White Papers & Articles
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State & Local Tax
10 Tax Essentials for Growing Businesses
Keep more of what you make by managing the tax implications of your growth strategy. With taxes a top three expense for most businesses, how well a business manages its tax obligations often means the difference between a good year and one where the business loses ground. Businesses benefit most when tax planning and business strategies are aligned. Get started now by downloading 10-Tax Essentials for Growing Businesses to find out where to focus your tax planning efforts as you pursue growth.
5 Tips to buying professional services
When it comes to choosing the right professional service provider to help your business succeed, the number of choices can be intimidating and the stakes high. Before you buy, spend time carefully considering how the service relationship will drive value to your business. Use Five Tips to Buying Professional Services to successfully select the professional service providers you need.
Pre-IPO tax strategies boost shareholder value
There are many reasons an initial public offering (IPO) doesn’t reach its full potential. Despite being one of the most hyped offerings of 2012, Facebook’s initial stock price quickly lost 50 percent of its value in the weeks following the social networks May 2012 public offering potentially due in part to taxes. If your company has successfully navigated early stage growth and its vision for value creation includes going public, use these tax strategies to enrich shareholder value, leading to greater success in meeting both the potential of an IPO and the company’s longer-term financial goals following the IPO.
Valuable tax functions start here. 5 tools for you
Take our survey and find out how you can add real value to your tax function. Businesses everywhere are intent on squeezing value from every last dollar expensed, even from the tax function. Regardless of size, integrated tax functions focused on opportunities that add value generate the best results. Based on industry experience and leading practices, we have identified five primary disciplines where today’s tax functions can generate greater value.
When two accounting firms are better than one
Although one size does not fit all, there are compelling reasons for separating audit and tax work among two different providers. With the passage of the Sarbanes-Oxley Act in 2002, the role of auditors and auditor independence was forever changed. In the aftermath, companies wrestling with auditor independence rules and related regulatory scrutiny must decide whether their audit firm should be providing them with tax services. There are compelling reasons for separating audit and tax work among two different providers.
State & Local Tax
More Than Nexus
Tax is more complicated than we believe it should be, which is why we exist. We figure out your nexus footprint and take the guesswork out of state and local tax issues everywhere your business operates. Our aim is to reduce tax risk, limit lookbacks and help you understand the impact of state and local taxes on your business strategy.
New to Online Marketplace Sales: A Beginner’s Primer on Nexus and Sales Tax
So, you’ve started using FBA (Fulfillment by Amazon) to start your own online business selling. Is it your best distribution method from a tax perspective? You’ll need to understand the layering impact of Wayfair and marketplace laws when selling goods and services remotely to decide.
Costly Business of Sales Tax Audits: Tips to Lower Risk and Cost
Avoid the crippling cost of noncompliance with these easy tips and strategies. States yield broad powers in pursuing back taxes, penalties and fees for noncompliance. As you grow your business, avoid the crippling cost of noncompliance by knowing your obligations and preparing to meet them upfront with these tips and strategies to lower your risk and cost.
Determining Sales Tax Nexus: Data Accuracy and Accessibility is Key
Determining your sales tax nexus footprint for compliance, or in preparing to add sales tax automation, starts with your business sales data. How is it organized? Do you capture full address information? Are there differences between where you bill and where you deliver?
Five Pre-Transaction SALT Tasks to Boost Your Sales Price
Confusing and conflicting principles, limitations and laws make determining nexus difficult. Take advantage of these strategies to get a handle on your nexus activities.
Grassroots movement to simplify sales tax fast-tracks reform in Colorado
Colorado Sales and Use Tax task force appointee Judy Vorndran is working to help fast-track sales tax reforms that benefit companies and consumers throughout the state. Complex, ambiguous and confusing, key lawmakers in Colorado think the state’s decentralized sales tax system is due for an overhaul. TaxOps’ State and Local Tax Partner Judy Vorndran has been appointed by Governor John Hickenlooper’s office to the legislative task force studying best ways to make sense of the state’s mystifying and complex we of sales taxes. Join Judy in the Simplify Colorado Sales Tax coalition, which spearheaded the efforts to form a fast-track task force and is helping to make these critical changes happen for the benefit for all Colorado
How to Determine Sales Tax Nexus
Discover why other states want your business to collect sales tax, and what’s required. Although nexus is a relatively simple concept, its application is anything but. Most states make their own rules and define nexus differently. Adding to the complexity is the U.S. Supreme Court ruling in South Dakota v. Wayfair, Inc., which opened the door to widespread use of economic nexus to require sales tax collections. While we can’t change the rules, we can help you know which ones apply to a business with these Frequently Asked Questions.
What to Do When You Receive a Tax Notice
Know whether to go it alone or enlist help when the taxman summons you. Inquiries from the Internal Revenue Service and state taxing authorities can be sobering. Knowing whether you should go it alone or would be better served with representation depends on what type of notice it is. Learn more by downloading now.
