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Latest Industry Insights
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01.21.2020
For Small Businesses, Good Records Bring Good Tax …
Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a few...
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01.03.2020
Repeal of Nonprofit Parking Tax
A curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business...
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01.03.2020
New Tax Bill: Return of the Extenders
Congress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865. Among the many changes are the return of some popular
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01.03.2020
Disaster Relief Tax Provisions
The H.R. 1865 government funding legislation contains numerous tax-related provisions designed to help taxpayers affected by natural disasters and to encourage charitable donations for disaster relief. These provisions are included in a division of t
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01.03.2020
Big Tax Changes to Retirement Plans
One of the highlights of the $426 billion bill signed by the President in late 2019 was the SECURE Act, “Setting Every Community Up for Retirement Enhancement Act of 2019.” This bill was years in the making and includes comprehensive...
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12.16.2019
New Rules for Overtime in January: Are you Ready?
Beginning January 1, 2020, the Department of Labor’s (DOL) New Salary Limits for Overtime Exemptions will take effect, making it possible for more employees, regardless of occupation, to be eligible for overtime pay. The DOL’s long awaited final
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12.12.2019
Culture of Compliance: What Your CIO Isn’t T …
Small business owners sometimes have trouble understanding the details of how technology is supporting their companies. Sabrina Serafin speaks with Rob Hootselle of Cloud & Wire, Inc. about how to understand your company’s technological nee
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12.09.2019
R&D Tax Credit: Don’t Leave Money On The Ta …
By Tommy Zavieh, CPA, MST, MBA The research and development (R&D) tax credit is underutilized, with many taxpayers failing to claim the credit when they are eligible to do so, or making errors at critical junctures in the process. Underutilizatio
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12.03.2019
IRS Clarification: Who Can Take Bonus Depreciation …
The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional deprecia
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12.03.2019
Do Your Real Estate Activities Qualify for a 20% Q …
If taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38 finalizes a safe harbor for “rental real estate enterpr
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11.21.2019
Expats Have New Path to Tax Compliance
It looks like the IRS wants to make peace with ex-pats who have fallen short on their U.S. tax obligations. The agency is offering new procedures for individuals who relinquished their U.S. citizenship to come into compliance with U.S. tax...
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11.21.2019
Digital Content & Other Cloud Transactions: T …
The IRS is working to update 1998 rules on international transactions to reflect the current era of digital content. The proposed rules could have significant international tax implications for companies involved in cloud computing and the distributi
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11.19.2019
Culture of Compliance: SOC Reports: Advantages � …
A SOC report can demonstrate to your clients and vendors a dedication to trust and security, but what does the process look like? Sabrina Serafin discusses the advantages and history of SOC reporting with Shelby Nelson, a SOC lecturer and...
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10.30.2019
Untangling the Technical: Revenue Recognition: Poi …
Assurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming changes to T
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10.18.2019
Culture of Compliance: Cybersecurity Board Oversig …
As cyber risks continue to evolve, how can Boards of Directors be sure they are doing what they can to protect their organization and assets? Sabrina Serafin speaks with Gourav Mukherjee of Immersion Security to discuss how a Board can effectively..
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10.16.2019
FASB Delays Major Upcoming Standards for Private C …
On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815). Wh
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10.16.2019
New Guidelines Simplify the Process of Valuing Com …
Company cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process...
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10.16.2019
Trusts May Owe Less Tax to Georgia Under Supreme C …
State taxation of trusts varies widely, based on where a trust is set up, where the trustee resides, where the trust income comes from, and whether the beneficiaries are residents or nonresidents. In short, a trust usually must have some...
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10.16.2019
Taxpayer Wins High Stakes Partnership Income Alloc …
The IRS’s revenue collection tally just went down by over $650,000 after it lost a major case involving partnership interest deductions. The issue was whether a son who received his partnership interests from his father by gift and bequest had...
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10.11.2019
Culture of Compliance: Lions and Tigers and Ransom …
Ransomware attacks are becoming more and more common and can mean disaster for a small business. Sabrina Serafin meets again with Mary-Michael Horowitz, Founding Partner and CEO of Asylas, to discuss what businesses can do to protect themselves. Cult
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10.08.2019
India’s Bold Move Lowers the Corporate Tax R …
In a bold move to enhance economic development, the Indian Government announced on September 20, 2019, new tax legislation to significantly reduce the corporate income tax rate for some Indian companies. In addition, the new legislation repeals the h
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10.02.2019
Culture of Compliance: Protecting Your Assets: Avo …
Business email compromise remains an enormous risk for businesses of all sizes, as phishing and other attacks can seriously damage your operations and lead to significant losses. Sabrina Serafin speaks again with Skeet Spillane of Pillar Technology P
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09.25.2019
Culture of Compliance: Small Businesses at Risk: T …
The Association of Certified Fraud Examiners finds that Small Businesses are especially vulnerable to fraud and financial management errors. In this episode, Sabrina Serafin and Katrina Barrett explore internal controls that can help smaller business
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09.25.2019
PCI Assessment Scoping – Best Practices and …
Complying with the Payment Card Industry Data Security Standard (PCI DSS) is a critical exercise for any organization that stores, processes or transmits card data. Properly understanding the scope of the assessment can head off potentially costly co
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09.18.2019
What to Expect from PCI DSS v4.0
On Day 1 of the PCI Security Standards Council’s North America Meeting in Vancouver, Emma Sutcliffe, Global Head of Standards, kicked off the conversation. She previewed what we should expect from the upcoming Request For Comments (RFC) period, the
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09.13.2019
Untangling the Technical: Understanding the R& …
Qualifying for the R&D Tax Credit is more common than you would think, and a lot of Manufacturing & Distribution companies are leaving money on the table. Listen to Frazier & Deeter’s Audit Partner Bill Godshall discuss this topic w
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09.06.2019
Who is Considered a Real Estate Professional?
One of the most common questions I answer is how to be classified as a real estate professional for tax purposes. Being classified as a real estate professional enables the taxpayer to the treat a rental loss as non-passive, which...
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09.03.2019
Virtual Currency Owners Are Hearing From the IRS
The IRS is stepping up its cryptocurrency enforcement after determining that few taxpayers report gains on these assets. The agency recently sent over 10,000 letters to virtual currency owners urging them to pay back taxes and file amended returns to
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09.03.2019
UPDATE: Taxpayer First Act Becomes Law Without Fre …
Bipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS customer serv
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09.03.2019
Personal Casualty Losses Now Only Deductible in Fe …
The deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity for...
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09.03.2019
Taxpayers Can Still Change Their Minds on 2017 Bon …
Taxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued...
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08.19.2019
Culture of Compliance: Dodging Cyber Crime: How to …
In today’s cyber landscape, corporations adopting a”fingers crossed” security strategy can lead to huge losses for the company and individuals alike. In this episode, Sabrina Serafin speaks with cyber security expert Mary-Michael Ho
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08.15.2019
Complying with New York’s Cybersecurity Regu …
With the growing potential impact of cybercrime on financial service entities, the New York Department of Financial Services (NYDFS) responded by implementing new regulation regarding cybersecurity requirements for financial institutions under DFS re
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08.05.2019
Rules for Cooperatives, ‘Grain Glitch’ …
High on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives and their
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08.05.2019
Working for a Disregarded Entity? Partners Must St …
The IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious tax....
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08.05.2019
The New Normal: State Tax Benefits Reduce Federal …
The IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state and local
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08.05.2019
Early 2018 Opportunity Zone Investors Given Specia …
After the IRS published regulations in May 2019 with more detailed rules on opportunity zone deadlines, it became apparent that some taxpayers who had invested before the regs were released may lose their gain deferral. The proposed regulations estab
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07.30.2019
Culture of Compliance: Marketing Internal Audit wi …
It sometimes seems like executives see the big risks associated with situations like data breaches or fraud, yet still view the internal audit function as a cost of doing business rather than an important investment. Sabrina Serafin welcomes back Da
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07.25.2019
Sins of the Father? Not Necessarily
Harry G.A. Seggerman, a pioneer in international investing, died in 2001, leaving an estate of $24 million dollars, with almost half of it undeclared in Swiss accounts. Seggerman never reported the foreign bank accounts during his lifetime, leaving i
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07.15.2019
Culture of Compliance: Managing Cyber Risk: Unders …
Cybersecurity is a prevalent topic in the news today, with data breaches hitting the headlines every week. Not surprisingly, we are also seeing legislation in the U.S. and internationally designed to encourage companies to protect sensitive personal
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06.21.2019
Culture of Compliance: Making the Shift to Agile I …
Do you ever feel as though your internal audit methodology is too rigid and misses the mark? Sabrina Serafin meets with Danny Goldberg of GoldSRD to discuss Agile Internal Auditing, a flexible new approach to achieving your objectives. Culture of...
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06.21.2019
Proposed Regulations on Transfers by Foreign Partn …
Partnerships Doing Business in U.S. Must Withhold Tax When Foreign Partner Leaves When Congress moved the U.S. to a modified territorial tax system, it also put in place compliance measures designed to make sure that income generated within U.S. bord
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06.21.2019
Key Georgia Tax Change Captures More Online Sales …
The State of Georgia has been busy making numerous updates to its tax laws over the last few months. Credits and incentives, motor vehicle taxes, and compliance measures are the focus of these revisions. One notable change made by the...
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06.21.2019
IRS Unveils New Process for Selecting Large Corpor …
For years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit...
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06.21.2019
Georgia Doubles Deduction for §529 Education Savi …
The Path2College 529 Plan, sponsored by the State of Georgia, is a tax-advantaged way for parents and other family members to save for college, offering both federal and state tax benefits. Contributions are not deductible on your federal tax return,
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06.06.2019
Culture of Compliance – Creating a Sustainab …
How do you rally your company’s internal messaging around compliance and help turn compliance into an opportunity and strategy rather than a dirty word? Sabrina Serafin sits down with Heather Fortner, Chief Compliance Officer and Chief Operatin
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06.05.2019
Tax Implications of Brexit-related Transfers of Ma …
On 9 April the European Medicines Agency updated their guidance on the impact of Brexit for the pharmaceuticals sector in Europe. Understandably the main concern continues to be on the continuity of supply for existing drugs, but the guidance emphasi
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06.03.2019
Retirement Reform Bills in Congress
Both Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restrictions on ret
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06.03.2019
New Opportunity Zone Rules
Opportunity zone tax credits become even more attractive: Leased Property Qualifies for Opportunity Zone Tax Benefits Taxpayers considering investing in an opportunity zone will be happy to hear of the recent guidance regarding leased property inside
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06.03.2019
How Home Office Deductions Are Affected by SALT Li …
SALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers combine all
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05.16.2019
Untangling the Technical: Expanding to the UK: Und …
The UK is the fifth largest economy in the world, and its stated goal is to be business friendly from a tax perspective. Join two international tax experts to learn about some of the tax implications of expanding to the...
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05.02.2019
SALT Refunds Clarified
Are your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS...
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05.02.2019
Congress Gets Serious About IRS Reform
For years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government...
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05.02.2019
IRS Finalized Reportable Transaction Penalty Regul …
The IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable transactions”
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05.02.2019
2018 Estimated Tax Penalty Relief
The law of unintended consequences has never been more evident than in the IRS’s efforts to fix the estimated tax problem caused by the Tax Cuts and Jobs Act (TCJA). This filing season it became apparent that many taxpayers had...
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04.23.2019
Culture of Compliance – Leveraging Biometric …
Data security is a top concern for modern organizations. What are your options to keep your information safe? Sabrina Serafin meets with Dexter Caffey of Smart Eye Technology to discuss his company’s new biometric document security software and
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04.08.2019
Untangling the Technical: Making the jump to the U …
The US is an enormous market that offers tremendous opportunity. Recent changes to the American tax code make this market even more attractive, but there are still many differences that are important to understand when considering expansion into the
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04.08.2019
Culture of Compliance: One Size Fits One: Implemen …
Sabrina Serafin speaks with Jason Sammons of our Process, Risk & Governance practice about implementing risk management as a strategy to help small and mid-sized businesses grow and reach their potential. Culture of Compliance is available on
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03.26.2019
Georgia Hurricane Timber Tax Credits: Limited Oppo …
The State of Georgia has been out front in helping businesses affected by Hurricane Michael, which hit the state in October 2018 and damaged an estimated 2 million acres of timberland. To help property owners and aid in reforestation, the...
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03.26.2019
Auto Depreciation Safe Harbor Offered by IRS
Bonus Depreciation for Passenger Autos Just Got Easier Passenger autos are one class of business asset that have unfavorable depreciation rules. These vehicles are subject to strict dollar limits each year of the recovery period if they have a gross.
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03.26.2019
IRS Lists Dirty Dozen Tax Scams for 2019
It’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty Dozen” li
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03.26.2019
Mental Condition Results in Bankruptcy Discharge o …
Mental State is Key to Discharging Federal Taxes in Bankruptcy Tax professionals including attorneys and CPAs must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the...
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03.25.2019
Culture of Compliance: The Virtual CISO: An Emergi …
Sabrina Serafin sits down again with Skeet Spillane of Pillar Technology Partners to discuss the VCISO, an information security officer who can provide everything your business needs and nothing it doesn’t. Untangling the Technical is availabl
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03.21.2019
Untangling the Technical: Breaking Down Brexit: On …
In less than two weeks the UK is supposed to leave the EU. Join Malcolm Joy, the Lead Partner of our London office, and Mike Whitacre, one of the leading partners in our International Tax Practice as they discuss the...
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03.11.2019
Culture of Compliance – Marketing Compliance …
Jodi Daniels of Red Clover Advisors joins us again to talk with Sabrina Serafin about the importance of properly managing your marketing data in the age of privacy regulations such as GDPR and CCPA. Culture of Compliance is available on iTunes, Go
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03.08.2019
Culture of Compliance – All About GDPR
Join Sabrina Serafin as she discusses the EU’s strict new data privacy regulation, GDPR, with PRG partner Gina Gondron. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the player below or downl
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02.28.2019
Culture of Compliance – New Privacy Laws and …
Join us as Sabrina Serafin speaks with Jodi Daniels of Red Clover Advisors about the California Consumer Privacy Act, a new privacy law in the United States that resembles the EU’s GDPR. Learn about this sweeping new regulation and how...
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02.22.2019
How the Shutdown Affects IRS Operations Going Forw …
Despite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers
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02.22.2019
More Passthrough Guidance from IRS
Passthrough Deduction Clarifications Tackle W-2 Calculation, Aggregation Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business income (QBI). A
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02.22.2019
Real Estate Keeps Winning on QBI Deduction
Real Estate Wins Again: IRS Clarifies Deduction for Rental Activities Can you take the 20% qualified business income (QBI) deduction against income from rental properties? The Tax Cuts and Jobs Act said no deduction is allowed for “mere” investme
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02.20.2019
Culture of Compliance – HITRUST 1: Assess On …
Join our PRG National Practice Leader Sabrina Serafin in Part 1 of a three part discussion on HITRUST. A certified HITRUST assessor herself, Sabrina speaks with Michael Parisi, the Vice President of Assurance Strategy & Community Development of
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01.30.2019
Culture of Compliance: A Different Approach to Int …
Join us as Partner Sabrina Serafin talks with our new PRG Principal Bradley Carroll about the pros and cons of Co-Sourcing your internal audit. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the pla
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01.29.2019
Georgia Tells Taxpayers How to Coordinate Federal …
The Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding on nonresid
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01.29.2019
SALT Credits Won’t Block Federal Business Ex …
In August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on state and
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01.23.2019
IRS Reveals Procedure for Dealing with New Interes …
One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as...
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01.23.2019
Changes to Transportation Fringes Explained
The TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restrictions...
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12.17.2018
Popular Extenders Again Face Year-End Drama
Don’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of 2018,...
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12.10.2018
Untangling the Technical: VIE and Common Control U …
Join us as we talk with Bill Godshall, our Quality Control Partner, about the new updates to the standards regarding VIE reporting. Untangling the Technical is available on iTunes, Google Play Music and Spotify. Listen now using the player below
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12.03.2018
Investors Given Flexibility in Opportunity Zone Pr …
It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax planning oppor
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12.03.2018
IRS Walks Back Total Loss of Entertainment Meal De …
Want to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December...
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12.03.2018
Tax on Investment Income of Children May Increase …
Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,...
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12.03.2018
Georgia Sales Tax Compliance: What Internet Seller …
In June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v....
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11.02.2018
Progress Report: The New Tax Law’s Impact on Pa …
How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019...
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11.02.2018
Tax Planning for Individual Taxpayers: Points to …
The Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what...
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11.02.2018
Navigating the extended Georgia Education Tax Cred …
Georgia has been very successful at designing tax credit and incentive programs that give taxpayers an opportunity to save money, do good, and support programs that they believe in. The Georgia “Qualified Education Donation Tax Credit” is one of
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10.22.2018
Private Equity 360: Zombie Apocalypse
Strap on your combat boots to learn about Zombie Funds, a little known problem facing fund administrators that can color your reputation and waste administrative fees. Zombie Apocalypse Transcript This transcript was assembled by hand and may contain
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10.17.2018
Untangling the Technical – The Wayfair Decis …
John Corn, Principal and National Practice Leader of State and Local Tax, gives us an inside look at the new online marketplace requirements established by the recent South Dakota v. Wayfair Supreme Court case. Untangling the Technical is available
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10.15.2018
Culture of Compliance: Managing Your HR Compliance …
Sabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Matt Ficken an advisor with Insperity about the importance of HR compliance no matter the size of the business. Ins
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10.11.2018
The World Post-Wayfair: State Tax Nexus Thresholds
Navigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated...
