Blog

How the Tax Cuts and Jobs Act Will Impact State Taxes

November 6, 2018 9:34 AM

Nearly 90 percent of the 41 states that collect income taxes connect these state tax laws to various provisions in the federal tax code. Whether it’s using a taxpayer’s federal adjusted gross income as a starting point for state tax calculations or transferring certain exemptions or deductions to...

North Carolina Supreme Court Invalidates Statute Taxing Out-of-State Trust Distributions

October 15, 2018 6:05 AM

North Carolina Supreme Court Invalidates Statute Taxing Out-of-State Trust Distributions In what may be a boon for trust beneficiaries who live in North Carolina, the state Supreme Court recently held unconstitutional a statute that taxed proceeds from an out-of-state trust. The Commerce Clause of the U.S....

When Should Your Business Clients Use a Non-Standard Fiscal Year?

October 11, 2018 6:38 AM

Though many businesses use the standard calendar year of January 1 through December 31, there are a few businesses that use other fiscal years, such as July 1 through June 30 or the federal government's example of October 1 through September 30. But why do these businesses use different fiscal years and how do you...

How is Blockchain Impacting the Tax Services World?

October 4, 2018 11:42 AM

Originally used for financial transactions, blockchain technology has been gaining ground over the past several years. It's being implemented in a wide range of industries, including shipping, streaming, and digital media, defense, aerospace, factory production and, of course, financial services. But what exactly...

AFSP Here to Stay- IRS Wins Court Case

September 27, 2018 5:57 AM

In 2013, the U.S. District Court for the D.C. Circuit put a stop to IRS efforts to regulate tax preparers. These proposed rules would require all unenrolled tax preparers to become “registered tax return preparers”—paying an annual fee, passing a competency exam, and completing a certain number of...