Current News


E-Commerce State Sales Tax Laws Don’t Paint a Pretty Picture for the Art World

With the holidays on our heels, more of us are spending down time (or maybe a few work hours) doing online shopping. Last year, Cyber Monday broke the online sales record with $7.9 billion in revenue. That’s a 19.3% increase from 2017. Which is great news for anyone selling items online. Or maybe not so great, due to the Supreme Court’s recent landmark sales tax case, South Dakota v. Wayfair.     Read More >

 

IRS Releases Latest Round of Opportunity Zone Regulations: Where Do We Stand Now?

As part of the Tax Cuts and Jobs Act, Congress enacted two companion provisions designed to encourage investment and economic growth in certain low-income communities. First, Sec. 1400Z-1 paved the way for nearly 9,000 such low-income communities to be designated as “qualified opportunity zones” (QOZs). In turn, Section 1400Z-2 offers three federal income tax incentives to a taxpayer who invests in a business located within one of these zones.     Read More >

 

End-of-Year Moves to Trim Your 2019 Tax Tab

Before the New Year arrives, it’s time to look for last-minute moves that can trim your 2019 tax bill. The good news is that the tax law is pretty similar to last year, which should make estimating your tax bill easier. “Things haven’t changed a lot,” says Mark Luscombe, principal analyst for Wolters Kluwer Tax and Accounting. “Changes from the 2017 tax act were in effect last year and this year.” The bad news is the end of the year is coming fast, so don’t procrastinate.     Read More >

 

Transition Related to ASU 2016-02., Leases (Topic 842) Nonpublic Companies, October 2019

ASC 842, Leases changes the way all entities will account for leases. The new standard brings numerous changes to the accounting for leases. One of the most important changes is that all leases, including operating leases, will be recognized on the balance sheet as an asset and a liability. Due to the significant impact the new standard has had on many companies and the complexity in implementing it, FASB has recently decided to extend the effective date of the standard by one year for nonpublic companies. This should give nonpublic companies some additional time to understand the standard and take the necessary steps to implement it.     Read More >

 

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