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10.03.2018
Court Ruling on Conservation Easement Case
Long-Term Lessee of Historic Buildings Not Entitled to Deduction for Facade Easement Lessees cannot claim a conservation easement deduction. That is what a partnership with long-term leases on two historic buildings in Massachusetts found out when it
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10.03.2018
IRS Clarifies New Rules for Bonus Depreciation
Bonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new...
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10.03.2018
IRS Explains New Limits on Executive Compensation …
Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018-68 narrow
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10.03.2018
New Charitable Deduction Rules Could Impact Popula …
Since Congress passed the $10,000 limit and on state and local tax (SALT) deductions in late 2017, high-tax states have scrambled to create state programs that would allow taxpayers to circumvent this limit. These “SALT workarounds”, put in place
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09.11.2018
Private Equity 360: Research & Development (R …
Bob Woosley, National Private Equity Leader discusses R&D tax credits with Tommy Zavieh, National R&D Tax Credit Practice Leader. Topics include the history of R&D tax credits, the qualifications, benefits and why you need a R&D tax c
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09.06.2018
Culture of Compliance: Utilizing Cybersecurity in …
Sabrina Serafin interviews Jack Healey, CEO of Bear Hill Advisory Group. His firm provides strategic planning and crisis management services. Topics include, Cybersecurity in relation to other business management Common misconceptions of cybersecurit
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08.14.2018
Sales Tax Planning: What You Need to Know about th …
For internet retailers, the June 21 U.S. Supreme Court ruling on South Dakota v. Wayfair has significant implications, including the added burden of sales tax compliance. As a result of this ruling, many internet shoppers will notice their favorite r
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08.14.2018
New Rules for Passthroughs Ease Concerns, Allow Ag …
One of the more complex areas of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction for the “qualified business income” of sole proprietorships, partnerships, LLCs, and S corporations. While the deduction is an important tax break for...
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08.07.2018
R&D Tax Credits: Georgia Makes a Good Deal Ev …
In order to encourage companies to invest in R&D, and to reward them for doing so, Federal and Georgia tax rules provide what can be very significant tax credits (dollar for dollar reduction in tax liability). On February 7, 2018,...
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08.03.2018
State Collection of Online Sales Taxes Cleared by …
For the past 26 years, sellers of goods across state lines have been protected from state sales tax laws by the 1992 Supreme Court decision in Quill v. North Dakota, which held that out-of-state sellers cannot be required to collect...
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08.02.2018
Culture of Compliance: Visual Data Analytics: An I …
Sabrina Serafin, National Practice Leader of Frazier & Deeter’s Process Risk & Governance Practice, interviews Joe Oringel, Managing Director of Visual Risk IQ.They discuss the importance of visual data analytics and reporting in relati
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07.26.2018
Draft Form 1040 Falls Short of Simplification Prom …
Congress promised big tax cuts and simplification of income taxes in its mammoth tax bill, the Tax Cuts and Jobs Act. It certainly delivered on the tax cut promise, but the simplification effort fell short, as evidenced by the IRS’s...
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07.26.2018
IRS Again Waives Repatriation Tax Penalties
In its third action this year, the IRS announced that it will waive additional late payment penalties for the repatriation transition tax on offshore profits. More guidance is also provided on how individuals subject to the tax make elections (see...
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07.26.2018
Tax Reform 2.0 Effort Launched in The House
Making the individual tax cuts permanent is the cornerstone of a new effort by House Republicans to craft Tax Reform 2.0. House Ways and Means Committee Chairman Kevin Brady (R-Texas) has indicated that the White House and House Republicans are...
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06.27.2018
IRS to Restrict Workarounds for SALT Deduction Cap
One of the biggest revenue-raisers in the Tax Cuts and Jobs Act (TCJA) is a strict limit on the federal deduction for state and local taxes. The new law caps the state and local tax (SALT) deduction for individuals to...
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06.27.2018
Huge Gain Deferral Possible with New Qualified Opp …
To attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these areas. Depen
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06.27.2018
Georgia Rural Hospital Tax Credit Expanded as Feds …
The State of Georgia has raised the tax credit for donations to rural hospitals from 90% to 100%. At the same time, the IRS has taken steps to limit the use of donations to special state funds to offset federal...
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06.27.2018
Deducting Auto Expenses after the Tax Cuts and Job …
Driving for work just got more expensive for some taxpayers. The Tax Cuts and Jobs Act (TCJA) restricted the deduction of automobile expenses, effective in 2018 in several ways. Using autos for moving is no longer deductible except for members...
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06.25.2018
Culture of Compliance – 4 Critical Steps to …
Sabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Tim Martin and Skeet Spillane from Pillar Technology Partners about how they help clients prepare for all things cy
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06.11.2018
Culture of Compliance – SOC 2 Update
SOC 2 experts of Frazier & Deeter’s own Process, Risk & Governance practice walkthrough the reporting changes. Moderator – Sabrina Serafin | Partner & National Practice Leader Speakers – Gina Gondron | Partner Shelby Nel
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06.07.2018
[Blog] Women Crushing Through Barriers and Paying …
I recently went to see RBG, a documentary about an intelligent, determined, tiny woman blazing a trail to reach the absolute apex of her profession. Her response to the discrimination she faced in her career was to make a quest...
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06.06.2018
Taxing Situation for Technology Companies
The Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in...
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05.29.2018
Culture of Compliance – Evolution of Complia …
In Culture of Compliance’s first episode, Sabrina Serafin, Frazier & Deeter’s National Process, Risk & Governance Practice leader, talks with Darryl Cox, Strategic Cloud Adviser & Sales Executive at QTS Realty Trust, about cha
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05.24.2018
IRS Rushes out Key Guidance on TCJA for Corporatio …
With a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for...
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05.24.2018
Georgia Supreme Court Ends Stand-off Between Cellp …
Between 2005 and 2010, four AT&T subsidiary cellphone companies collected and remitted to the Georgia Department of Revenue (DOR) $6 million in sales tax on internet data services. The problem is, these services were exempt from sales tax under G
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05.24.2018
Meals and Entertainment Deductions Traded for Lowe …
When Congress enacted the Tax Cuts and Jobs Act (TCJA) in December 2017, it had to make difficult trade-offs. Popular deductions had to be sacrificed to lower tax rates, and the lawmakers were concerned with the distributional effects. The changes...
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05.24.2018
Developer’s Benefit Kills $4.8 Million Conse …
The cardinal tax rule for charitable contributions, including deductions for conservation easements, is that there cannot be a quid pro quo for the donor. If there is any benefit flowing back to the donor, any deduction must be offset by...
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05.11.2018
Untangling the Technical – Lease Accounting …
Sean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling the Techni
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04.30.2018
Untangling the Technical – New International …
The complicated new rules for multi-national businesses were one of the headlines of the new tax law. In this episode, Frazier & Deeter’s International Tax guru Mike Whitacre discusses the implications for U.S. businesses with foreign earning
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04.24.2018
Is C Corporation Your Best Option Under the New Ta …
If you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for...
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04.24.2018
IRS Waives Estimated Tax Rules, Penalties on Deeme …
The IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and paying the t
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04.24.2018
How the New Business Interest Limits Will Work Und …
Year 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explaining...
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04.17.2018
Private Equity 360 – GDPR Basics for Private …
Bob Woosley, National Private Equity Leader, discusses the upcoming General Data Protections Regulation (GDPR) with FD’s Process, Risk & Governance Partner, Gina Gondron, who is an expert on both data privacy and GDPR. We discuss how GDPR
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04.17.2018
As risk evolves, so does SOC 2 reporting
Technological advances over the past 25 years have driven unimaginable conveniences, but our rapidly evolving technology has also increased the complexity of managing risk. As new risks emerge, the American Institute of Certified Public Accountants (
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04.12.2018
Technology Companies: the Revenue Recognition Tran …
The accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic companies are o
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03.28.2018
Private Equity 360 – Avoiding Acquisition An …
In this episode of Private Equity 360 Bob Woosley talks to Rhonda Ratliff, a Transaction Advisor and Six Sigma Black Belt, about steps you can take leading up to a deal to improve the value you can drive after the...
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03.23.2018
Georgia Governor to Stop State Windfall from Feder …
Georgia Legislature Acts to Lessen Taxpayers’ State Tax Hit from Federal Law Change Yes, it seems counterintuitive, but the huge federal tax cuts enacted in the Tax Cuts and Jobs Act (TCJA) were going to be a windfall for the...
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03.23.2018
Don’t Use S Corps to Avoid Carried Interest …
IRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS...
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03.23.2018
Georgia Readies Online Sales Tax Bill Waiting for …
Supreme Court to Decide Fate of Online Sales Tax as Georgia Readies to Start Collection For 26 years, buyers and sellers of goods across state lines have relied on a major roadblock to requiring out-of-state sellers to collect sales taxes—the...
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03.23.2018
Repatriation of Corporate Profits a Priority for I …
Tax Bill Guidance Continues to Focus on Repatriation In the few months since the Tax Cuts and Jobs Act (TCJA) was signed into law, the IRS has released three important items of guidance relating to the transition tax on foreign...
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03.13.2018
The Countdown to GDPR – Will you be ready?
March 16th marks ten weeks left before the May 25 deadline for the European Union’s (EU) General Data Protection Regulation (GDPR). GDPR unites all of Europe with one data protection law, replacing the prior European Commission’s Data
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03.02.2018
Private Equity 360 – Carried Interest
Carried interest has been a target of politicians in recent years. In the first episode of Private Equity 360, Bob Woosley interviews Tax Partner Bryce Nations to learn about how the new tax law impacts carried interest. Available on iTunes,...
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02.27.2018
Interest on Home Equity Loans May Still Be Deducti …
One casualty of the new tax law was thought to be the deduction for interest paid on home equity loans. The language of the bill was vague, and the conference report simply states, “…the Conference agreement suspends the deduction for...
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02.27.2018
The Bank Is Open: IRS Tells Corporations How to Pa …
The first topic the IRS tackled in guidance regarding the new tax law is how corporate taxpayers should compute and pay the “transition tax” on the untaxed earnings of foreign subsidiaries. In exchange for the lower 21% corporate tax rate
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02.27.2018
Congress Skips Extenders in Thousand-Page Tax Law, …
It is hard to believe, but the Tax Cuts and Jobs Act passed by Congress in December left out many key expiring tax provisions, the so-called “extenders.” Instead, Congress included the extenders in H.R. 1892, the Bipartisan Budget Act of.
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02.27.2018
No Hiding Behind Virtual Currency, IRS Insists …
Bitcoins and other virtual currency are on the national radar with articles and commentary offered every day on their increasing use and on the government’s attempts to regulate the cryptocurrency market. No agency is more interested in the ris
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01.26.2018
New Tax Law a Game-Changer for Corporations
Reducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and...
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01.18.2018
What the New Tax Law Means for Your 1040
The Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected...
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01.12.2018
Complex New Rules for Passthrough Taxes Explained
Just before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business...
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01.08.2018
Large Employers Should Watch for IRS Letters about …
While Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health insurance pla
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01.08.2018
Georgia Musical Tax Credits on my Mind
Georgia has always been known for exceptional music talent with home-grown artists like James Brown, REM, Jermaine Dupri, Usher, Ludacris, the Allman Brothers and Alan Jackson. Now Georgia is set to become an even bigger venue for music with its...
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01.08.2018
Georgia Postproduction Credit Seeks to Expand Film …
In the State’s continued quest to become the top film industry spot in the U.S., the Georgia Legislature in early 2017 expanded the film credit, this time for postproduction activities. The thought is that, not only do state leaders want...
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12.22.2017
A New Tax Era Begins – Actions to Take by Ye …
The Tax Cuts and Jobs Act (TCJA) has passed Congress and is expected go into effect in 2018. This lengthy new law contains an array of changes that will impact both individual and business taxpayers. Depending on your personal financial...
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12.20.2017
Biggest Tax Changes in 30 Years Passed by Congress
Last night the Senate signed a slightly modified version of the Tax Cuts and Jobs Act, a key hurdle in passing the tax legislation. While the House needs to vote again today, the bill is expected to be signed into...
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11.20.2017
Partnership Loses Millions for Faulty Conservation …
The Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then housed reta
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11.20.2017
Million Dollar FBAR Fine not Excessive, Court Rule …
Letantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes by opening
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11.15.2017
Congress in Its Own Christmas Rush to Pass Tax Ref …
Side-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee...
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10.24.2017
Movement Afoot to Lessen IRS Power over Your Money
Everyone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories to stop. Th
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10.24.2017
Spouse’s Estate Can be Reopened when Couple …
Most taxpayers would breathe a sigh of relief when getting an IRS letter stating that their spouse’s estate tax return had been accepted as filed. However, a recent Tax Court case has made it clear that the earlier estate return...
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10.24.2017
New Withholding Regulations for Gambling Payouts a …
Until recently, the IRS’s latest regulations on gambling winnings were rules released back in 1983. Both technology and industry practice have changed significantly since then. To modernize its approach, the IRS has released new rules, first in
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10.24.2017
How Business Taxation Will Change Under Tax Reform …
The House Ways and Means Committee and President Trump have released more details on the Republicans’ joint tax reform plan, agreed to in principle by the Big Six, made up of key Congressional and Administration tax officials. (See our earlier.
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09.25.2017
Captive Insurance Case: Taxpayers Lose $2.4 Millio …
A couple who owned three shopping centers and three jewelry stores in Phoenix, AZ lost big in the U.S. Tax Court in August 2017. In a long-awaited decision, Avranhami v. Commissioner, the Court found that amounts paid by the couple’s...
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09.25.2017
W-2 Scam Lures Businesses into Releasing Employee …
The IRS has issued a dire warning to businesses and nonprofits—don’t respond to e-mail requests for employee information without confirming the source—even if the request comes from within your own company. Here’s why. In the latest s
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09.25.2017
IRS Balks at Court Decision Allowing Long Construc …
The use of like-kind exchanges to defer gain on business and investment property is common, with about 4 million transactions between 1998 and 2013, according to the IRS. A large percentage of like-kind exchange transactions are real estate swaps, ma
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09.25.2017
Conservation Easements Case: Texas Ranch Boundary …
Bosque Canyon Ranch in Texas is home to the habitat of the gold-cheeked warbler, a listed endangered species. It also is the subject of a far-reaching Circuit Court decision that halted the IRS’s attempt to invalidate a conservation easement pu
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08.25.2017
Georgia Tax Authority Explains Sales Tax Rules for …
The Georgia Department of Revenue (DOR) has issued several important rulings on the application of sale and use taxes to various commercial products, including online software, home construction features, and extended warranties. Businesses that offe
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08.25.2017
IRS Launches Country-by-Country Reporting Tool
Countries across the globe banned together a few years ago to put in place a mechanism for tracking the income of multinational companies in each country in which they operate. The effort came under the umbrella of the very bureaucratic...
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08.25.2017
Real Estate Partnership Loses Huge Charitable Dedu …
Serious missteps by a real estate partnership caused it to lose a huge charitable deduction claimed for donation of property to the University of Michigan. The facts in the Tax Court case, Reri Holdings I, LLC, Jeff Blau, Tax Matters...
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08.25.2017
Trump Has Chance for Big Victory with Tax Reform
The Trump Administration has few places for big victories this year, but tax reform may be one of them. This assessment comes from Washington insiders who have carefully analyzed the “Big Six” joint statement released in July while most o
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07.25.2017
House Appropriations Bill Stops IRS Action on Curb …
The House Appropriations Committee has approved legislation that bans the IRS from enforcing rules to curb conservation easement syndications. Currently, the ban only applies to past transactions, those easements entered into before January 23, 2017,
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07.25.2017
Partnership Audit Rules Shift Focus to the Entity
Two years ago, Congress enacted the Bipartisan Budget Act of 2015, which made significant changes to the way partnerships are audited. The Act requires that tax be assessed and collected at the partnership level instead of the partner level. The...
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07.25.2017
Mobile Workforce Bill Attempts to Simplify State T …
Today’s business travelers deal with “A patchwork of complicated nonresident income tax laws.” This assessment comes from the Mobile Workforce Coalition, an advocacy group seeking simplification of state laws taxing nonresidents who
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06.30.2017
Research Credit Can Offset Payroll Liability
Beginning with their 2016 returns, small business startup companies can choose to apply all or part of their research credit against their social security payroll tax liability. Before 2016, the research credit could only be taken against income tax
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06.30.2017
Will Congress Take Away 401k Deduction?
Congress is considering a shift from pretax benefits for retirement accounts to after-tax, Roth-type plans in its tax reform efforts, warn retirement plan advocacy groups, such as the American Retirement Association and the American Benefits Council.
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06.30.2017
Deathbed Transfer to Family Limited Partnership Co …
On August 7, 2008, a taxpayer’s son and heir formed a family limited partnership. Then, using the power of attorney for his mother, he transferred $10 million of his Mother’s cash and securities that were in a revocable trust to...
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06.30.2017
Ways and Means Holds Full Committee Hearing on Tax …
US TAX CODE RANKED 31 OUT OF 35 IN COMPETITIVENESS AND CONGRESS WANTS TO FIX IT House Ways and Means Committee Chairman Kevin Brady (R-TX) opened the May 2017 hearing on U.S. competitiveness by offering a startling statistic. The U.S. ranks...
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05.19.2017
New Accounting Alternative for Private Companies
Breaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board. Find out more about the new guidance for applying variable interest to common control leasing arrangements by reading
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05.18.2017
Estate Planning Technique – Trusts (Part 2)
In the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
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05.18.2017
Common Estate Planning Mistakes (Part 1)
Frazier & Deeter was recently recognized in an edition of “Estate Planning Experts” by Shane Smith, Esq. where the Head of the Tax Department, Terri Lawson, was asked to share her views on common mistakes she sees clients making when.
