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Four Ways Tax Professionals Can Prep for Tax Day 2019
Although most of the continental U.S. is still feeling the crisp air of fall, next spring will be here soon—and with it, tax season. Monday, April 15, 2019, is the due date for the first returns to be filed under the sweeping changes made by the Tax Cuts and Jobs Act (TCJA). How can tax professionals (and their...
How the Tax Cuts and Jobs Act Will Impact State Taxes
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 one’s state...
North Carolina Supreme Court Invalidates Statute Taxing Out-of-State Trust Distributions
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?
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...