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When Should Your Business Clients Use a Non-Standard Fiscal Year?
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?
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
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 continuing...
Sales Tax for Out-of-State Retailers?
The Commerce Clause of the U.S. Constitution has governed interstate commerce since the United States was founded. But the rapid rise of internet-based businesses has thrown lawmakers for a loop when it comes to their ability to assess state income taxes on interstate sales. An impending U.S. Supreme Court decision...
Zero Percent Federal Income Tax on QSBC Sales: Too Good to Be True?
If you're constantly looking for the best way to shield your investment gains from federal income taxes, you were likely heartened by the Tax Cuts and Jobs Act's (TCJA) double-digit corporate tax rate reduction. But even better than a 21 percent corporate tax rate is a zero percent tax rate on gains from...
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