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05.17.2017
Estate Planning Technique – Trusts (Part 2)
In the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
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05.16.2017
The CFO as Chief Creative Officer
We ring in the new year with observations from our entrepreneur blogger Moira Vetter, CEO of Modo Modo Agency. Moira’s topic this month is a different view to the role of the CFO. In this market, there are few positions...
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05.16.2017
Women Owned Business and the Million Dollar Hurdle
Recent statistics show that only 3% of the 7.8 million women-owned businesses in the U.S. have revenues over $1 million, compared to 6% of businesses owned by men. So what does it take for women-owned businesses to exceed the $1...
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05.16.2017
Defense wins championships Internal Controls for G …
It is a common refrain in sports that, “Offense sells tickets, defense wins championships.” This analogy can be applied in the business world as well. As companies grow they have more to protect and the need for defense, in the...
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05.15.2017
myRA retirement plans
Worry-free retirement plans for small businesses? The myRA may be the answer. 07.31.2014 Many small business owners find that it is impractical or too costly to offer retirement plans to their employees. Employee retirement plans are highly regulated
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05.15.2017
Accounting Standards Update Issue 12 D
On January 17, 2013 the Financial Accounting Standard Board’s Emerging Issues Task Force (“EITF”) finalized an issue related to accounting for obligations resulting from joint and several liability arrangements. If the EITF’s
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05.08.2017
Border Adjustment Could Be Sticking Point For Tax …
Taxing imports and exempting exports sounds like a simple plan to protect U.S. jobs. However, this part of the House GOP tax reform plan is proving to be a controversial proposal that could split Congress just enough to stall the...
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03.15.2017
Perspectives: Revenue Recognition and Healthcare O …
Healthcare organizations face possibly the most daunting set of compliance issues of any industry. On top of the ongoing uncertainty regarding the ACA and the need to protect private patient information, healthcare organizations also have changes to
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02.20.2017
First Executive Orders Target Obamacare, Slow IRS …
On January 20th after President Trump was inaugurated he signed Executive Order Number One, which directs federal agencies to start moving to shut down the Affordable Care Act (ACA). “It is the policy of my Administration to seek the prompt...
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02.16.2017
Tax Tips for Physician Practices
For physicians who own their own practice, tax season can be daunting. To help you through the complicated process of filing taxes, reduce the risk of an audit and keep your mind focused on your patients, consider the following suggestions:...
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01.23.2017
Small Employer May Now Offer HRAs
While many Americans were focused on the Presidential election and transition, Congress and President Obama in mid-December quietly agreed on significant legislation to boost funding for medical research, make approval of experimental treatments easi
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11.28.2016
DOL Overtime Regulations on Hold
The December 1st deadline for U.S. Department of Labor’s increased exempt-status salary thresholds is on hold, at least temporarily. Last week a federal judge in Texas entered a nationwide injunction blocking the Department Of Labor (DOL) from
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11.18.2016
Tax Outlook in New Trump Administration
Comprehensive tax reform is high on the agenda for the new Trump Administration. It is listed on President-elect Trump’s 100-day plan, and House Speaker Paul Ryan (R-Wisc.) promised just weeks ago that he would force major tax cuts through Cong
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11.14.2016
Making the Jump to CEO
Earlier this month Frazier & Deeter CPA and the law firm of Morris, Manning and Martin offered a panel event featuring three highly accomplished women CEOs from diverse backgrounds. Panelists Dr. Amy Baxter, Founder and CEO of MMJ Labs, Mary...
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10.31.2016
Private tax debt collection: Let’s hope it&# …
“Taxpayer Rights Protected” screams the headline of the IRS’s recent announcement that it is going to begin private debt collection in Spring 2017. If this latest attempt at privatizing tax collections is anything like the last time
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10.27.2016
Cybersecurity: What do experts see as the biggest …
Recently we convened a panel of experts to talk about the trends and risks they are seeing in cybersecurity, in terms of both the types of attacks that are taking place and what organizations are doing to protect their data...
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10.17.2016
Educating Your Purchasers
Recently, I attended a presentation by Wayne Stanley and Michelle Korsmo, both with the American Land Title Association. Their presentation summarized the findings of several focus groups and research studies pertaining to the real estate closing pro
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09.14.2016
Bill to Defer Stock Options Tax Attracts Bipartisa …
Stock options are a very popular part of executive compensation packages but some tax rules make it difficult for employees of start-up and private companies to exercise their options and take control of their ownership stake. To broaden access to...
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08.05.2016
Are your wellness program incentives taxable to yo …
Yoga classes, weight loss programs, biking to work, and free health screenings are becoming a ubiquitous part of the modern workplace. A recent survey from Fidelity Investments and the National Business Group on Health (NBGH) estimates that 80% of em
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06.06.2016
Time to take a look at Overtime: The Department of …
An estimated 4.1 million salaried workers will become eligible for overtime pay under the new rule published by the DOL that goes into effect December 1, 2016. The updated rule substantially changes which administrative employees are entitled to over
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05.23.2016
Has the Technology Revolution Left Depreciation Be …
The existing depreciation system was developed over 30 years ago, when desktop computers had a capacity of 512k, and there were no cell phones, tablets, or Chromebooks™. Class lives and recovery periods for business assets are now outdated and have
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05.03.2016
Georgia Clears Bill to Waive Sales Taxes on Ticket …
One of the last moves by the 2016 Georgia Legislature was passage of a bill to remove the sales tax on tickets to the Super Bowl or any other major sporting event hosted by the State. The exemption would apply...
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05.03.2016
No Double-Dipping on Georgia Jobs Credit
A Georgia corporation had an enviable problem several years ago when it had to decide between two great jobs tax credits. It chose one, but then reconsidered and later wanted to choose the other, using the same jobs. The rules...
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03.29.2016
Big changes are coming to Lease Accounting: How wi …
Balance sheets for many companies will start looking a bit different in the relatively near future. The Financial Accounting Standards Board (FASB) announced changes under the U.S. Generally Accepted Accounting Principles (GAAP) that will require com
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03.07.2016
Trending: Tax Scams
Creative con artists have a variety of tax scams they utilize this time of year. If you get a request via a phone call or an email that asks for personal information that is supposedly from the IRS you should...
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02.15.2016
R&D Tax Credit Changes Benefit Tech Start-Ups
While there are many tax benefits available for small businesses and technology companies, the challenge is how to take advantage of them in the early years when there is no taxable income to offset. The 2016 changes in the research...
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01.11.2016
Department of Labor Asks Employers to Seek Qualifi …
Late in December the Department of Labor (DOL) sent out an important communication to companies across the country about their Employee Benefit Plan Audits. The DOL is encouraging plan fiduciaries to take a closer look at their auditors’ qualif
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12.10.2015
Leadership tips from the trenches
Frazier & Deeter’s marketing leader, Adelle Erdman, reflects on wisdom shared by six senior executives at the firm’s recent Women Business Leadership events. 4 Tips from the C-Suite Trenches It is fairly certain that anyone with whom
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11.11.2015
Not another Ladies Luncheon…
Adelle Erdman, Frazier & Deeter’s Director of Marketing, reflects on the need for programming for women senior executives and business owners. When I changed jobs 3 years ago I found myself involved in a corporate Women’s Initiative f
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11.02.2015
ACA Individual Mandate Update
In 2014, the most significant change to the Patient Protection and Affordable Care Act (“Affordable Care Act” or “ACA”) is the individual mandate, which is the topic of today’s blog. Signed into law on March 23, 2010, th
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10.06.2015
Women Seeking the C-Suite
This week Gina Gondron talks about tools and rules that every female can embrace to better herself, not just personally but professionally. Three years ago, as part of my MBA studies at the University of Georgia I wrote an Independent...
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08.27.2015
Overcoming Adversity with Character
This week Bob Woosley reflects on golfer Ollie Schniederjans and overcoming adversity. As many of you know, Frazier & Deeter recently announced a partnership with an aspiring young PGA golfer, Ollie Schniederjans. Ollie and his family have had a
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08.24.2015
Breaking Down the 2015 Summer Supreme Court Ruling …
This summer, the Supreme Court made major rulings on same-sex marriage and health insurance subsidies that are sure to spark discussions as the presidential election heats up. Same-sex Marriage The first ruling has been long debated and was finally v
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07.30.2015
DOL Survey Says: Choose Your EBP Audit Firm Wisely
Employee Benefit Plan (EBP) audit providers conduct over 80,000 audits each year. A recent Department of Labor (DOL) study analyzed the quality of employee benefit plan audit work done by CPA firms, and the results may be alarming to some...
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07.17.2015
Three Legged Growth Strategies For Second Stage En …
This week’s guest blog by Moira Vetter originally appeared in her blog for Forbes. In it she discussed the ‘three-legged’ test that entrepreneurs should consider to make sure they have a profitable growth strategy. Let’s say your
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07.02.2015
IRS Heavy Hand Blamed for Increase in Expatriation …
“U.S. legislation is resulting in denial of financial services to Americans residing overseas.” This banner headline appears on the website of a U.S. expatriate group, the American Citizens Abroad, and underscores the new numbers from Tre
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06.15.2015
10 Questions to Ask About External Business (Third …
As more and more companies are engaging with third party vendors, there is a greater need to understand what makes the external business relationship a success. Outsourcing, insourcing, co-sourcing… the way that companies choose to leverage externa
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05.25.2015
Would an ESOP Work for Your Company
Like hemlines and hairdos, employee stock ownership plans (or ESOPs) have had their ups and downs in terms of popularity. For owners of manufacturing and distribution companies seeking an exit strategy, it’s worthwhile to consider whether an ES
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05.18.2015
Secrets that Second Time Entrepreneurs Know About …
This week’s guest blog by Moira Vetter originally appeared in her blog for Forbes. In it she explores some common mistakes first-timers make that starve them of the money they need if they want to be a serial entrepreneur. The...
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04.01.2015
Turnaround Lessons Learned for Going Concern Manag …
Turnaround professionals work with underperforming companies across different industries that find themselves in financial difficulty. Today’s guest blogger, Jim Wanserski, takes a look at some of the consistent themes he’s seen surface i
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02.25.2015
Is the Best Resource to Support Entrepreneur Exit …
Entrepreneurs are unique and passionate people with a strong drive to achieve their vision. So what happens when an entrepreneur decides the time has arrived to sell the business and move on to pursue the next big thing? In his...
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01.05.2015
Tax ID Theft
It’s the biggest and most prevalent tax scam happening right now – and the peak season is just around the corner. We’re talking about tax identity theft and refund fraud. This scam has become a big problem due primarily to...
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11.17.2014
Taxpayers Can Now Take Tax Free Jump from 401k to …
Moving your retirement money around just got easier. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or into another...
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11.03.2014
One woman’s perspective on retaining women C …
Studies show that women are entering CPA firms in record numbers. But what are the factors that will keep talented women in public accounting as strong, successful leaders? The Bureau of Labor and Statistics predicts that the accounting profession is
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09.16.2014
B2 Option
Today the Private Company Council approved an accounting alternative related to recognition of intangibles in a business combination. Frazier & Deeter Partner Sean Lager provides an update. On September 16, 2014, the Private Company Council appro
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09.15.2014
Georgia Tax Credits
Georgia Income Tax Credits – Are they in your wallet? The State of Georgia provides over 30 income tax credits for a broad variety of business activities. Income tax credits have many nuances and generally target specific regions, industries, and
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05.29.2014
Automatic Restaurant Tips IRS New Rule Takes Effec …
Restaurants are reconsidering automatic gratuities because of a new IRS rule. Beginning in 2014, automatic gratuities charged by restaurants and others in the hospitality industry will be treated as service charges rather than tips. The IRS developed
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05.16.2014
Growth Game Changers
This week F&D had our latest entrepreneur event: Growth Game Changers. The executives on the panel represented businesses at different stages of maturity that have followed different growth trajectories. Modo Modo Agency was named one of the fast
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04.25.2014
Revenue Recognition The Road Ahead
Revenue Recognition has always been a critical consideration for CFOs but this year it takes center stage. The FASB and the IASB are expected to issue a new converged standard for revenue recognition in the second quarter of 2014. Revenue...
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03.26.2014
Real Estate Developers Win Big in Tax Court
Successful tax planning involves not only minimizing the amount of income but also managing the timing of a taxpayer’s income and deductions. Many disputes with the IRS involve deferral of income, and the IRS has taken a particularly hard line.
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03.18.2014
New Accounting Alternative for Private Companies
Breaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board. Find out more about the new guidance for applying variable interest to common control leasing arrangements by reading
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02.25.2014
Spin offs and the art of thinking like an entrepre …
An astronaut, a miner, a daredevil and a navigator walk into a Big Corporation… It’s the corporate version of the New Year’s Resolution — only this “battle of the bulge” is a quest to become a nimble entrepreneurial or
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01.09.2014
New Accounting Alternatives for Private Companies
The Financial Accounting Standards Board (FASB or Board) is expected to issue two accounting alternatives for private companies next week: Subsequent Accounting for Goodwill and Accounting for Interest Rate Swaps. The Private Company Council (PCC) a
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10.16.2013
Entrepreneurs are born not made
A three-year-old with a briefcase at the front door who says, “I go to the office,” is an entrepreneur. Because entrepreneurs are born, not made. You can make ‘em better…but you just can’t make ‘em. That fact is so true,...
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09.26.2013
A day in the spotlight women led business
Last Friday was an important day for women business owners. Two things happened that made us want to take a minute to focus on women-led businesses on our blog. In Atlanta, an exciting group of women entrepreneurs arrived at Frazier...
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09.04.2013
Utilities Accounting Standards
Utilities accounting standards: are you missing an opportunity? Governmental utilities operate in a highly regulated environment with complex accounting standards. Some entities may not realize they have the opportunity to capitalize certain costs th
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07.30.2013
Selecting the Right Employee Benefit Plan Auditor
Generally, benefit plans with 100 or more participants are required to have an audit performed annually in conjunction with the filing of their Form 5500. If you are undertaking an employee benefit plan audit, there are several questions you should
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06.28.2013
Working with Private Equity Quality of Earnings
This blog series examines best practices for CEOs and CFOs who are considering a private equity transaction, culled from working with hundreds of transactions across all industries. The third topic in our series about working with a PEG is Quality...
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06.19.2013
What Difference Do Women Entrepreneurs Make Anyway …
Entrepreneur blogger Moira Vetter, author of AdVenture, shares the statistics about characteristics women have that vastly improve business results. Quite a bit it turns out. Women have characteristics that vastly improve business results, which is
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06.05.2013
Entrepreneur Education the Nuts and Bolts of Nerve
Entrepreneur blogger Moira Vetter, author of AdVenture, takes a look at recent studies about starting a business. A recent article in the Economist talked about a new PwC/Google Australia report, The Startup Economy, which found that, among individua
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05.22.2013
Georgia Film Tax Credits: An Easy Tax Saving Oppor …
Do you want to pay less on your Georgia income taxes? Have you been interested in being a part of the growing Georgia film industry? Read more about the benefits of the Georgia Entertainment Industry Investment Act. Are you ready...
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05.15.2013
The Family Owned Business Succession Plan
Small businesses are the engine running the U.S. economy, helping fuel the recovery. According to the Small Business Administration 90% of all businesses in North America are family owned and managed. With the aging of the baby boomers, a...
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05.08.2013
The Entrepreneur Exit
This week’s entrepreneur blog is from our guest blogger Cliff Oxford, CEO of the Oxford Center for Entrepreneurs and entrepreneur blogger for the New York Times. Cliff takes a look at the dangers of the amateur exit. Successful entrepreneurs ta
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04.24.2013
Succession Planning Questions for Founders
Succession Planning Part Two. This blog series will take a look at Common Problems in Succession Planning, Questions Founders should Ask Themselves, and finally Elements of a Strong Succession Plan. Today’s topic is Questions CEOs/Founders shou
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04.12.2013
The Era of Women Led Businesses
Is this the era of women-led businesses? A March 2013 study published by American Express offers some impressive statistics. Women running their own businesses comprise an important trend driving economic growth. A March 2013 study published by Ameri
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04.04.2013
Succession Planning for Family Owned Businesses
Small businesses are the engine running the U.S. economy, helping fuel the recovery. According to the Small Business Administration 90% of all businesses in North America are family owned and managed. With the aging of baby boomers, a significant.
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03.07.2013
Go West Young Man, Just Don’t Go Public
This month more insights about entrepreneurship brought to you by Moira Vetter, CEO of Modo Modo Agency. There used to be a time when, for ambitious entrepreneurs, the IPO was the end goal. Grow like crazy, then go public. It wasn’t...
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03.01.2013
Best in Atlanta Real Estate
Last night was a big evening for the Atlanta Real Estate community. Over 400 people gathered at the Fox Theater’s Egyptian Ballroom to honor some of the biggest real estate deals of the past year. The keynote speaker, Henry Chamberlain,...
