Sales Tax: What to Do in Light of the Wayfair Decision?
With the overturning of 26 years of U.S. Supreme Court precedent, states may now compel taxpayers to collect sales tax from consumers who make purchases within the state. Prior to the Wayfair decision last month, a taxpayer needed to have a “physical presence” in a state before it was subject to the state’s sales tax collection requirements.
Decision Made in Major Sales Tax Ruling
The Supreme Court ruled today, June 21, 2018, in the case of South Dakota v. Wayfair that states may collect sales tax from businesses that do not have a physical presence in their state. This effectively reverses a 40-year-old decision (Quill Corp v. North Dakota) that held that a taxpayer had to have a physical presence in a state in order to be required by a state to collect and remit sales tax. We will provide further updates as more information becomes available.
IRS Exempt Status Revocation Issue
Is Your Organization Showing Exempt and Non-Exempt on the IRS Website? If you use a certain method for searching for your organization on the IRS website, you may see conflicting information regarding your exempt status.
IRS Scams: Don’t Fall Victim
Given the employees at Smith Leonard have received multiple calls this week from IRS scammers, we wanted to be sure our clients and community friends are aware of the prevalence of these types of scams and what red flags exist within these types of calls or emails. Commonly, these individuals are reaching out with threats of jail time and arrest warrants if money or information is not immediately provided. Read our article for tips on how to protect yourself.
January 10, 2018/Tax, Press Release
Jennifer Casper Promoted to Partner
Smith Leonard PLLC has announced the election of Jennifer Casper as its newest Partner/Member. Jennifer’s appointment coincides with her 8th year at Smith Leonard. She has over 20 years of public accounting experience and has spent her career serving both privately-held and public companies.
How Tax Reform Will Impact Manufacturing
How will the new tax legislation impact the manufacturing industry? With most of the Tax Cuts and Jobs Act provisions taking effect in the new year, review this quick reference guide that highlights the most relevant changes for manufacturers.
Should You Prepay Your 2018 Real Property Taxes?
The IRS issued an Advisory on December 27, 2017 that stated pre-payment of your 2018 real estate taxes in 2017 may be deductible in certain circumstances. In short, an “assessment” by your county must be made in order for the pre-payment to be deductible. Certain counties in North Carolina (including Guilford and, we believe, Forsyth) are issuing “bills” for 2018 if you go to the property tax office and request one.
2017 Tax Update
View the “Tax Cuts and Jobs Act” (the “Act”) conference report with the latest 2017 tax updates. The conference report was agreed to by the House and Senate conferees last week and reflects the resolved differences between the House bill and the Senate amendment. While the final compromise looks more like the Senate bill, it reflects many compromises, some additions, deletions, and other modifications that are in step with Congressional priorities.
Have You Amended Your Partnership Agreement Yet?
If your first reaction is “Why would I need to?”, then we need to chat. New partnership audit rules go into effect for the 2018 tax year and will make it more attractive for IRS audits.
Charitable Deduction Reminders for #GivingTuesday
In honor of #GivingTuesday, here are a few reminders regarding when your charitable donations will also qualify for a tax deduction: Only donations to qualified charities are deductible: If in doubt, you can check the organization’s status on using the EO Select Check tool on the IRS website. Contributions to synagogues, mosques, churches, mosques, and […]
