ThomsonReuters

JULY 3, 2024

A new playing field for legal challenges Under the new framework established by the Loper ruling, challengers to agency rules now have a more level playing field. The post Legal expert discusses federal labor ramifications of overturning Chevron Doctrine appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Legal 97

Legal payroll Tax Account 97

RogerRossmeisl

JULY 16, 2023

Probate is a court-supervised legal process intended to make sure a deceased person’s assets are properly distributed. However, going through probate typically means red tape, legal fees and your financial affairs becoming public information. The post Benefits of a Living Trust for Your Estate appeared first on Roger Rossmeisl, CPA.

Legal 237

Legal CPA Tax 237

TaxConnex

AUGUST 27, 2024

Substantial uncertainty currently exists regarding to what extent remote sales taxation is legally permissible for states and localities,” reads the U.S.

Colorado 264

Colorado Sales Tax Alaska 264

RogerRossmeisl

JUNE 9, 2021

Unfortunately, there aren’t a lot of great legal remedies. Legal contract An insurance policy is a contract. It’s possible that just when you have the greatest need, you’ll find yourself out in the cold. So it’s critical to avoid unreliable and fraudulent insurance coverage in the first place.

Legal 246

Legal CPA 246

RogerRossmeisl

AUGUST 5, 2024

Personal residence sale In general, if a couple sells their home in connection with a divorce or legal separation, they should be able to avoid tax on up to $500,000 of gain (as long as they’ve owned and used the home as their principal residence for two of the previous five years).

Tax 51

Tax Legal CPA Sales 51

Accounting Today

NOVEMBER 15, 2024

Asset-Map announces 'relationship maps' and 'legal instruments' features; Taxbit launches platform for both traditional and digital finance; Mastercard releases business solution platform; and other news.

Legal 75

Legal Technology Finance 75

TaxConnex

MARCH 23, 2021

Opponents have promised legal challenges , and t he Tax Foundation calls the new Maryland law “ incredibly vague ” on vital definitions, creating uncertainty about where revenue is sourced and when it is subject to the tax. Full of legal holes or not, will laws similar to Maryland’s mushroom in other states?

West Virginia 246

West Virginia Maryland Tax Montana 246

RogerRossmeisl

APRIL 17, 2024

Here’s how a fairness opinion from an independent business valuator can help protect against post-deal legal claims. However, fairness opinions don’t address legal or structural fairness, nor do they constitute an endorsement or a guarantee of a particular transaction.

Legal 189

Legal CPA 189

RogerRossmeisl

APRIL 17, 2024

Preliminary digging If you receive a fraud tip, you’ll need to assess its validity by conducting preliminary interviews — even if you plan to eventually turn the investigation over to legal and fraud experts. To help avoid unnecessary legal complications, keep details.

Legal 175

Legal CPA 175

RogerRossmeisl

MAY 16, 2024

The valuation takes into account applicable valuation practices and standards, as well as any relevant legal precedents. Value conclusions When providing conclusions of value, valuators consider all approaches and procedures they deem appropriate for the circumstances. The result may be presented as a single amount or a range of values.

Legal 214

Legal CPA Account accounted 214

RogerRossmeisl

FEBRUARY 23, 2022

Plus, the business’s value might be partially excluded from the marital estate, depending on state law, legal precedent and prenuptial agreements between the spouses. And it’s often impractical to sell the business and split the proceeds, because there may be other owners who aren’t interested in selling and it takes time to sell a business.

Legal 230

Legal CPA 230

SMBAccountant

MARCH 24, 2023

Annual payments over $600 made by the business for legal services There are some exceptions which do not require 1099-NEC forms.

Legal 236

Legal Tax Start-ups 236

Bharmal&Associates

AUGUST 28, 2020

But LLCs can offer similar legal protection to their members (owners). LLCs Offer Legal Protection. Using an LLC to conduct a business or investment activity generally protects your personal assets from LLC-related liabilities—similar to the legal protection offered by a corporation. Key point: LLCs are not corporations.

income tax 242

income tax tax return Legal Tax 242

RogerRossmeisl

MAY 16, 2024

There are several financial and legal implications when adding a new partner to a partnership. Here’s an example to illustrate: You and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to the business.

Tax 207

Tax Legal CPA business tax 207

RogerRossmeisl

AUGUST 9, 2021

These can lead to legal liability and fines. According to the Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse, construction companies affected by fraud lose a median $200,000 per fraud incident, compared with $125,000 per incident for all organizations.

Construction 222

Construction payroll tax payroll Legal 222

RogerRossmeisl

MAY 30, 2022

For example, a valuator might remove extraordinary or unusual items — such as proceeds from a legal settlement or short-term effects of hurricane damage — from a company’s income statement. Historical data is less relevant if operations are expected to change in the future. Similarly, to better reflect.

financial statements 216

financial statements Legal CPA 216

RogerRossmeisl

AUGUST 5, 2024

Additionally, part or all of the business may be excluded from the marital estate, depending on state law, legal precedent and prenuptial agreements between the spouses. When a marital estate includes an interest in a closely held business, determining its value for purposes of dividing up assets for a divorce settlement can be challenging.

Legal 195

Legal CPA 195

RogerRossmeisl

SEPTEMBER 26, 2022

The list is not a legal document or a literal listing of agency enforcement priorities. The IRS has compiled the annual Dirty Dozen list for more than 20 years as a way of alerting taxpayers and the tax professional community about scams and schemes.

Tax 215

Tax CPA Legal Sales 215

RogerRossmeisl

MAY 30, 2022

Adding a new partner in a partnership has several financial and legal implications. Let’s say you and your partners are planning to admit a new partner. The new partner will acquire a one-third interest in the partnership by making a cash contribution to it.