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02.08.2013
Writing a Business Plan
This month Wes Pennington of Frazier & Deeter’s Business Valuations Group is starting a a blog series regarding working with private equity investors. His first blog looks at writing a business plan. So you think you might want to sell yo
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01.22.2013
FASB reaches conclusions at Jan 31 meeting
At today’s Financial Accounting Standard Board (FASB) meeting the FASB completed deliberations on several topics. Two of the more important conclusions regarded going concern and fair value disclosure requirements for nonpublic entities. Going
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01.19.2013
Employee vs Independent Contractor
IRS program allows for payroll tax relief…but concerns continue. About a year ago, the IRS launched a program that allows employers to resolve past worker classification issues by voluntarily reclassifying their workers as employees rather than
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12.25.2012
Firing the Brilliant Jerk
This week our entrepreneur guest blogger Cliff Oxford offers a video about a common leadership issue that faces companies as they grow beyond the start up stage: the emergence of the “Brilliant Jerk.” The Brilliant Jerk was once the Bril
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12.19.2012
SEC approves PCAOB standard for Emerging Growth Co …
The leader of Frazier & Deeter’s Public Company Audit and Advisory Practice, Bill Godshall, discusses AS 16, the first auditing standard issued by the PCAOB and approved by the SEC since the JOBS Act was signed into law. This week the SEC
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10.26.2012
Women Entrepreneurs
Are women entrepreneurs different from their male counterparts? There are statistics that indicate there may be real differences. Only 3% of woman-owned businesses ever pass the milestone of $1 million in revenue…this may sound bleak, but only
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10.19.2012
Women entrepreneurs sharing insights
This week Frazier & Deeter and the Oxford Center for Entrepreneurs organized an event for female entrepreneurs. Peers, a panel & productive networking, what more could you want? While there was nothing terribly original about the event format
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09.05.2012
Entrepreneurs – characters that feed marketi …
Welcome to our new entrepreneur blogger: Moira Vetter of Modo Modo… They say behind every successful so-and-so is a successful so-and-so. That’s true. But the successful one out in front is probably a character. A passionate, focused, in
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08.26.2012
The Dream Team or a Nightmare – Part One
Guest Blogger Cliff Oxford of Entrepreneur Advisors discusses his real life experiences in a three part series regarding a key point in the growth of a company. Where, when and how do you find the right people to take the company...
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08.15.2012
The Dream Team Saga Continues
Guest blogger Cliff Oxford of Entrepreneur Advisors watches the dream team transform into a nightmare. August 22, 2012. So my company needed to add structure to grow to the next level and I was excited to have hired a complete...
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08.10.2012
F&D Blog The road back from the Nightmare on …
Guest blogger Cliff Oxford of Entrepreneur Advisors wraps up his three part saga of hiring in a Dream Team to grow his business… I had hired in the Dream Team – a group of executives from large, highly successful companies...
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07.19.2012
Inspiring Women…
Frazier & Deeter’s second season of Inspiring Women events starts right after the Olympics…in the meantime we’re already being inspired. We began this program last year, working in conjunction with the Atlanta Dream WNBA bas
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01.21.2020
For Small Businesses, Good Records Bring …
Record keeping is an important part of running a small business. Not only will keeping good records help you understand your business results, but good records also help small businesses minimize taxes and avoid costly audits. Except in a f
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01.03.2020
Repeal of Nonprofit Parking Tax
A curious revenue raiser in the Tax Cuts and Jobs Act was a complicated new tax on the free parking or transit passes provided by a nonprofit organization to its employees. Essentially, the organization was subject to the unrelated business
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01.03.2020
New Tax Bill: Return of the Extenders
Congress has passed a bipartisan $426 billion bill that was rapidly signed by the President. The bill wraps several major tax initiatives into massive government funding legislation, H.R. 1865. Among the many changes are the return of som
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01.03.2020
Disaster Relief Tax Provisions
The H.R. 1865 government funding legislation contains numerous tax-related provisions designed to help taxpayers affected by natural disasters and to encourage charitable donations for disaster relief. These provisions are included in a div
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01.03.2020
Big Tax Changes to Retirement Plans
One of the highlights of the $426 billion bill signed by the President in late 2019 was the SECURE Act, “Setting Every Community Up for Retirement Enhancement Act of 2019.” This bill was years in the making and includes comprehensive...
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12.16.2019
New Rules for Overtime in January: Are y …
Beginning January 1, 2020, the Department of Labor’s (DOL) New Salary Limits for Overtime Exemptions will take effect, making it possible for more employees, regardless of occupation, to be eligible for overtime pay. The DOL’s long awai
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12.12.2019
Culture of Compliance: What Your CIO Isn …
Small business owners sometimes have trouble understanding the details of how technology is supporting their companies. Sabrina Serafin speaks with Rob Hootselle of Cloud & Wire, Inc. about how to understand your company’s technol
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12.09.2019
R&D Tax Credit: Don’t Leave Money …
By Tommy Zavieh, CPA, MST, MBA The research and development (R&D) tax credit is underutilized, with many taxpayers failing to claim the credit when they are eligible to do so, or making errors at critical junctures in the process. Under
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12.03.2019
IRS Clarification: Who Can Take Bonus De …
The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additiona
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12.03.2019
Do Your Real Estate Activities Qualify f …
If taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38 finalizes a safe harbor for “rental real esta
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11.21.2019
Expats Have New Path to Tax Compliance
It looks like the IRS wants to make peace with ex-pats who have fallen short on their U.S. tax obligations. The agency is offering new procedures for individuals who relinquished their U.S. citizenship to come into compliance with U.S. tax.
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11.21.2019
Digital Content & Other Cloud Trans …
The IRS is working to update 1998 rules on international transactions to reflect the current era of digital content. The proposed rules could have significant international tax implications for companies involved in cloud computing and the
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11.19.2019
Culture of Compliance: SOC Reports: Adva …
A SOC report can demonstrate to your clients and vendors a dedication to trust and security, but what does the process look like? Sabrina Serafin discusses the advantages and history of SOC reporting with Shelby Nelson, a SOC lecturer and..
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10.30.2019
Untangling the Technical: Revenue Recogn …
Assurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming ch
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10.18.2019
Culture of Compliance: Cybersecurity Boa …
As cyber risks continue to evolve, how can Boards of Directors be sure they are doing what they can to protect their organization and assets? Sabrina Serafin speaks with Gourav Mukherjee of Immersion Security to discuss how a Board can eff
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10.16.2019
FASB Delays Major Upcoming Standards for …
On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topi
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10.16.2019
New Guidelines Simplify the Process of V …
Company cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process...
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10.16.2019
Trusts May Owe Less Tax to Georgia Under …
State taxation of trusts varies widely, based on where a trust is set up, where the trustee resides, where the trust income comes from, and whether the beneficiaries are residents or nonresidents. In short, a trust usually must have some...
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10.16.2019
Taxpayer Wins High Stakes Partnership In …
The IRS’s revenue collection tally just went down by over $650,000 after it lost a major case involving partnership interest deductions. The issue was whether a son who received his partnership interests from his father by gift and beques
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10.11.2019
Culture of Compliance: Lions and Tigers …
Ransomware attacks are becoming more and more common and can mean disaster for a small business. Sabrina Serafin meets again with Mary-Michael Horowitz, Founding Partner and CEO of Asylas, to discuss what businesses can do to protect themse
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10.08.2019
India’s Bold Move Lowers the Corpo …
In a bold move to enhance economic development, the Indian Government announced on September 20, 2019, new tax legislation to significantly reduce the corporate income tax rate for some Indian companies. In addition, the new legislation rep
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10.02.2019
Culture of Compliance: Protecting Your A …
Business email compromise remains an enormous risk for businesses of all sizes, as phishing and other attacks can seriously damage your operations and lead to significant losses. Sabrina Serafin speaks again with Skeet Spillane of Pillar Te
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09.25.2019
Culture of Compliance: Small Businesses …
The Association of Certified Fraud Examiners finds that Small Businesses are especially vulnerable to fraud and financial management errors. In this episode, Sabrina Serafin and Katrina Barrett explore internal controls that can help smalle
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09.25.2019
PCI Assessment Scoping – Best Prac …
Complying with the Payment Card Industry Data Security Standard (PCI DSS) is a critical exercise for any organization that stores, processes or transmits card data. Properly understanding the scope of the assessment can head off potentially
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09.18.2019
What to Expect from PCI DSS v4.0
On Day 1 of the PCI Security Standards Council’s North America Meeting in Vancouver, Emma Sutcliffe, Global Head of Standards, kicked off the conversation. She previewed what we should expect from the upcoming Request For Comments (RFC) p
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09.13.2019
Untangling the Technical: Understanding …
Qualifying for the R&D Tax Credit is more common than you would think, and a lot of Manufacturing & Distribution companies are leaving money on the table. Listen to Frazier & Deeter’s Audit Partner Bill Godshall discuss th
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09.06.2019
Who is Considered a Real Estate Professi …
One of the most common questions I answer is how to be classified as a real estate professional for tax purposes. Being classified as a real estate professional enables the taxpayer to the treat a rental loss as non-passive, which...
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09.03.2019
Virtual Currency Owners Are Hearing From …
The IRS is stepping up its cryptocurrency enforcement after determining that few taxpayers report gains on these assets. The agency recently sent over 10,000 letters to virtual currency owners urging them to pay back taxes and file amended
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09.03.2019
UPDATE: Taxpayer First Act Becomes Law W …
Bipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS cus
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09.03.2019
Personal Casualty Losses Now Only Deduct …
The deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity
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09.03.2019
Taxpayers Can Still Change Their Minds o …
Taxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued...
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08.19.2019
Culture of Compliance: Dodging Cyber Cri …
In today’s cyber landscape, corporations adopting a”fingers crossed” security strategy can lead to huge losses for the company and individuals alike. In this episode, Sabrina Serafin speaks with cyber security expert Mary-
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08.15.2019
Complying with New York’s Cybersec …
With the growing potential impact of cybercrime on financial service entities, the New York Department of Financial Services (NYDFS) responded by implementing new regulation regarding cybersecurity requirements for financial institutions un
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08.05.2019
Rules for Cooperatives, ‘Grain Gli …
High on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives
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08.05.2019
Working for a Disregarded Entity? Partne …
The IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious t
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08.05.2019
The New Normal: State Tax Benefits Reduc …
The IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state
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08.05.2019
Early 2018 Opportunity Zone Investors Gi …
After the IRS published regulations in May 2019 with more detailed rules on opportunity zone deadlines, it became apparent that some taxpayers who had invested before the regs were released may lose their gain deferral. The proposed regulat
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07.30.2019
Culture of Compliance: Marketing Interna …
It sometimes seems like executives see the big risks associated with situations like data breaches or fraud, yet still view the internal audit function as a cost of doing business rather than an important investment. Sabrina Serafin welcom
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07.25.2019
Sins of the Father? Not Necessarily
Harry G.A. Seggerman, a pioneer in international investing, died in 2001, leaving an estate of $24 million dollars, with almost half of it undeclared in Swiss accounts. Seggerman never reported the foreign bank accounts during his lifetime,
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07.15.2019
Culture of Compliance: Managing Cyber Ri …
Cybersecurity is a prevalent topic in the news today, with data breaches hitting the headlines every week. Not surprisingly, we are also seeing legislation in the U.S. and internationally designed to encourage companies to protect sensitive
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06.21.2019
Culture of Compliance: Making the Shift …
Do you ever feel as though your internal audit methodology is too rigid and misses the mark? Sabrina Serafin meets with Danny Goldberg of GoldSRD to discuss Agile Internal Auditing, a flexible new approach to achieving your objectives. Cult
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06.21.2019
Proposed Regulations on Transfers by For …
Partnerships Doing Business in U.S. Must Withhold Tax When Foreign Partner Leaves When Congress moved the U.S. to a modified territorial tax system, it also put in place compliance measures designed to make sure that income generated within
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06.21.2019
Key Georgia Tax Change Captures More Onl …
The State of Georgia has been busy making numerous updates to its tax laws over the last few months. Credits and incentives, motor vehicle taxes, and compliance measures are the focus of these revisions. One notable change made by the...
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06.21.2019
IRS Unveils New Process for Selecting La …
For years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit...
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06.21.2019
Georgia Doubles Deduction for §529 Educ …
The Path2College 529 Plan, sponsored by the State of Georgia, is a tax-advantaged way for parents and other family members to save for college, offering both federal and state tax benefits. Contributions are not deductible on your federal t
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06.06.2019
Culture of Compliance – Creating a …
How do you rally your company’s internal messaging around compliance and help turn compliance into an opportunity and strategy rather than a dirty word? Sabrina Serafin sits down with Heather Fortner, Chief Compliance Officer and Chie
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06.05.2019
Tax Implications of Brexit-related Trans …
On 9 April the European Medicines Agency updated their guidance on the impact of Brexit for the pharmaceuticals sector in Europe. Understandably the main concern continues to be on the continuity of supply for existing drugs, but the guidan
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06.03.2019
Retirement Reform Bills in Congress
Both Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restricti
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06.03.2019
New Opportunity Zone Rules
Opportunity zone tax credits become even more attractive: Leased Property Qualifies for Opportunity Zone Tax Benefits Taxpayers considering investing in an opportunity zone will be happy to hear of the recent guidance regarding leased prope
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06.03.2019
How Home Office Deductions Are Affected …
SALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers c
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05.16.2019
Untangling the Technical: Expanding to t …
The UK is the fifth largest economy in the world, and its stated goal is to be business friendly from a tax perspective. Join two international tax experts to learn about some of the tax implications of expanding to the...
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05.02.2019
SALT Refunds Clarified
Are your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS...
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05.02.2019
Congress Gets Serious About IRS Reform
For years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government...
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05.02.2019
IRS Finalized Reportable Transaction Pen …
The IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable trans
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05.02.2019
2018 Estimated Tax Penalty Relief
The law of unintended consequences has never been more evident than in the IRS’s efforts to fix the estimated tax problem caused by the Tax Cuts and Jobs Act (TCJA). This filing season it became apparent that many taxpayers had...
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04.23.2019
Culture of Compliance – Leveraging …
Data security is a top concern for modern organizations. What are your options to keep your information safe? Sabrina Serafin meets with Dexter Caffey of Smart Eye Technology to discuss his company’s new biometric document security so
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04.08.2019
Untangling the Technical: Making the jum …
The US is an enormous market that offers tremendous opportunity. Recent changes to the American tax code make this market even more attractive, but there are still many differences that are important to understand when considering expansion
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04.08.2019
Culture of Compliance: One Size Fits One …
Sabrina Serafin speaks with Jason Sammons of our Process, Risk & Governance practice about implementing risk management as a strategy to help small and mid-sized businesses grow and reach their potential. Culture of Compliance is avai
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03.26.2019
Georgia Hurricane Timber Tax Credits: Li …
The State of Georgia has been out front in helping businesses affected by Hurricane Michael, which hit the state in October 2018 and damaged an estimated 2 million acres of timberland. To help property owners and aid in reforestation, the
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03.26.2019
Auto Depreciation Safe Harbor Offered by …
Bonus Depreciation for Passenger Autos Just Got Easier Passenger autos are one class of business asset that have unfavorable depreciation rules. These vehicles are subject to strict dollar limits each year of the recovery period if they hav
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03.26.2019
IRS Lists Dirty Dozen Tax Scams for 2019
It’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty D
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03.26.2019
Mental Condition Results in Bankruptcy D …
Mental State is Key to Discharging Federal Taxes in Bankruptcy Tax professionals including attorneys and CPAs must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the...
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03.25.2019
Culture of Compliance: The Virtual CISO: …
Sabrina Serafin sits down again with Skeet Spillane of Pillar Technology Partners to discuss the VCISO, an information security officer who can provide everything your business needs and nothing it doesn’t. Untangling the Technical i
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03.21.2019
Untangling the Technical: Breaking Down …
In less than two weeks the UK is supposed to leave the EU. Join Malcolm Joy, the Lead Partner of our London office, and Mike Whitacre, one of the leading partners in our International Tax Practice as they discuss the...
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03.11.2019
Culture of Compliance – Marketing …
Jodi Daniels of Red Clover Advisors joins us again to talk with Sabrina Serafin about the importance of properly managing your marketing data in the age of privacy regulations such as GDPR and CCPA. Culture of Compliance is available on i
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03.08.2019
Culture of Compliance – All About …
Join Sabrina Serafin as she discusses the EU’s strict new data privacy regulation, GDPR, with PRG partner Gina Gondron. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the player belo
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02.28.2019
Culture of Compliance – New Privac …
Join us as Sabrina Serafin speaks with Jodi Daniels of Red Clover Advisors about the California Consumer Privacy Act, a new privacy law in the United States that resembles the EU’s GDPR. Learn about this sweeping new regulation and ho
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02.22.2019
How the Shutdown Affects IRS Operations …
Despite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help
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02.22.2019
More Passthrough Guidance from IRS
Passthrough Deduction Clarifications Tackle W-2 Calculation, Aggregation Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business incom
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02.22.2019
Real Estate Keeps Winning on QBI Deducti …
Real Estate Wins Again: IRS Clarifies Deduction for Rental Activities Can you take the 20% qualified business income (QBI) deduction against income from rental properties? The Tax Cuts and Jobs Act said no deduction is allowed for “mere
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02.20.2019
Culture of Compliance – HITRUST 1: …
Join our PRG National Practice Leader Sabrina Serafin in Part 1 of a three part discussion on HITRUST. A certified HITRUST assessor herself, Sabrina speaks with Michael Parisi, the Vice President of Assurance Strategy & Community Devel
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01.30.2019
Culture of Compliance: A Different Appro …
Join us as Partner Sabrina Serafin talks with our new PRG Principal Bradley Carroll about the pros and cons of Co-Sourcing your internal audit. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now usi
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01.29.2019
Georgia Tells Taxpayers How to Coordinat …
The Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding o
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01.29.2019
SALT Credits Won’t Block Federal B …
In August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on
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01.23.2019
IRS Reveals Procedure for Dealing with N …
One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as..
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01.23.2019
Changes to Transportation Fringes Explai …
The TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restr
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12.17.2018
Popular Extenders Again Face Year-End Dr …
Don’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of
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12.10.2018
Untangling the Technical: VIE and Common …
Join us as we talk with Bill Godshall, our Quality Control Partner, about the new updates to the standards regarding VIE reporting. Untangling the Technical is available on iTunes, Google Play Music and Spotify. Listen now using the pla
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12.03.2018
Investors Given Flexibility in Opportuni …
It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax plan
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12.03.2018
IRS Walks Back Total Loss of Entertainme …
Want to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December...
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12.03.2018
Tax on Investment Income of Children May …
Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,...
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12.03.2018
Georgia Sales Tax Compliance: What Inter …
In June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v....
