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State tax laws are always changing, vary from state to state and often conflict, making it difficult for multistate businesses to comply. This study group will discuss hot topics in state taxation. Topics include changes in state income tax apportionment; sourcing rules and filing methodologies; the latest sales tax nexus developments; and taxation of software, digital goods and the cloud. Join AAA-CPA member Tram Le, CPA, Esq., LL.M, discuss these topics July 14 at 2 p.m. EDT. For more information and to register for this program, please click here.
Journal of Accountancy
The International Accounting Standards Board proposed narrow-scope amendments to pension accounting standards — a move designed to provide better information to investors and reduce diversity in practice.
The proposed changes are included in an exposure draft.
Walmart has created 78 subsidiaries and branches in 15 offshore tax havens in a bid to cut the corporate giant's taxes on its foreign operations, according to a report issued by a tax-reform advocacy group. The company, which challenged the findings, holds at least $76 billion in assets through shell companies based in the low-tax havens of Luxembourg and the Netherlands, said the report by Americans for Tax Fairness, an organization backed by national, state and local labor and community groups.
Almost 55,000 401(k) plans failed the Internal Revenue Service's nondiscrimination test, according to a recent study by employee benefits research firm Judy Diamond Associates.
The firm's study of 401(k) plan corrective distributions revealed that $820 million had to be returned to high-income employees, which then resulted in increased income taxes and lower retirement savings for those employees.
The Congressional Budget Office estimated that revenue flowing into the federal government as well as government spending will both rise as a percent of the economy, but spending growth will far outpace revenue growth.
As a result, the country's accumulated public debt could top 100 percent of gross domestic product by 2040, up from 74 percent today, the CBO said in its long-term budget outlook, the first published under the agency's new director, Keith Hall.
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The introduction by Rep. Jason Chaffetz, R-Utah, of yet another Internet sales tax bill illustrates the importance of understanding this complex issue and the different reform proposals circulating on Capitol Hill.
Currently, a Supreme Court decision, Quill v. North Dakota, requires that a seller have a physical presence, or "nexus," in the buyer's state to become subject to the latter state's sales tax.
The Internal Revenue Service statute of limitations is usually three years to audit or make an assessment. There are many exceptions from this rule that give the IRS six years or longer. And once an assessment is made, the IRS collection statute is normally 10 years.
2015 Annual Tax Update Co-sponsored by the AAA-CPA New England Chapter: Boston
2015 Annual Meeting & Education Conference
FLAA-CPA Meeting in Conjunction With the Tax Section of the Florida Bar
Study Group: Hot Topics in State Income and Sales Tax
Study Group: Tax Traps When Transferring Life Insurance Policies
Study Group: Piercing the Veil of LLCs
Study Group: State Tax Issues for Nonprofits
Northeast Regional Education Conference- Baltimore, MD
Study Group: Charitable Lead Trusts
Study Group: Talking to your Clients about Sales Tax
Study Group: Charitable Remainder Trusts
Study Group: IRS and NYS Tax Collections
2015 Fall Meeting & Education Conference
7701 Las Colinas Ridge, Ste. 800, Irving, TX 75063