Tax 212

Tax Legal CPA business tax 212

SMBAccountant

OCTOBER 21, 2020

Bad Debt – both actual and estimated losses from uncollectible accounts receivable including collection costs and legal costs are not allowed. Bonuses & tuition reimbursement – Both bonuses and tuition reimbursement CAN be allowed under certain circumstances.

Government 246

Government general ledger Account accountant 246

SMBAccountant

AUGUST 4, 2020

Bloom has successfully met the ACFE’s character, experience and education requirements for the CFE credential, and has demonstrated knowledge in four areas critical to the fight against fraud: Fraudulent Financial Transactions, Fraud Prevention and Deterrence, Legal Elements of Fraud and Fraud Investigation.

Education 246

Education Legal Government Account 246

TaxConnex

SEPTEMBER 8, 2022

In fact, physical nexus remains the first consideration in whether a business is legally bound to collect and remit states’ taxes. Economic nexus obligations kick in after a business tops a set level of sales in terms of quantity or dollar amounts, or both.

Sales 246

Sales Tax Legal South Dakota 246

RogerRossmeisl

NOVEMBER 13, 2022

For example, someone who once worked in accounting might retain the ability to make journal entries even after transferring to the legal department. Over their tenure, employees might accumulate various privileges they no longer need. Unfortunately, dishonest employees could use their privileges for nefarious purposes.

Legal 203

Legal CPA Account accounted 203

TaxConnex

JULY 18, 2024

They can provide guidance and ensure that your records meet all legal requirements. Consider Outsourcing: If you're unsure about how to maintain compliance documentation, consider seeking help. To learn more, download our latest eBook – How to Prepare Your Business for a Potential Audit.

audit 264

audit Sales Tax tax return 264

RogerRossmeisl

FEBRUARY 17, 2023

A solvency expert can help you and your legal counsel determine whether a liquidating business is capable of meeting its interest and repayment obligations. In most cases, liquidating companies come by their financially distressed situations honestly.

Legal 200

Legal CPA 200

TaxConnex

NOVEMBER 30, 2023

If you have undergone changes in your Accounts Payable personnel, installed a new ERP system, implemented a new tax matrix, completed an acquisition, had a recent increase in tax accruals, or just want confirmation you are only paying what is legally due, a sales and use tax overpayment review should be considered.

Sales 256

Sales Tax accounts payable tax consultant 256

RogerRossmeisl

JULY 16, 2023

Unfortunately, you can’t afford to ignore the possibility that your acquisition target is hiding something — possibly something that will have negative financial and legal implications after the deal is complete. If you’re considering buying a company, fraud may be the last thing on your mind.

forensic accounting 198

forensic accounting financial statements Legal CPA 198

TaxConnex

JANUARY 11, 2024

As a marketplace facilitator, TikTok spells out on its Shop Academy FAQ page that it’s legally required (under jurisdictions’ marketplace facilitator sales tax rules) to calculate, charge and collect applicable taxes on all sales made through TikTok Shop, which uses an unidentified third-party for sales tax compliance.

Sales 264

Sales Tax Utah tax return 264

TaxConnex

JUNE 8, 2021

Other Updates: Arkansas: The Revenue Legal Counsel division of the Arkansas Department of Finance and Administration has published a? Revenue Legal Opinion determining that cloud-based software that allows customers to monitor and prioritize the usage of internet bandwidth is not taxable. Stay tuned.

Sales 223

Sales Tax Arkansas South Carolina 223

RogerRossmeisl

DECEMBER 15, 2022

As posted to IRS.gov as Tax Tip 2022-117 on 8/2/2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors.

CPA 191

CPA Legal Tax cpa firm 191

RogerRossmeisl

FEBRUARY 13, 2024

Tax-free treatment for eligible stock gains QSBCs are the same as garden-variety C corporations for tax and legal purposes — except QSBC shareholders are potentially eligible to exclude from federal income tax 100% of their stock sale gains. That translates into a 0% federal income tax rate on QSBC stock sale profits!

Tax 174

Tax income tax Legal CPA 174

TaxConnex

NOVEMBER 19, 2020

This can include assessments against your business, the levy of any property in the destination state, filing collection suits in court, using collection agents to collect the debt, or using the courts in the home state to enforce a valid legal judgment from the courts in the destination state. What is a VDA?

Sales 246

Sales Tax audit Legal 246

TaxConnex

JULY 7, 2022

Businesses also incurred costs to stay current with legal requirements in multiple jurisdictions but were still exposed to liability risks, including liability for past sales. For example, many states’ remote sales tax requirements became effective within about three months of?

Sales 245

Sales Tax audit Legal 245

TaxConnex

FEBRUARY 27, 2024

There’s another consideration for going in-house: The legal liability is all yours if you miss a compliance matter. If you or your non-accounting staff have to pick up the slack to cover your sales tax obligations, ask some frank questions: How many of your staffers will it take to handle your current and future sales tax obligations?

Sales 264

Sales Tax Account accountant 264

RogerRossmeisl

FEBRUARY 18, 2024

However, there may be ethical and legal implications of using these applications. Gen AI typically is used to create new content (such as text, images, code and video) from raw data and includes such popular systems as Grok, ChatGPT and DALL-E. Gen AI can also help reduce, uncover and combat fraud.

Legal 163

Legal CPA Technology 163

TaxConnex

APRIL 25, 2024

There’s another consideration for going in-house: The legal liability is all yours if you miss a compliance matter. What resources will your people need to handle this responsibility? What will be their reaction to the new workload – and your potential cost of employees quitting down the road?

Sales 264

Sales Tax accounting and finance auditor 264