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11.02.2018
Progress Report: The New Tax Law’s Im …
How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019...
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11.02.2018
Tax Planning for Individual Taxpayers: …
The Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what...
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11.02.2018
Navigating the extended Georgia Educatio …
Georgia has been very successful at designing tax credit and incentive programs that give taxpayers an opportunity to save money, do good, and support programs that they believe in. The Georgia “Qualified Education Donation Tax Credit”
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10.22.2018
Private Equity 360: Zombie Apocalypse
Strap on your combat boots to learn about Zombie Funds, a little known problem facing fund administrators that can color your reputation and waste administrative fees. Zombie Apocalypse Transcript This transcript was assembled by hand and m
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10.17.2018
Untangling the Technical – The Way …
John Corn, Principal and National Practice Leader of State and Local Tax, gives us an inside look at the new online marketplace requirements established by the recent South Dakota v. Wayfair Supreme Court case. Untangling the Technical is
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10.15.2018
Culture of Compliance: Managing Your HR …
Sabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Matt Ficken an advisor with Insperity about the importance of HR compliance no matter the size of the bus
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10.11.2018
The World Post-Wayfair: State Tax Nexus …
Navigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated...
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10.03.2018
Court Ruling on Conservation Easement Ca …
Long-Term Lessee of Historic Buildings Not Entitled to Deduction for Facade Easement Lessees cannot claim a conservation easement deduction. That is what a partnership with long-term leases on two historic buildings in Massachusetts found o
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10.03.2018
IRS Clarifies New Rules for Bonus Deprec …
Bonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new...
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10.03.2018
IRS Explains New Limits on Executive Com …
Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018
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10.03.2018
New Charitable Deduction Rules Could Imp …
Since Congress passed the $10,000 limit and on state and local tax (SALT) deductions in late 2017, high-tax states have scrambled to create state programs that would allow taxpayers to circumvent this limit. These “SALT workarounds”, pu
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09.11.2018
Private Equity 360: Research & Deve …
Bob Woosley, National Private Equity Leader discusses R&D tax credits with Tommy Zavieh, National R&D Tax Credit Practice Leader. Topics include the history of R&D tax credits, the qualifications, benefits and why you need a R&a
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09.06.2018
Culture of Compliance: Utilizing Cyberse …
Sabrina Serafin interviews Jack Healey, CEO of Bear Hill Advisory Group. His firm provides strategic planning and crisis management services. Topics include, Cybersecurity in relation to other business management Common misconceptions of cy
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08.14.2018
Sales Tax Planning: What You Need to Kno …
For internet retailers, the June 21 U.S. Supreme Court ruling on South Dakota v. Wayfair has significant implications, including the added burden of sales tax compliance. As a result of this ruling, many internet shoppers will notice their
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08.14.2018
New Rules for Passthroughs Ease Concerns …
One of the more complex areas of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction for the “qualified business income” of sole proprietorships, partnerships, LLCs, and S corporations. While the deduction is an important tax break fo
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08.07.2018
R&D Tax Credits: Georgia Makes a Go …
In order to encourage companies to invest in R&D, and to reward them for doing so, Federal and Georgia tax rules provide what can be very significant tax credits (dollar for dollar reduction in tax liability). On February 7, 2018,...
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08.03.2018
State Collection of Online Sales Taxes C …
For the past 26 years, sellers of goods across state lines have been protected from state sales tax laws by the 1992 Supreme Court decision in Quill v. North Dakota, which held that out-of-state sellers cannot be required to collect...
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08.02.2018
Culture of Compliance: Visual Data Analy …
Sabrina Serafin, National Practice Leader of Frazier & Deeter’s Process Risk & Governance Practice, interviews Joe Oringel, Managing Director of Visual Risk IQ.They discuss the importance of visual data analytics and reporting
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07.26.2018
Draft Form 1040 Falls Short of Simplific …
Congress promised big tax cuts and simplification of income taxes in its mammoth tax bill, the Tax Cuts and Jobs Act. It certainly delivered on the tax cut promise, but the simplification effort fell short, as evidenced by the IRS’s...
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07.26.2018
IRS Again Waives Repatriation Tax Penalt …
In its third action this year, the IRS announced that it will waive additional late payment penalties for the repatriation transition tax on offshore profits. More guidance is also provided on how individuals subject to the tax make electio
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07.26.2018
Tax Reform 2.0 Effort Launched in The Ho …
Making the individual tax cuts permanent is the cornerstone of a new effort by House Republicans to craft Tax Reform 2.0. House Ways and Means Committee Chairman Kevin Brady (R-Texas) has indicated that the White House and House Republicans
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06.27.2018
IRS to Restrict Workarounds for SALT Ded …
One of the biggest revenue-raisers in the Tax Cuts and Jobs Act (TCJA) is a strict limit on the federal deduction for state and local taxes. The new law caps the state and local tax (SALT) deduction for individuals to...
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06.27.2018
Huge Gain Deferral Possible with New Qua …
To attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these ar
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06.27.2018
Georgia Rural Hospital Tax Credit Expand …
The State of Georgia has raised the tax credit for donations to rural hospitals from 90% to 100%. At the same time, the IRS has taken steps to limit the use of donations to special state funds to offset federal...
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06.27.2018
Deducting Auto Expenses after the Tax Cu …
Driving for work just got more expensive for some taxpayers. The Tax Cuts and Jobs Act (TCJA) restricted the deduction of automobile expenses, effective in 2018 in several ways. Using autos for moving is no longer deductible except for memb
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06.25.2018
Culture of Compliance – 4 Critical …
Sabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Tim Martin and Skeet Spillane from Pillar Technology Partners about how they help clients prepare for all
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06.11.2018
Culture of Compliance – SOC 2 Upda …
SOC 2 experts of Frazier & Deeter’s own Process, Risk & Governance practice walkthrough the reporting changes. Moderator – Sabrina Serafin | Partner & National Practice Leader Speakers – Gina Gondron | Partner
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06.07.2018
[Blog] Women Crushing Through Barriers a …
I recently went to see RBG, a documentary about an intelligent, determined, tiny woman blazing a trail to reach the absolute apex of her profession. Her response to the discrimination she faced in her career was to make a quest...
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06.06.2018
Taxing Situation for Technology Companie …
The Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in...
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05.29.2018
Culture of Compliance – Evolution …
In Culture of Compliance’s first episode, Sabrina Serafin, Frazier & Deeter’s National Process, Risk & Governance Practice leader, talks with Darryl Cox, Strategic Cloud Adviser & Sales Executive at QTS Realty Trust,
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05.24.2018
IRS Rushes out Key Guidance on TCJA for …
With a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for...
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05.24.2018
Georgia Supreme Court Ends Stand-off Bet …
Between 2005 and 2010, four AT&T subsidiary cellphone companies collected and remitted to the Georgia Department of Revenue (DOR) $6 million in sales tax on internet data services. The problem is, these services were exempt from sales t
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05.24.2018
Meals and Entertainment Deductions Trade …
When Congress enacted the Tax Cuts and Jobs Act (TCJA) in December 2017, it had to make difficult trade-offs. Popular deductions had to be sacrificed to lower tax rates, and the lawmakers were concerned with the distributional effects. The
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05.24.2018
Developer’s Benefit Kills $4.8 Mil …
The cardinal tax rule for charitable contributions, including deductions for conservation easements, is that there cannot be a quid pro quo for the donor. If there is any benefit flowing back to the donor, any deduction must be offset by...
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05.11.2018
Untangling the Technical – Lease A …
Sean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling
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04.30.2018
Untangling the Technical – New Int …
The complicated new rules for multi-national businesses were one of the headlines of the new tax law. In this episode, Frazier & Deeter’s International Tax guru Mike Whitacre discusses the implications for U.S. businesses with forei
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04.24.2018
Is C Corporation Your Best Option Under …
If you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for...
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04.24.2018
IRS Waives Estimated Tax Rules, Penaltie …
The IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and pa
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04.24.2018
How the New Business Interest Limits Wil …
Year 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explain
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04.17.2018
Private Equity 360 – GDPR Basics f …
Bob Woosley, National Private Equity Leader, discusses the upcoming General Data Protections Regulation (GDPR) with FD’s Process, Risk & Governance Partner, Gina Gondron, who is an expert on both data privacy and GDPR. We discus
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04.17.2018
As risk evolves, so does SOC 2 reporting
Technological advances over the past 25 years have driven unimaginable conveniences, but our rapidly evolving technology has also increased the complexity of managing risk. As new risks emerge, the American Institute of Certified Public Acc
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04.12.2018
Technology Companies: the Revenue Recogn …
The accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic compa
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03.28.2018
Private Equity 360 – Avoiding Acqu …
In this episode of Private Equity 360 Bob Woosley talks to Rhonda Ratliff, a Transaction Advisor and Six Sigma Black Belt, about steps you can take leading up to a deal to improve the value you can drive after the...
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03.23.2018
Georgia Governor to Stop State Windfall …
Georgia Legislature Acts to Lessen Taxpayers’ State Tax Hit from Federal Law Change Yes, it seems counterintuitive, but the huge federal tax cuts enacted in the Tax Cuts and Jobs Act (TCJA) were going to be a windfall for the...
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03.23.2018
Don’t Use S Corps to Avoid Carried …
IRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS...
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03.23.2018
Georgia Readies Online Sales Tax Bill Wa …
Supreme Court to Decide Fate of Online Sales Tax as Georgia Readies to Start Collection For 26 years, buyers and sellers of goods across state lines have relied on a major roadblock to requiring out-of-state sellers to collect sales taxes
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03.23.2018
Repatriation of Corporate Profits a Prio …
Tax Bill Guidance Continues to Focus on Repatriation In the few months since the Tax Cuts and Jobs Act (TCJA) was signed into law, the IRS has released three important items of guidance relating to the transition tax on foreign...
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03.13.2018
The Countdown to GDPR – Will you be re …
March 16th marks ten weeks left before the May 25 deadline for the European Union’s (EU) General Data Protection Regulation (GDPR). GDPR unites all of Europe with one data protection law, replacing the prior European Commission
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03.02.2018
Private Equity 360 – Carried Inter …
Carried interest has been a target of politicians in recent years. In the first episode of Private Equity 360, Bob Woosley interviews Tax Partner Bryce Nations to learn about how the new tax law impacts carried interest. Available on iTunes
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02.27.2018
Interest on Home Equity Loans May Still …
One casualty of the new tax law was thought to be the deduction for interest paid on home equity loans. The language of the bill was vague, and the conference report simply states, “…the Conference agreement suspends the deduction f
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02.27.2018
The Bank Is Open: IRS Tells Corporations …
The first topic the IRS tackled in guidance regarding the new tax law is how corporate taxpayers should compute and pay the “transition tax” on the untaxed earnings of foreign subsidiaries. In exchange for the lower 21% corporat
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02.27.2018
Congress Skips Extenders in Thousand-Pag …
It is hard to believe, but the Tax Cuts and Jobs Act passed by Congress in December left out many key expiring tax provisions, the so-called “extenders.” Instead, Congress included the extenders in H.R. 1892, the Bipartisan Budg
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02.27.2018
No Hiding Behind Virtual Currency, IRS I …
Bitcoins and other virtual currency are on the national radar with articles and commentary offered every day on their increasing use and on the government’s attempts to regulate the cryptocurrency market. No agency is more interested
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01.26.2018
New Tax Law a Game-Changer for Corporati …
Reducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and...
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01.18.2018
What the New Tax Law Means for Your 1040
The Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected...
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01.12.2018
Complex New Rules for Passthrough Taxes …
Just before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business...
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01.08.2018
Large Employers Should Watch for IRS Let …
While Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health ins
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01.08.2018
Georgia Musical Tax Credits on my Mind
Georgia has always been known for exceptional music talent with home-grown artists like James Brown, REM, Jermaine Dupri, Usher, Ludacris, the Allman Brothers and Alan Jackson. Now Georgia is set to become an even bigger venue for music wit
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01.08.2018
Georgia Postproduction Credit Seeks to E …
In the State’s continued quest to become the top film industry spot in the U.S., the Georgia Legislature in early 2017 expanded the film credit, this time for postproduction activities. The thought is that, not only do state leaders want.
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12.22.2017
A New Tax Era Begins – Actions to …
The Tax Cuts and Jobs Act (TCJA) has passed Congress and is expected go into effect in 2018. This lengthy new law contains an array of changes that will impact both individual and business taxpayers. Depending on your personal financial...
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12.20.2017
Biggest Tax Changes in 30 Years Passed b …
Last night the Senate signed a slightly modified version of the Tax Cuts and Jobs Act, a key hurdle in passing the tax legislation. While the House needs to vote again today, the bill is expected to be signed into...
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11.20.2017
Partnership Loses Millions for Faulty Co …
The Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then h
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11.20.2017
Million Dollar FBAR Fine not Excessive, …
Letantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes
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11.15.2017
Congress in Its Own Christmas Rush to Pa …
Side-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee...
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10.24.2017
Movement Afoot to Lessen IRS Power over …
Everyone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories t
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10.24.2017
Spouse’s Estate Can be Reopened wh …
Most taxpayers would breathe a sigh of relief when getting an IRS letter stating that their spouse’s estate tax return had been accepted as filed. However, a recent Tax Court case has made it clear that the earlier estate return...
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10.24.2017
New Withholding Regulations for Gambling …
Until recently, the IRS’s latest regulations on gambling winnings were rules released back in 1983. Both technology and industry practice have changed significantly since then. To modernize its approach, the IRS has released new rules
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10.24.2017
How Business Taxation Will Change Under …
The House Ways and Means Committee and President Trump have released more details on the Republicans’ joint tax reform plan, agreed to in principle by the Big Six, made up of key Congressional and Administration tax officials. (See ou
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09.25.2017
Captive Insurance Case: Taxpayers Lose $ …
A couple who owned three shopping centers and three jewelry stores in Phoenix, AZ lost big in the U.S. Tax Court in August 2017. In a long-awaited decision, Avranhami v. Commissioner, the Court found that amounts paid by the couple’s.
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09.25.2017
W-2 Scam Lures Businesses into Releasing …
The IRS has issued a dire warning to businesses and nonprofits—don’t respond to e-mail requests for employee information without confirming the source—even if the request comes from within your own company. Here’s why. In th
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09.25.2017
IRS Balks at Court Decision Allowing Lon …
The use of like-kind exchanges to defer gain on business and investment property is common, with about 4 million transactions between 1998 and 2013, according to the IRS. A large percentage of like-kind exchange transactions are real estate
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09.25.2017
Conservation Easements Case: Texas Ranch …
Bosque Canyon Ranch in Texas is home to the habitat of the gold-cheeked warbler, a listed endangered species. It also is the subject of a far-reaching Circuit Court decision that halted the IRS’s attempt to invalidate a conservation e
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08.25.2017
Georgia Tax Authority Explains Sales Tax …
The Georgia Department of Revenue (DOR) has issued several important rulings on the application of sale and use taxes to various commercial products, including online software, home construction features, and extended warranties. Businesses
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08.25.2017
IRS Launches Country-by-Country Reportin …
Countries across the globe banned together a few years ago to put in place a mechanism for tracking the income of multinational companies in each country in which they operate. The effort came under the umbrella of the very bureaucratic...
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08.25.2017
Real Estate Partnership Loses Huge Chari …
Serious missteps by a real estate partnership caused it to lose a huge charitable deduction claimed for donation of property to the University of Michigan. The facts in the Tax Court case, Reri Holdings I, LLC, Jeff Blau, Tax Matters...
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08.25.2017
Trump Has Chance for Big Victory with Ta …
The Trump Administration has few places for big victories this year, but tax reform may be one of them. This assessment comes from Washington insiders who have carefully analyzed the “Big Six” joint statement released in July wh
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07.25.2017
House Appropriations Bill Stops IRS Acti …
The House Appropriations Committee has approved legislation that bans the IRS from enforcing rules to curb conservation easement syndications. Currently, the ban only applies to past transactions, those easements entered into before January
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07.25.2017
Partnership Audit Rules Shift Focus to t …
Two years ago, Congress enacted the Bipartisan Budget Act of 2015, which made significant changes to the way partnerships are audited. The Act requires that tax be assessed and collected at the partnership level instead of the partner level
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07.25.2017
Mobile Workforce Bill Attempts to Simpli …
Today’s business travelers deal with “A patchwork of complicated nonresident income tax laws.” This assessment comes from the Mobile Workforce Coalition, an advocacy group seeking simplification of state laws taxing nonres
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06.30.2017
Research Credit Can Offset Payroll Liabi …
Beginning with their 2016 returns, small business startup companies can choose to apply all or part of their research credit against their social security payroll tax liability. Before 2016, the research credit could only be taken against i
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06.30.2017
Will Congress Take Away 401k Deduction?
Congress is considering a shift from pretax benefits for retirement accounts to after-tax, Roth-type plans in its tax reform efforts, warn retirement plan advocacy groups, such as the American Retirement Association and the American Benefit
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06.30.2017
Deathbed Transfer to Family Limited Part …
On August 7, 2008, a taxpayer’s son and heir formed a family limited partnership. Then, using the power of attorney for his mother, he transferred $10 million of his Mother’s cash and securities that were in a revocable trust to
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06.30.2017
Ways and Means Holds Full Committee Hear …
US TAX CODE RANKED 31 OUT OF 35 IN COMPETITIVENESS AND CONGRESS WANTS TO FIX IT House Ways and Means Committee Chairman Kevin Brady (R-TX) opened the May 2017 hearing on U.S. competitiveness by offering a startling statistic. The U.S. rank
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05.19.2017
New Accounting Alternative for Private C …
Breaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board. Find out more about the new guidance for applying variable interest to common control leasing arrangements
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05.18.2017
Estate Planning Technique – Trusts …
In the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
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05.18.2017
Common Estate Planning Mistakes (Part 1)
Frazier & Deeter was recently recognized in an edition of “Estate Planning Experts” by Shane Smith, Esq. where the Head of the Tax Department, Terri Lawson, was asked to share her views on common mistakes she sees clients ma
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05.17.2017
Estate Planning Technique – Trusts …
In the first part of our Estate Planning Series we discussed common mistakes that clients make when planning their estate. In this post, we will look into one of the best techniques to help you meet your estate planning goals, Trusts....
