading factor when determining sales nexus in states and local jurisdictions. Why are they challenging it? Blame the Internet and technology. The Driving Force Behind a New Definition of Sales Nexus As more goods and services are sold and delivered via the Internet, states have determined they are potentially losing billions of dollars in sales tax revenues. It’s not just Internet retailers, such as Amazon, Etsy, and eBay, that are taking a chunk from state revenue totals. It’s also digital goods and software as. Read More.