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Wayfair Impact of Supreme Court Wayfair Decision

Background On June 21, 2018, the Supreme Court issued an opinion on South Dakota v. Wayfair, Inc. The Court ruled in favor of South Dakota against Wayfair and other large online retailers and overruled the Quill ruling from 1992. The case involved economic nexus law...

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REVENUE RECOGNITION – NONPUBLIC ENTITIES

United States accounting principles require the adoption of a new standard on revenue recognition for periods beginning on or after December 15, 2018. The new standard supersedes the former guidance and most industry specific guidance to remove inconsistencies,...

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New IRS Guidance on State and Local Taxes

The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It's a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs Act...

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Tax Reform Expands ABLE Accounts, Saver’s Credit

The tax reform laws passed at the end of 2017 added some benefits for people with disabilities, raising the amount of money they can put into their Achieving a Better Life Experience (ABLE) accounts. They may even be able to roll a limited amount of money from 529...

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Check Your Withholding Now

The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they're withholding the right amount of tax from their paychecks. You can check out the IRS Withholding Calculator to help navigate the complexities of...

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How to Manage the Home Office Deduction

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. There are basically two methods for deducting the...

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Moving and Mileage: Roundup of TCJA Changes

The IRS has provided information to taxpayers and employers about changes related to the Tax Cuts and Jobs Act on the rules for these expenses: moving, vehicle and unreimbursed employee. But there's a bright spot: The agency offered information about higher...

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Supreme Court Ruling on Online Sales Tax Sows More Confusion

It has long been the rule that a state cannot collect sales tax from a vendor that is selling products in that state, unless that vendor has a physical presence, called a nexus. However, on June 21, in a 5-4 decision, the Supreme Court swept away the nexus rule...

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Understanding Your Payroll Tax Liabilities

On the federal level, employer-only taxes include Social Security tax, Medicare tax, and federal unemployment (or FUTA) tax, which are administered by the Internal Revenue Service (IRS). On the state level, employers are on the hook for state unemployment (or SUTA)...

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What Every Employer Must Know About State Unemployment Tax

Although most wages are subject to SUTA tax, certain wages may be exempt. In New York, for example, wages paid to babysitters under 18 years of age, church employees, and certain family members are exempt from SUTA tax. Therefore, it’s essential to check with your...

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