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05.16.2017
The CFO as Chief Creative Officer
We ring in the new year with observations from our entrepreneur blogger Moira Vetter, CEO of Modo Modo Agency. Moira’s topic this month is a different view to the role of the CFO. In this market, there are few positions...
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05.16.2017
Women Owned Business and the Million Dol …
Recent statistics show that only 3% of the 7.8 million women-owned businesses in the U.S. have revenues over $1 million, compared to 6% of businesses owned by men. So what does it take for women-owned businesses to exceed the $1...
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05.16.2017
Defense wins championships Internal Cont …
It is a common refrain in sports that, “Offense sells tickets, defense wins championships.” This analogy can be applied in the business world as well. As companies grow they have more to protect and the need for defense, in the.
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05.15.2017
myRA retirement plans
Worry-free retirement plans for small businesses? The myRA may be the answer. 07.31.2014 Many small business owners find that it is impractical or too costly to offer retirement plans to their employees. Employee retirement plans are highly
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05.15.2017
Accounting Standards Update Issue 12 D
On January 17, 2013 the Financial Accounting Standard Board’s Emerging Issues Task Force (“EITF”) finalized an issue related to accounting for obligations resulting from joint and several liability arrangements. If the EIT
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05.08.2017
Border Adjustment Could Be Sticking Poin …
Taxing imports and exempting exports sounds like a simple plan to protect U.S. jobs. However, this part of the House GOP tax reform plan is proving to be a controversial proposal that could split Congress just enough to stall the...
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03.15.2017
Perspectives: Revenue Recognition and He …
Healthcare organizations face possibly the most daunting set of compliance issues of any industry. On top of the ongoing uncertainty regarding the ACA and the need to protect private patient information, healthcare organizations also have c
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02.20.2017
First Executive Orders Target Obamacare, …
On January 20th after President Trump was inaugurated he signed Executive Order Number One, which directs federal agencies to start moving to shut down the Affordable Care Act (ACA). “It is the policy of my Administration to seek the
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02.16.2017
Tax Tips for Physician Practices
For physicians who own their own practice, tax season can be daunting. To help you through the complicated process of filing taxes, reduce the risk of an audit and keep your mind focused on your patients, consider the following suggestions:
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01.23.2017
Small Employer May Now Offer HRAs
While many Americans were focused on the Presidential election and transition, Congress and President Obama in mid-December quietly agreed on significant legislation to boost funding for medical research, make approval of experimental treat
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11.28.2016
DOL Overtime Regulations on Hold
The December 1st deadline for U.S. Department of Labor’s increased exempt-status salary thresholds is on hold, at least temporarily. Last week a federal judge in Texas entered a nationwide injunction blocking the Department Of Labor (
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11.18.2016
Tax Outlook in New Trump Administration
Comprehensive tax reform is high on the agenda for the new Trump Administration. It is listed on President-elect Trump’s 100-day plan, and House Speaker Paul Ryan (R-Wisc.) promised just weeks ago that he would force major tax cuts th
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11.14.2016
Making the Jump to CEO
Earlier this month Frazier & Deeter CPA and the law firm of Morris, Manning and Martin offered a panel event featuring three highly accomplished women CEOs from diverse backgrounds. Panelists Dr. Amy Baxter, Founder and CEO of MMJ Labs,
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10.31.2016
Private tax debt collection: Let’s …
“Taxpayer Rights Protected” screams the headline of the IRS’s recent announcement that it is going to begin private debt collection in Spring 2017. If this latest attempt at privatizing tax collections is anything like the
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10.27.2016
Cybersecurity: What do experts see as th …
Recently we convened a panel of experts to talk about the trends and risks they are seeing in cybersecurity, in terms of both the types of attacks that are taking place and what organizations are doing to protect their data...
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10.17.2016
Educating Your Purchasers
Recently, I attended a presentation by Wayne Stanley and Michelle Korsmo, both with the American Land Title Association. Their presentation summarized the findings of several focus groups and research studies pertaining to the real estate c
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09.14.2016
Bill to Defer Stock Options Tax Attracts …
Stock options are a very popular part of executive compensation packages but some tax rules make it difficult for employees of start-up and private companies to exercise their options and take control of their ownership stake. To broaden ac
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08.05.2016
Are your wellness program incentives tax …
Yoga classes, weight loss programs, biking to work, and free health screenings are becoming a ubiquitous part of the modern workplace. A recent survey from Fidelity Investments and the National Business Group on Health (NBGH) estimates that
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06.06.2016
Time to take a look at Overtime: The Dep …
An estimated 4.1 million salaried workers will become eligible for overtime pay under the new rule published by the DOL that goes into effect December 1, 2016. The updated rule substantially changes which administrative employees are entitl
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05.23.2016
Has the Technology Revolution Left Depre …
The existing depreciation system was developed over 30 years ago, when desktop computers had a capacity of 512k, and there were no cell phones, tablets, or Chromebooks™. Class lives and recovery periods for business assets are now outdate
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05.03.2016
Georgia Clears Bill to Waive Sales Taxes …
One of the last moves by the 2016 Georgia Legislature was passage of a bill to remove the sales tax on tickets to the Super Bowl or any other major sporting event hosted by the State. The exemption would apply...
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05.03.2016
No Double-Dipping on Georgia Jobs Credit
A Georgia corporation had an enviable problem several years ago when it had to decide between two great jobs tax credits. It chose one, but then reconsidered and later wanted to choose the other, using the same jobs. The rules...
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03.29.2016
Big changes are coming to Lease Accounti …
Balance sheets for many companies will start looking a bit different in the relatively near future. The Financial Accounting Standards Board (FASB) announced changes under the U.S. Generally Accepted Accounting Principles (GAAP) that will r
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03.07.2016
Trending: Tax Scams
Creative con artists have a variety of tax scams they utilize this time of year. If you get a request via a phone call or an email that asks for personal information that is supposedly from the IRS you should...
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02.15.2016
R&D Tax Credit Changes Benefit Tech …
While there are many tax benefits available for small businesses and technology companies, the challenge is how to take advantage of them in the early years when there is no taxable income to offset. The 2016 changes in the research...
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01.11.2016
Department of Labor Asks Employers to Se …
Late in December the Department of Labor (DOL) sent out an important communication to companies across the country about their Employee Benefit Plan Audits. The DOL is encouraging plan fiduciaries to take a closer look at their auditorsR
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12.10.2015
Leadership tips from the trenches
Frazier & Deeter’s marketing leader, Adelle Erdman, reflects on wisdom shared by six senior executives at the firm’s recent Women Business Leadership events. 4 Tips from the C-Suite Trenches It is fairly certain that anyone
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11.11.2015
Not another Ladies Luncheon…
Adelle Erdman, Frazier & Deeter’s Director of Marketing, reflects on the need for programming for women senior executives and business owners. When I changed jobs 3 years ago I found myself involved in a corporate Women’s In
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11.02.2015
ACA Individual Mandate Update
In 2014, the most significant change to the Patient Protection and Affordable Care Act (“Affordable Care Act” or “ACA”) is the individual mandate, which is the topic of today’s blog. Signed into law on March 23
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10.06.2015
Women Seeking the C-Suite
This week Gina Gondron talks about tools and rules that every female can embrace to better herself, not just personally but professionally. Three years ago, as part of my MBA studies at the University of Georgia I wrote an Independent...
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08.27.2015
Overcoming Adversity with Character
This week Bob Woosley reflects on golfer Ollie Schniederjans and overcoming adversity. As many of you know, Frazier & Deeter recently announced a partnership with an aspiring young PGA golfer, Ollie Schniederjans. Ollie and his family h
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08.24.2015
Breaking Down the 2015 Summer Supreme Co …
This summer, the Supreme Court made major rulings on same-sex marriage and health insurance subsidies that are sure to spark discussions as the presidential election heats up. Same-sex Marriage The first ruling has been long debated and was
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07.30.2015
DOL Survey Says: Choose Your EBP Audit F …
Employee Benefit Plan (EBP) audit providers conduct over 80,000 audits each year. A recent Department of Labor (DOL) study analyzed the quality of employee benefit plan audit work done by CPA firms, and the results may be alarming to some..
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07.17.2015
Three Legged Growth Strategies For Secon …
This week’s guest blog by Moira Vetter originally appeared in her blog for Forbes. In it she discussed the ‘three-legged’ test that entrepreneurs should consider to make sure they have a profitable growth strategy. Let’s
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07.02.2015
IRS Heavy Hand Blamed for Increase in Ex …
“U.S. legislation is resulting in denial of financial services to Americans residing overseas.” This banner headline appears on the website of a U.S. expatriate group, the American Citizens Abroad, and underscores the new number
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06.15.2015
10 Questions to Ask About External Busin …
As more and more companies are engaging with third party vendors, there is a greater need to understand what makes the external business relationship a success. Outsourcing, insourcing, co-sourcing… the way that companies choose to levera
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05.25.2015
Would an ESOP Work for Your Company
Like hemlines and hairdos, employee stock ownership plans (or ESOPs) have had their ups and downs in terms of popularity. For owners of manufacturing and distribution companies seeking an exit strategy, it’s worthwhile to consider whe
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05.18.2015
Secrets that Second Time Entrepreneurs K …
This week’s guest blog by Moira Vetter originally appeared in her blog for Forbes. In it she explores some common mistakes first-timers make that starve them of the money they need if they want to be a serial entrepreneur. The...
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04.01.2015
Turnaround Lessons Learned for Going Con …
Turnaround professionals work with underperforming companies across different industries that find themselves in financial difficulty. Today’s guest blogger, Jim Wanserski, takes a look at some of the consistent themes he’s seen
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02.25.2015
Is the Best Resource to Support Entrepre …
Entrepreneurs are unique and passionate people with a strong drive to achieve their vision. So what happens when an entrepreneur decides the time has arrived to sell the business and move on to pursue the next big thing? In his...
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01.05.2015
Tax ID Theft
It’s the biggest and most prevalent tax scam happening right now – and the peak season is just around the corner. We’re talking about tax identity theft and refund fraud. This scam has become a big problem due primarily to
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11.17.2014
Taxpayers Can Now Take Tax Free Jump fro …
Moving your retirement money around just got easier. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or into another...
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11.03.2014
One woman’s perspective on retaini …
Studies show that women are entering CPA firms in record numbers. But what are the factors that will keep talented women in public accounting as strong, successful leaders? The Bureau of Labor and Statistics predicts that the accounting pro
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09.16.2014
B2 Option
Today the Private Company Council approved an accounting alternative related to recognition of intangibles in a business combination. Frazier & Deeter Partner Sean Lager provides an update. On September 16, 2014, the Private Company Cou
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09.15.2014
Georgia Tax Credits
Georgia Income Tax Credits – Are they in your wallet? The State of Georgia provides over 30 income tax credits for a broad variety of business activities. Income tax credits have many nuances and generally target specific regions, indust
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05.29.2014
Automatic Restaurant Tips IRS New Rule T …
Restaurants are reconsidering automatic gratuities because of a new IRS rule. Beginning in 2014, automatic gratuities charged by restaurants and others in the hospitality industry will be treated as service charges rather than tips. The IRS
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05.16.2014
Growth Game Changers
This week F&D had our latest entrepreneur event: Growth Game Changers. The executives on the panel represented businesses at different stages of maturity that have followed different growth trajectories. Modo Modo Agency was named one o
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04.25.2014
Revenue Recognition The Road Ahead
Revenue Recognition has always been a critical consideration for CFOs but this year it takes center stage. The FASB and the IASB are expected to issue a new converged standard for revenue recognition in the second quarter of 2014. Revenue
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03.26.2014
Real Estate Developers Win Big in Tax Co …
Successful tax planning involves not only minimizing the amount of income but also managing the timing of a taxpayer’s income and deductions. Many disputes with the IRS involve deferral of income, and the IRS has taken a particularly
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03.18.2014
New Accounting Alternative for Private C …
Breaking News! A new accounting alternative for private companies has been approved by the Financial Accounting Standards Board. Find out more about the new guidance for applying variable interest to common control leasing arrangements
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02.25.2014
Spin offs and the art of thinking like a …
An astronaut, a miner, a daredevil and a navigator walk into a Big Corporation… It’s the corporate version of the New Year’s Resolution — only this “battle of the bulge” is a quest to become a nimble entrepre
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01.09.2014
New Accounting Alternatives for Private …
The Financial Accounting Standards Board (FASB or Board) is expected to issue two accounting alternatives for private companies next week: Subsequent Accounting for Goodwill and Accounting for Interest Rate Swaps. The Private Company Counc
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10.16.2013
Entrepreneurs are born not made
A three-year-old with a briefcase at the front door who says, “I go to the office,” is an entrepreneur. Because entrepreneurs are born, not made. You can make ‘em better…but you just can’t make ‘em. That fact is so t
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09.26.2013
A day in the spotlight women led busines …
Last Friday was an important day for women business owners. Two things happened that made us want to take a minute to focus on women-led businesses on our blog. In Atlanta, an exciting group of women entrepreneurs arrived at Frazier...
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09.04.2013
Utilities Accounting Standards
Utilities accounting standards: are you missing an opportunity? Governmental utilities operate in a highly regulated environment with complex accounting standards. Some entities may not realize they have the opportunity to capitalize certai
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07.30.2013
Selecting the Right Employee Benefit Pla …
Generally, benefit plans with 100 or more participants are required to have an audit performed annually in conjunction with the filing of their Form 5500. If you are undertaking an employee benefit plan audit, there are several questions
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06.28.2013
Working with Private Equity Quality of E …
This blog series examines best practices for CEOs and CFOs who are considering a private equity transaction, culled from working with hundreds of transactions across all industries. The third topic in our series about working with a PEG is
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06.19.2013
What Difference Do Women Entrepreneurs M …
Entrepreneur blogger Moira Vetter, author of AdVenture, shares the statistics about characteristics women have that vastly improve business results. Quite a bit it turns out. Women have characteristics that vastly improve business results
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06.05.2013
Entrepreneur Education the Nuts and Bolt …
Entrepreneur blogger Moira Vetter, author of AdVenture, takes a look at recent studies about starting a business. A recent article in the Economist talked about a new PwC/Google Australia report, The Startup Economy, which found that, among
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05.22.2013
Georgia Film Tax Credits: An Easy Tax Sa …
Do you want to pay less on your Georgia income taxes? Have you been interested in being a part of the growing Georgia film industry? Read more about the benefits of the Georgia Entertainment Industry Investment Act. Are you ready...
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05.15.2013
The Family Owned Business Succession Pla …
Small businesses are the engine running the U.S. economy, helping fuel the recovery. According to the Small Business Administration 90% of all businesses in North America are family owned and managed. With the aging of the baby boomers
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05.08.2013
The Entrepreneur Exit
This week’s entrepreneur blog is from our guest blogger Cliff Oxford, CEO of the Oxford Center for Entrepreneurs and entrepreneur blogger for the New York Times. Cliff takes a look at the dangers of the amateur exit. Successful entrep
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04.24.2013
Succession Planning Questions for Founde …
Succession Planning Part Two. This blog series will take a look at Common Problems in Succession Planning, Questions Founders should Ask Themselves, and finally Elements of a Strong Succession Plan. Today’s topic is Questions CEOs/Fou
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04.12.2013
The Era of Women Led Businesses
Is this the era of women-led businesses? A March 2013 study published by American Express offers some impressive statistics. Women running their own businesses comprise an important trend driving economic growth. A March 2013 study publishe
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04.04.2013
Succession Planning for Family Owned Bus …
Small businesses are the engine running the U.S. economy, helping fuel the recovery. According to the Small Business Administration 90% of all businesses in North America are family owned and managed. With the aging of baby boomers, a si
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03.07.2013
Go West Young Man, Just Don’t Go P …
This month more insights about entrepreneurship brought to you by Moira Vetter, CEO of Modo Modo Agency. There used to be a time when, for ambitious entrepreneurs, the IPO was the end goal. Grow like crazy, then go public. It wasn’
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03.01.2013
Best in Atlanta Real Estate
Last night was a big evening for the Atlanta Real Estate community. Over 400 people gathered at the Fox Theater’s Egyptian Ballroom to honor some of the biggest real estate deals of the past year. The keynote speaker, Henry Chamberlai
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02.08.2013
Writing a Business Plan
This month Wes Pennington of Frazier & Deeter’s Business Valuations Group is starting a a blog series regarding working with private equity investors. His first blog looks at writing a business plan. So you think you might want
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01.22.2013
FASB reaches conclusions at Jan 31 meeti …
At today’s Financial Accounting Standard Board (FASB) meeting the FASB completed deliberations on several topics. Two of the more important conclusions regarded going concern and fair value disclosure requirements for nonpublic entiti
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01.19.2013
Employee vs Independent Contractor
IRS program allows for payroll tax relief…but concerns continue. About a year ago, the IRS launched a program that allows employers to resolve past worker classification issues by voluntarily reclassifying their workers as employees r
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12.25.2012
Firing the Brilliant Jerk
This week our entrepreneur guest blogger Cliff Oxford offers a video about a common leadership issue that faces companies as they grow beyond the start up stage: the emergence of the “Brilliant Jerk.” The Brilliant Jerk was onc
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12.19.2012
SEC approves PCAOB standard for Emerging …
The leader of Frazier & Deeter’s Public Company Audit and Advisory Practice, Bill Godshall, discusses AS 16, the first auditing standard issued by the PCAOB and approved by the SEC since the JOBS Act was signed into law. This we
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10.26.2012
Women Entrepreneurs
Are women entrepreneurs different from their male counterparts? There are statistics that indicate there may be real differences. Only 3% of woman-owned businesses ever pass the milestone of $1 million in revenue…this may sound bleak
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10.19.2012
Women entrepreneurs sharing insights
This week Frazier & Deeter and the Oxford Center for Entrepreneurs organized an event for female entrepreneurs. Peers, a panel & productive networking, what more could you want? While there was nothing terribly original about the ev
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09.05.2012
Entrepreneurs – characters that fe …
Welcome to our new entrepreneur blogger: Moira Vetter of Modo Modo… They say behind every successful so-and-so is a successful so-and-so. That’s true. But the successful one out in front is probably a character. A passionate, f
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08.26.2012
The Dream Team or a Nightmare – Pa …
Guest Blogger Cliff Oxford of Entrepreneur Advisors discusses his real life experiences in a three part series regarding a key point in the growth of a company. Where, when and how do you find the right people to take the company...