Who, What, When and Why of Sales Tax Compliance
The U.S. Supreme court ruling in South Dakota v. Wayfair, Inc., gave rapid rise to new sales and use tax obligations for online sellers. How did we get here and what should every business be doing to reduce risk?
Benefits and Limitations of Sales Tax Automation
Wayfair caused a shift in thinking about state and local tax (SALT), upping compliance awareness across the nation and internationally. It’s been a wake-up call to the many companies that may already have had nexus associated with multistate sales and were non-compliant due to any number of challenges–the confusion in dealing with over 10,000 taxing jurisdictions, nuanced laws, complicated rate structures, and technology.
How P.L. 86-272 Protections Play Out
The line where income tax and sales tax obligations meet became more blurred by Wayfair. As nexus around these two tax regimes gets redefined and redeployed state-by-state, determining whether P.L. 86-272 protections apply is both confusing and complex. How we’ve gotten to this point in state and local tax is both interesting and fluid, and necessary to understand before a taxpayer or preparer can determine whether and where P.L. 86-272 protections apply.
Observations from the Trenches
On June 21, 2018, the U.S. Supreme Court handed down one of the most important decisions in 25 years regarding state tax nexus. present the granularity of what Wayfair-related compliance has meant for our clients, and what it might also mean for you and your organization. Alexander Korzhen presents the granularity of what Wayfair-related compliance has meant for our clients, and what it might also mean for you and your organization.
Tax due diligence strategy #1: SALT clean up
Avoid robbing your business of value. Start with a state and local tax clean up. We’ve been in this business for decades and have seen some pretty ugly surprises when folks realize the impact of state and local tax (SALT) issues on the value of a company. But it doesn’t have to be that way. We specialize in helping companies correct SALT issues and maximize value well before identifying a buyer. By understanding where things commonly go wrong with SALT, you’ll know where to focus you due diligence efforts so value is maximized
Top 10 SALT Issues
As 2020 comes to a close, we turn a grateful eye to 2021, where state and local tax (SALT) issues are percolating. Here’s a look at the top ten SALT issues businesses and their tax providers should be tracking and tackling in 2021.
Pay Less Tax, Invest More with R&D Credits
Find out how to take full advantage of research tax credits that could cut your federal and state tax liability. Learn how to put your dollars to better use through Research & Development tax credits.
Game-changer Puts R&D Credits within Reach
The R&D credit is now available to companies of all sizes, both profitable and unprofitable. Could your company be one of the beneficiaries? If your business has never claimed the federal research and development (R&D) credit before or dismissed it due to eligibility restrictions, it’s time to take another look. Two recent options put these powerful incentives within reach for qualifying businesses of all sizes, giving more companies than ever before access to lucrative rewards to help grow their business. Here’s how you can take advantage of the opportunity to save.
Medical Device Excise Tax: Covered and Compliant
Savvy taxpayers may have opportunities to decrease their tax obligations stemming from the medical device excise tax. The medical device excise tax of 2.3% took effect in 2013, imposing significant cost and tax compliance challenges on manufacturers, producers, and importers of medical devices. Click and learn about the opportunities for suppliers to minimize their tax obligations.
Getting the Most Out of Section 382 Limitations
Any startup or existing corporation that has completed or is contemplating a round of funding or acquiring a loss corporation must consider the effects of Section 382 on its ability to offset future taxable income. Optimizing a Section 382 limitation is crucial to a company’s ability to offset future taxable income. Get the most out of Section 382 limitations with this instant download.
A Closer Look at Accounting for Income Taxes
Explore how accounting for uncertain tax positions can reduce your tax risk, smooth out tax liabilities, and improve financial statement transparency in A Closer Look at ASC 740: Accounting for Income Taxes. Having the in-depth knowledge, tax technical understanding, and experience to manage estimates and assumptions related to tax provisions is critical to getting ASC 740 calculations and disclosures right. The requirements and common pitfalls of complying with ASC 740 are explored in this White paper as we answer:
· Why do companies struggle with accounting for income taxes?
· Why does accounting for income taxes matter?
· What are the common pitfalls associated with accounting for income taxes?
· How do I get started?
ASC 740 Fundamentals: A Step-by-Step Guide
A 7 step guide to complying with accounting for income tax standards. Everything from calculating uncertain income tax positions to the terminology you need to know to understand how to review.
ASC 740 FAQs
Accounting for income taxes (ASC 740) is a set of income tax standards requiring public companies to analyze and disclose income tax risks. The implications of getting it wrong—financial restatements and financial disclosures—can impact investor confidence and shareholder value as well as lead to significant remediation costs and business distractions. These frequently asked questions are designed to provide a greater understanding of accounting for income taxes and how companies can manage compliance requirements.