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08.15.2012
The Dream Team Saga Continues
Guest blogger Cliff Oxford of Entrepreneur Advisors watches the dream team transform into a nightmare. August 22, 2012. So my company needed to add structure to grow to the next level and I was excited to have hired a complete...
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08.10.2012
F&D Blog The road back from the Nig …
Guest blogger Cliff Oxford of Entrepreneur Advisors wraps up his three part saga of hiring in a Dream Team to grow his business… I had hired in the Dream Team – a group of executives from large, highly successful companies...
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07.19.2012
Inspiring Women…
Frazier & Deeter’s second season of Inspiring Women events starts right after the Olympics…in the meantime we’re already being inspired. We began this program last year, working in conjunction with the Atlanta Dream
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12.03.2019
IRS Clarification: Who Can Take Bonus Depreciation on U …
The IRS has finalized regulations released in August 2018 and proposed new regulations on bonus depreciation issues not previously addressed, including rules relating to used property, components, and consolidated groups. The 100% additional depreciation deduc
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12.03.2019
Do Your Real Estate Activities Qualify for a 20% QBI de …
If taxpayers carefully follow new IRS rules, their income from rental real estate will be considered qualified business income (QBI) eligible for the 20% deduction. Revenue Procedure 2019-38 finalizes a safe harbor for “rental real estate enterprises” (R
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11.21.2019
Expats Have New Path to Tax Compliance
It looks like the IRS wants to make peace with ex-pats who have fallen short on their U.S. tax obligations. The agency is offering new procedures for individuals who relinquished their U.S. citizenship to come into compliance with U.S. tax...
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11.21.2019
Digital Content & Other Cloud Transactions: The In …
The IRS is working to update 1998 rules on international transactions to reflect the current era of digital content. The proposed rules could have significant international tax implications for companies involved in cloud computing and the distribution of digi
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11.19.2019
Culture of Compliance: SOC Reports: Advantages & W …
A SOC report can demonstrate to your clients and vendors a dedication to trust and security, but what does the process look like? Sabrina Serafin discusses the advantages and history of SOC reporting with Shelby Nelson, a SOC lecturer and...
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10.30.2019
Untangling the Technical: Revenue Recognition: Points t …
Assurance and Advisory Partner Bill Godshall speaks with Mike Cheng, Frazier & Deeter’s National Professional Practice Partner and former Senior Project Manager at the Financial Accounting Standards Board (FASB), about upcoming changes to Topic 606,
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10.18.2019
Culture of Compliance: Cybersecurity Board Oversight: V …
As cyber risks continue to evolve, how can Boards of Directors be sure they are doing what they can to protect their organization and assets? Sabrina Serafin speaks with Gourav Mukherjee of Immersion Security to discuss how a Board can effectively...
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10.16.2019
FASB Delays Major Upcoming Standards for Private Compan …
On October 16th, the FASB unanimously approved an additional delay for private companies on three major upcoming standards, including Leases (Topic 842), Financial Instruments – Credit Losses (Topic 326), and Derivatives and Hedging (Topic 815). While the cr
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10.16.2019
New Guidelines Simplify the Process of Valuing Company …
Company cars can increase the tax bills of employees who use them for both business and personal purposes, and the rules are complicated. The IRS is a stickler in enforcing the allocation rules but now they have simplified the process...
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10.16.2019
Trusts May Owe Less Tax to Georgia Under Supreme Court …
State taxation of trusts varies widely, based on where a trust is set up, where the trustee resides, where the trust income comes from, and whether the beneficiaries are residents or nonresidents. In short, a trust usually must have some...
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10.16.2019
Taxpayer Wins High Stakes Partnership Income Allocation
The IRS’s revenue collection tally just went down by over $650,000 after it lost a major case involving partnership interest deductions. The issue was whether a son who received his partnership interests from his father by gift and bequest had...
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10.11.2019
Culture of Compliance: Lions and Tigers and Ransomware, …
Ransomware attacks are becoming more and more common and can mean disaster for a small business. Sabrina Serafin meets again with Mary-Michael Horowitz, Founding Partner and CEO of Asylas, to discuss what businesses can do to protect themselves. Culture of...
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10.08.2019
India’s Bold Move Lowers the Corporate Tax Rate
In a bold move to enhance economic development, the Indian Government announced on September 20, 2019, new tax legislation to significantly reduce the corporate income tax rate for some Indian companies. In addition, the new legislation repeals the higher surc
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10.02.2019
Culture of Compliance: Protecting Your Assets: Avoiding …
Business email compromise remains an enormous risk for businesses of all sizes, as phishing and other attacks can seriously damage your operations and lead to significant losses. Sabrina Serafin speaks again with Skeet Spillane of Pillar Technology Partners ab
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09.25.2019
Culture of Compliance: Small Businesses at Risk: The St …
The Association of Certified Fraud Examiners finds that Small Businesses are especially vulnerable to fraud and financial management errors. In this episode, Sabrina Serafin and Katrina Barrett explore internal controls that can help smaller businesses minimiz
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09.25.2019
PCI Assessment Scoping – Best Practices and Commo …
Complying with the Payment Card Industry Data Security Standard (PCI DSS) is a critical exercise for any organization that stores, processes or transmits card data. Properly understanding the scope of the assessment can head off potentially costly compliance i
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09.18.2019
What to Expect from PCI DSS v4.0
On Day 1 of the PCI Security Standards Council’s North America Meeting in Vancouver, Emma Sutcliffe, Global Head of Standards, kicked off the conversation. She previewed what we should expect from the upcoming Request For Comments (RFC) period, the version..
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09.13.2019
Untangling the Technical: Understanding the R&D Ta …
Qualifying for the R&D Tax Credit is more common than you would think, and a lot of Manufacturing & Distribution companies are leaving money on the table. Listen to Frazier & Deeter’s Audit Partner Bill Godshall discuss this topic with Tommy
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09.06.2019
Who is Considered a Real Estate Professional?
One of the most common questions I answer is how to be classified as a real estate professional for tax purposes. Being classified as a real estate professional enables the taxpayer to the treat a rental loss as non-passive, which...
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09.03.2019
Virtual Currency Owners Are Hearing From the IRS
The IRS is stepping up its cryptocurrency enforcement after determining that few taxpayers report gains on these assets. The agency recently sent over 10,000 letters to virtual currency owners urging them to pay back taxes and file amended returns to...
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09.03.2019
UPDATE: Taxpayer First Act Becomes Law Without Free Fil …
Bipartisan legislation to reform the IRS has been signed into law by the President, a noteworthy achievement by a divided government. The Taxpayer First Act, H.R. 3151, establishes an independent IRS Appeals office, restructures the IRS customer service functi
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09.03.2019
Personal Casualty Losses Now Only Deductible in Federal …
The deduction for individual casualty losses has always been restricted, but at least taxpayers had a chance of partially deducting the loss of personal assets. After the passage of the Tax Cuts and Jobs Act (TCJA), however, the opportunity for...
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09.03.2019
Taxpayers Can Still Change Their Minds on 2017 Bonus De …
Taxpayers who either jumped at the chance to write off 100% of business investments or failed to do so right after the 2017 tax reform bill passed can now take a second look at that decision. The IRS has issued...
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08.19.2019
Culture of Compliance: Dodging Cyber Crime: How to R …
In today’s cyber landscape, corporations adopting a”fingers crossed” security strategy can lead to huge losses for the company and individuals alike. In this episode, Sabrina Serafin speaks with cyber security expert Mary-Michael Horowitz, CE
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08.15.2019
Complying with New York’s Cybersecurity Regulatio …
With the growing potential impact of cybercrime on financial service entities, the New York Department of Financial Services (NYDFS) responded by implementing new regulation regarding cybersecurity requirements for financial institutions under DFS regulation.
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08.05.2019
Rules for Cooperatives, ‘Grain Glitch’ Fix …
High on the IRS’s priority guidance plan have been regulations to help show taxpayers how to claim the 20% Qualified Business Income (QBI) deduction for passthrough entities. The latest IRS rules address the QBI deduction for cooperatives and their patrons,.
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08.05.2019
Working for a Disregarded Entity? Partners Must Still P …
The IRS has finalized a set of 2016 regulations that require partners who work for a disregarded entity owned by their partnership to pay self-employment tax on any compensation they receive. At 15.3%, the self-employment tax is a serious tax....
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08.05.2019
The New Normal: State Tax Benefits Reduce Federal Deduc …
The IRS has finalized regulations that limit federal charitable contribution deductions if a state tax credit is received in return. If the regulations stand, taxpayers will no longer be able to circumvent the $10,000 federal limit on state and local...
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08.05.2019
Early 2018 Opportunity Zone Investors Given Special Rel …
After the IRS published regulations in May 2019 with more detailed rules on opportunity zone deadlines, it became apparent that some taxpayers who had invested before the regs were released may lose their gain deferral. The proposed regulations established tha
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07.30.2019
Culture of Compliance: Marketing Internal Audit within …
It sometimes seems like executives see the big risks associated with situations like data breaches or fraud, yet still view the internal audit function as a cost of doing business rather than an important investment. Sabrina Serafin welcomes back Danny Goldbe
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07.25.2019
Sins of the Father? Not Necessarily
Harry G.A. Seggerman, a pioneer in international investing, died in 2001, leaving an estate of $24 million dollars, with almost half of it undeclared in Swiss accounts. Seggerman never reported the foreign bank accounts during his lifetime, leaving it to...
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07.15.2019
Culture of Compliance: Managing Cyber Risk: Understandi …
Cybersecurity is a prevalent topic in the news today, with data breaches hitting the headlines every week. Not surprisingly, we are also seeing legislation in the U.S. and internationally designed to encourage companies to protect sensitive personal informatio
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06.21.2019
Culture of Compliance: Making the Shift to Agile Intern …
Do you ever feel as though your internal audit methodology is too rigid and misses the mark? Sabrina Serafin meets with Danny Goldberg of GoldSRD to discuss Agile Internal Auditing, a flexible new approach to achieving your objectives. Culture of...
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06.21.2019
Proposed Regulations on Transfers by Foreign Partners
Partnerships Doing Business in U.S. Must Withhold Tax When Foreign Partner Leaves When Congress moved the U.S. to a modified territorial tax system, it also put in place compliance measures designed to make sure that income generated within U.S. borders...
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06.21.2019
Key Georgia Tax Change Captures More Online Sales Tax R …
The State of Georgia has been busy making numerous updates to its tax laws over the last few months. Credits and incentives, motor vehicle taxes, and compliance measures are the focus of these revisions. One notable change made by the...
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06.21.2019
IRS Unveils New Process for Selecting Large Corporation …
For years, Congress has been steadily cutting the IRS’s budget while piling more work on the agency with huge legislative initiatives, such as the Affordable Care Act and the Tax Cuts and Jobs Act. The result is that the audit...
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06.21.2019
Georgia Doubles Deduction for §529 Education Savings P …
The Path2College 529 Plan, sponsored by the State of Georgia, is a tax-advantaged way for parents and other family members to save for college, offering both federal and state tax benefits. Contributions are not deductible on your federal tax return,...
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06.06.2019
Culture of Compliance – Creating a Sustainable Cu …
How do you rally your company’s internal messaging around compliance and help turn compliance into an opportunity and strategy rather than a dirty word? Sabrina Serafin sits down with Heather Fortner, Chief Compliance Officer and Chief Operating Officer
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06.05.2019
Tax Implications of Brexit-related Transfers of Marketi …
On 9 April the European Medicines Agency updated their guidance on the impact of Brexit for the pharmaceuticals sector in Europe. Understandably the main concern continues to be on the continuity of supply for existing drugs, but the guidance emphasises...
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06.03.2019
Retirement Reform Bills in Congress
Both Parties and Both Sides of Congress Agree on Retirement Savings Reform. What Now? After years of work, both the House and the Senate have developed comprehensive, bipartisan retirement bills that lift some of the long-standing restrictions on retirement pl
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06.03.2019
New Opportunity Zone Rules
Opportunity zone tax credits become even more attractive: Leased Property Qualifies for Opportunity Zone Tax Benefits Taxpayers considering investing in an opportunity zone will be happy to hear of the recent guidance regarding leased property inside qualified
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06.03.2019
How Home Office Deductions Are Affected by SALT Limitat …
SALT $10,000 Limit Complicates Home Office Deduction The Tax Cuts and Jobs Act’s unpopular $10,000 limitation on the deduction for state and local taxes are having a ripple effect on other tax computations. The provision makes taxpayers combine all of...
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05.16.2019
Untangling the Technical: Expanding to the UK: Understa …
The UK is the fifth largest economy in the world, and its stated goal is to be business friendly from a tax perspective. Join two international tax experts to learn about some of the tax implications of expanding to the...
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05.02.2019
SALT Refunds Clarified
Are your state tax refunds taxable by the IRS? It’s complicated… The $10,000 limit on deduction of state and local taxes (SALT) has been controversial since its enactment as part of the Tax Cuts and Jobs Act (TCJA). The IRS...
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05.02.2019
Congress Gets Serious About IRS Reform
For years, Congress has legislated tax changes without regard to the burden placed on the IRS and with no real plan to help the agency modernize its systems to better handle its ever-increasing workload. With the scare of the government...
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05.02.2019
IRS Finalized Reportable Transaction Penalty Regulation …
The IRS has finalized regulations that impose penalties for failing to disclose what the IRS considers to be suspect tax avoidance transactions. Both individuals and entities are required to make disclosures of so-called “reportable transactions”, includin
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05.02.2019
2018 Estimated Tax Penalty Relief
The law of unintended consequences has never been more evident than in the IRS’s efforts to fix the estimated tax problem caused by the Tax Cuts and Jobs Act (TCJA). This filing season it became apparent that many taxpayers had...
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04.23.2019
Culture of Compliance – Leveraging Biometrics � …
Data security is a top concern for modern organizations. What are your options to keep your information safe? Sabrina Serafin meets with Dexter Caffey of Smart Eye Technology to discuss his company’s new biometric document security software and how lever
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04.08.2019
Untangling the Technical: Making the jump to the US: Wh …
The US is an enormous market that offers tremendous opportunity. Recent changes to the American tax code make this market even more attractive, but there are still many differences that are important to understand when considering expansion into the US....
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04.08.2019
Culture of Compliance: One Size Fits One: Implementing …
Sabrina Serafin speaks with Jason Sammons of our Process, Risk & Governance practice about implementing risk management as a strategy to help small and mid-sized businesses grow and reach their potential. Culture of Compliance is available on iTunes, G
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03.26.2019
Georgia Hurricane Timber Tax Credits: Limited Opportuni …
The State of Georgia has been out front in helping businesses affected by Hurricane Michael, which hit the state in October 2018 and damaged an estimated 2 million acres of timberland. To help property owners and aid in reforestation, the...
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03.26.2019
Auto Depreciation Safe Harbor Offered by IRS
Bonus Depreciation for Passenger Autos Just Got Easier Passenger autos are one class of business asset that have unfavorable depreciation rules. These vehicles are subject to strict dollar limits each year of the recovery period if they have a gross...
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03.26.2019
IRS Lists Dirty Dozen Tax Scams for 2019
It’s that time of year again when the IRS makes a special effort to warn taxpayers about ever-evolving tax scams. Fake charities, phony R&D and fuel credits and fraudulent phone calls are highlighted in this year’s annual “Dirty Dozen” list....
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03.26.2019
Mental Condition Results in Bankruptcy Discharge of Tax …
Mental State is Key to Discharging Federal Taxes in Bankruptcy Tax professionals including attorneys and CPAs must read court cases for a living to keep up with the proper interpretation of the tax laws. The more cases you read, the...
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03.25.2019
Culture of Compliance: The Virtual CISO: An Emerging tr …
Sabrina Serafin sits down again with Skeet Spillane of Pillar Technology Partners to discuss the VCISO, an information security officer who can provide everything your business needs and nothing it doesn’t. Untangling the Technical is available on iTun
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03.21.2019
Untangling the Technical: Breaking Down Brexit: On the …
In less than two weeks the UK is supposed to leave the EU. Join Malcolm Joy, the Lead Partner of our London office, and Mike Whitacre, one of the leading partners in our International Tax Practice as they discuss the...
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03.11.2019
Culture of Compliance – Marketing Compliance in t …
Jodi Daniels of Red Clover Advisors joins us again to talk with Sabrina Serafin about the importance of properly managing your marketing data in the age of privacy regulations such as GDPR and CCPA. Culture of Compliance is available on iTunes, Google Play.
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03.08.2019
Culture of Compliance – All About GDPR
Join Sabrina Serafin as she discusses the EU’s strict new data privacy regulation, GDPR, with PRG partner Gina Gondron. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the player below or download for la
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02.28.2019
Culture of Compliance – New Privacy Laws and thei …
Join us as Sabrina Serafin speaks with Jodi Daniels of Red Clover Advisors about the California Consumer Privacy Act, a new privacy law in the United States that resembles the EU’s GDPR. Learn about this sweeping new regulation and how...
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02.22.2019
How the Shutdown Affects IRS Operations Going Forward
Despite Upbeat Messaging, IRS “Inundated” with Overdue Tasks from Government Shutdown “The IRS has reopened following the end of the government shutdown, and IRS employees are working hard to resume normal operations and help taxpayers as much as
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02.22.2019
More Passthrough Guidance from IRS
Passthrough Deduction Clarifications Tackle W-2 Calculation, Aggregation Despite the 35-day government shutdown, the IRS was able to finalize regulations issued last Summer on the Sec. 199A passthrough deduction for qualified business income (QBI). Along with
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02.22.2019
Real Estate Keeps Winning on QBI Deduction
Real Estate Wins Again: IRS Clarifies Deduction for Rental Activities Can you take the 20% qualified business income (QBI) deduction against income from rental properties? The Tax Cuts and Jobs Act said no deduction is allowed for “mere” investment in...
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02.20.2019
Culture of Compliance – HITRUST 1: Assess Once, R …
Join our PRG National Practice Leader Sabrina Serafin in Part 1 of a three part discussion on HITRUST. A certified HITRUST assessor herself, Sabrina speaks with Michael Parisi, the Vice President of Assurance Strategy & Community Development of the HITRUS
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01.30.2019
Culture of Compliance: A Different Approach to Internal …
Join us as Partner Sabrina Serafin talks with our new PRG Principal Bradley Carroll about the pros and cons of Co-Sourcing your internal audit. Culture of Compliance is available on iTunes, Google Play Music and Spotify. Listen now using the player below
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01.29.2019
Georgia Tells Taxpayers How to Coordinate Federal Tax C …
The Georgia Department of Revenue has released updates to state law to adapt to the new federal tax era. The new rules cover numerous subjects, including the 80% limitation on net operating losses (NOLs), consolidated returns, withholding on nonresident aliens
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01.29.2019
SALT Credits Won’t Block Federal Business Expense …
In August 2018, the IRS released proposed regulations that limit federal charitable contribution deductions if a state tax credit is received in return. The rules are designed to prevent taxpayers from circumventing the $10,000 limit and on state and local...
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01.23.2019
IRS Reveals Procedure for Dealing with New Interest Ded …
One of the few potential tax increases in the Tax Cuts and Jobs Act is the limitation on interest expense deductions. Under TCJA business net interest deduction is limited to 30% of taxable income. Real property and farming businesses, as...
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01.23.2019
Changes to Transportation Fringes Explained
The TCJA’s piecemeal approach to giving away one tax break and taking away another is evident when you look at the number of guidance documents pouring out of the IRS. One of the latest urgent explanations, Notice 2018-99, addresses restrictions...
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12.17.2018
Popular Extenders Again Face Year-End Drama
Don’t Count on Those Deductions: Popular Tax Extenders Expiring Again The 25+ popular tax provisions which sunset every year expired again–last January 1. That means these tax provisions are not in effect for 2018. Now at the end of 2018,...
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12.10.2018
Untangling the Technical: VIE and Common Control Update
Join us as we talk with Bill Godshall, our Quality Control Partner, about the new updates to the standards regarding VIE reporting. Untangling the Technical is available on iTunes, Google Play Music and Spotify. Listen now using the player below or downloa
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12.03.2018
Investors Given Flexibility in Opportunity Zone Project …
It appears the IRS has a clear mandate from Congress to write flexible, taxpayer-friendly regulations on the new provisions of the 2017 tax reform law, as evidenced by the new Opportunity Zone regulations. The proposed rules expand tax planning opportunities..
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12.03.2018
IRS Walks Back Total Loss of Entertainment Meal Deducti …
Want to deduct a business meal? Get a separate receipt. The repeal of the deduction for business entertainment expenses was a culture shift in the tax code that was not immediately apparent. After the passage of the law in December...
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12.03.2018
Tax on Investment Income of Children May Increase Under …
Only one change was made in the “kiddie tax” under the Tax Cuts and Jobs Act, but it could be significant. Children will no longer be taxed on unearned income at the parents’ tax rate (the “kiddie tax” rule). Instead,...
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12.03.2018
Georgia Sales Tax Compliance: What Internet Sellers Nee …
In June 2018, the U.S. Supreme Court issued a landmark decision clearing the way for states to force collection of sales taxes from online sellers who have no physical presence in the taxing state. Even before the South Dakota v....
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11.02.2018
Progress Report: The New Tax Law’s Impact on Passthr …
How is the new tax law impacting your passthrough business? Many taxpayers do not know for sure at this point. While most provisions went into effect January 1, 2018, the possible tax savings will not become clear until early 2019...
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11.02.2018
Tax Planning for Individual Taxpayers: Points to Ponde …
The Tax Cuts and Jobs Act (TCJA) not only made major changes that grabbed headlines but also made tweaks to hundreds of tax rules, leaving taxpayers overwhelmed with questions about what their 2018 tax bill will look like and what...
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11.02.2018
Navigating the extended Georgia Education Tax Credit
Georgia has been very successful at designing tax credit and incentive programs that give taxpayers an opportunity to save money, do good, and support programs that they believe in. The Georgia “Qualified Education Donation Tax Credit” is one of those...
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10.22.2018
Private Equity 360: Zombie Apocalypse
Strap on your combat boots to learn about Zombie Funds, a little known problem facing fund administrators that can color your reputation and waste administrative fees. Zombie Apocalypse Transcript This transcript was assembled by hand and may contain some erro
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10.17.2018
Untangling the Technical – The Wayfair Decision
John Corn, Principal and National Practice Leader of State and Local Tax, gives us an inside look at the new online marketplace requirements established by the recent South Dakota v. Wayfair Supreme Court case. Untangling the Technical is available on iTunes
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10.15.2018
Culture of Compliance: Managing Your HR Compliance with …
Sabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Matt Ficken an advisor with Insperity about the importance of HR compliance no matter the size of the business. Insperity is
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10.11.2018
The World Post-Wayfair: State Tax Nexus Thresholds
Navigating the maze of state sales taxes got more complex this year for remote sellers. The June SCOTUS decision in the South Dakota v. Wayfair case opened the door for states to expand their tax base. Many states have updated...
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10.03.2018
Court Ruling on Conservation Easement Case
Long-Term Lessee of Historic Buildings Not Entitled to Deduction for Facade Easement Lessees cannot claim a conservation easement deduction. That is what a partnership with long-term leases on two historic buildings in Massachusetts found out when it tried to
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10.03.2018
IRS Clarifies New Rules for Bonus Depreciation
Bonus Depreciation Guidance Clears Up Important Questions on 100% Write-Offs The expansion of bonus depreciation was a welcome part of the Tax Cuts and Jobs Act, and now the IRS has released regulations to clarify many aspects of the new...
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10.03.2018
IRS Explains New Limits on Executive Compensation Deduc …
Companies hoping to sidestep the new limits on the executive compensation deduction may be disappointed with new guidance from the IRS, which restricts the grandfather rules and confirms the expanded scope of covered executives. Notice 2018-68 narrowly constru
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10.03.2018
New Charitable Deduction Rules Could Impact Popular Sta …
Since Congress passed the $10,000 limit and on state and local tax (SALT) deductions in late 2017, high-tax states have scrambled to create state programs that would allow taxpayers to circumvent this limit. These “SALT workarounds”, put in place by...
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09.11.2018
Private Equity 360: Research & Development (R& …
Bob Woosley, National Private Equity Leader discusses R&D tax credits with Tommy Zavieh, National R&D Tax Credit Practice Leader. Topics include the history of R&D tax credits, the qualifications, benefits and why you need a R&D tax credit spec
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09.06.2018
Culture of Compliance: Utilizing Cybersecurity in Your …
Sabrina Serafin interviews Jack Healey, CEO of Bear Hill Advisory Group. His firm provides strategic planning and crisis management services. Topics include, Cybersecurity in relation to other business management Common misconceptions of cybersecurity How to u
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08.14.2018
Sales Tax Planning: What You Need to Know about the Way …
For internet retailers, the June 21 U.S. Supreme Court ruling on South Dakota v. Wayfair has significant implications, including the added burden of sales tax compliance. As a result of this ruling, many internet shoppers will notice their favorite retailers..
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08.14.2018
New Rules for Passthroughs Ease Concerns, Allow Aggrega …
One of the more complex areas of the Tax Cuts and Jobs Act (TCJA) is the 20% deduction for the “qualified business income” of sole proprietorships, partnerships, LLCs, and S corporations. While the deduction is an important tax break for...
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08.07.2018
R&D Tax Credits: Georgia Makes a Good Deal Even Be …
In order to encourage companies to invest in R&D, and to reward them for doing so, Federal and Georgia tax rules provide what can be very significant tax credits (dollar for dollar reduction in tax liability). On February 7, 2018,...
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08.03.2018
State Collection of Online Sales Taxes Cleared by Supre …
For the past 26 years, sellers of goods across state lines have been protected from state sales tax laws by the 1992 Supreme Court decision in Quill v. North Dakota, which held that out-of-state sellers cannot be required to collect...
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08.02.2018
Culture of Compliance: Visual Data Analytics: An Integr …
Sabrina Serafin, National Practice Leader of Frazier & Deeter’s Process Risk & Governance Practice, interviews Joe Oringel, Managing Director of Visual Risk IQ.They discuss the importance of visual data analytics and reporting in relation to toda
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07.26.2018
Draft Form 1040 Falls Short of Simplification Promise, …
Congress promised big tax cuts and simplification of income taxes in its mammoth tax bill, the Tax Cuts and Jobs Act. It certainly delivered on the tax cut promise, but the simplification effort fell short, as evidenced by the IRS’s...
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07.26.2018
IRS Again Waives Repatriation Tax Penalties
In its third action this year, the IRS announced that it will waive additional late payment penalties for the repatriation transition tax on offshore profits. More guidance is also provided on how individuals subject to the tax make elections (see...
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07.26.2018
Tax Reform 2.0 Effort Launched in The House
Making the individual tax cuts permanent is the cornerstone of a new effort by House Republicans to craft Tax Reform 2.0. House Ways and Means Committee Chairman Kevin Brady (R-Texas) has indicated that the White House and House Republicans are...
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06.27.2018
IRS to Restrict Workarounds for SALT Deduction Cap
One of the biggest revenue-raisers in the Tax Cuts and Jobs Act (TCJA) is a strict limit on the federal deduction for state and local taxes. The new law caps the state and local tax (SALT) deduction for individuals to...
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06.27.2018
Huge Gain Deferral Possible with New Qualified Opportun …
To attract private investment in distressed communities throughout the U.S., Congress has created a generous tax deferral program that allows investors to rollover their capital gains into special funds designated for investment in these areas. Depending on ho
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06.27.2018
Georgia Rural Hospital Tax Credit Expanded as Feds Act …
The State of Georgia has raised the tax credit for donations to rural hospitals from 90% to 100%. At the same time, the IRS has taken steps to limit the use of donations to special state funds to offset federal...
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06.27.2018
Deducting Auto Expenses after the Tax Cuts and Jobs Act
Driving for work just got more expensive for some taxpayers. The Tax Cuts and Jobs Act (TCJA) restricted the deduction of automobile expenses, effective in 2018 in several ways. Using autos for moving is no longer deductible except for members...
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06.25.2018
Culture of Compliance – 4 Critical Steps to Cyber …
Sabrina Serafin, Partner and National Practice Leader of Frazier & Deeter’s Process, Risk and Governance Practice talks with Tim Martin and Skeet Spillane from Pillar Technology Partners about how they help clients prepare for all things cyber. Cultu
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06.11.2018
Culture of Compliance – SOC 2 Update
SOC 2 experts of Frazier & Deeter’s own Process, Risk & Governance practice walkthrough the reporting changes. Moderator – Sabrina Serafin | Partner & National Practice Leader Speakers – Gina Gondron | Partner Shelby Nelson | Dire
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06.07.2018
[Blog] Women Crushing Through Barriers and Paying It Fo …
I recently went to see RBG, a documentary about an intelligent, determined, tiny woman blazing a trail to reach the absolute apex of her profession. Her response to the discrimination she faced in her career was to make a quest...
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06.06.2018
Taxing Situation for Technology Companies
The Tax Cuts and Jobs Act of 2017 is unquestionably the most significant change to U.S. tax law since the 1980s. While it is true many businesses will now be subject to lower tax rates, the devil is always in...
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05.29.2018
Culture of Compliance – Evolution of Compliance
In Culture of Compliance’s first episode, Sabrina Serafin, Frazier & Deeter’s National Process, Risk & Governance Practice leader, talks with Darryl Cox, Strategic Cloud Adviser & Sales Executive at QTS Realty Trust, about changes to co
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05.24.2018
IRS Rushes out Key Guidance on TCJA for Corporations, A …
With a December 22, 2017 signing date and an effective date just nine days later, the IRS has been rushing to implement the Tax Cuts and Jobs Act so that taxpayers can make necessary changes in planning and reporting for...
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05.24.2018
Georgia Supreme Court Ends Stand-off Between Cellphone …
Between 2005 and 2010, four AT&T subsidiary cellphone companies collected and remitted to the Georgia Department of Revenue (DOR) $6 million in sales tax on internet data services. The problem is, these services were exempt from sales tax under Georgia...
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05.24.2018
Meals and Entertainment Deductions Traded for Lower Rat …
When Congress enacted the Tax Cuts and Jobs Act (TCJA) in December 2017, it had to make difficult trade-offs. Popular deductions had to be sacrificed to lower tax rates, and the lawmakers were concerned with the distributional effects. The changes...
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05.24.2018
Developer’s Benefit Kills $4.8 Million Conservati …
The cardinal tax rule for charitable contributions, including deductions for conservation easements, is that there cannot be a quid pro quo for the donor. If there is any benefit flowing back to the donor, any deduction must be offset by...
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05.11.2018
Untangling the Technical – Lease Accounting Updat …
Sean Lager, Audit Partner at Frazier & Deeter and member of AICPA’s Technical Issues Committee explains the changes to lease accounting. He also describes how public and private companies are impacted by these changes. Untangling the Technical is av
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04.30.2018
Untangling the Technical – New International Tax …
The complicated new rules for multi-national businesses were one of the headlines of the new tax law. In this episode, Frazier & Deeter’s International Tax guru Mike Whitacre discusses the implications for U.S. businesses with foreign earnings as well
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04.24.2018
Is C Corporation Your Best Option Under the New Tax Law …
If you do a quick read of the Tax Cuts and Jobs Act (TCJA) you’ll see that the new C Corporation tax rate is 21% while the top individual rate is 37%. Also, individuals are allowed a 20% deduction for...
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04.24.2018
IRS Waives Estimated Tax Rules, Penalties on Deemed Rep …
The IRS has rushed out yet another guidance document on the Tax Cuts and Jobs Act’s deemed repatriation rules for offshore profits. Notice 2018-26 includes rules on penalty waivers, special elections, and the mechanics of reporting and paying the transition.
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04.24.2018
How the New Business Interest Limits Will Work Under TC …
Year 2018 is well underway and companies are grappling with how to comply with the in-force Tax Cuts and Jobs Act’s vague statutory language and an underfunded IRS. The IRS offered some help this month by releasing Notice 2018-28, explaining...
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04.17.2018
Private Equity 360 – GDPR Basics for Private Equi …
Bob Woosley, National Private Equity Leader, discusses the upcoming General Data Protections Regulation (GDPR) with FD’s Process, Risk & Governance Partner, Gina Gondron, who is an expert on both data privacy and GDPR. We discuss how GDPR applies t
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04.17.2018
As risk evolves, so does SOC 2 reporting
Technological advances over the past 25 years have driven unimaginable conveniences, but our rapidly evolving technology has also increased the complexity of managing risk. As new risks emerge, the American Institute of Certified Public Accountants (AICPA) con
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04.12.2018
Technology Companies: the Revenue Recognition Transitio …
The accounting world has been debating the pending changes to how revenue is recognized for nearly a decade. The new standard (ASC 606) for revenue recognition became effective for public companies beginning January 2018 and nonpublic companies are on deck...
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03.28.2018
Private Equity 360 – Avoiding Acquisition Angst
In this episode of Private Equity 360 Bob Woosley talks to Rhonda Ratliff, a Transaction Advisor and Six Sigma Black Belt, about steps you can take leading up to a deal to improve the value you can drive after the...
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03.23.2018
Georgia Governor to Stop State Windfall from Federal Ta …
Georgia Legislature Acts to Lessen Taxpayers’ State Tax Hit from Federal Law Change Yes, it seems counterintuitive, but the huge federal tax cuts enacted in the Tax Cuts and Jobs Act (TCJA) were going to be a windfall for the...
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03.23.2018
Don’t Use S Corps to Avoid Carried Interest Holdi …
IRS to Tax Payers: Don’t Use S Corp to Avoid Carried Interest 3-Year Rule The fall out from hasty drafting of the massive Tax Cuts and Jobs Act continues, this time with the Department of the Treasury and the IRS...
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03.23.2018
Georgia Readies Online Sales Tax Bill Waiting for Supre …
Supreme Court to Decide Fate of Online Sales Tax as Georgia Readies to Start Collection For 26 years, buyers and sellers of goods across state lines have relied on a major roadblock to requiring out-of-state sellers to collect sales taxes—the...
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03.23.2018
Repatriation of Corporate Profits a Priority for IRS
Tax Bill Guidance Continues to Focus on Repatriation In the few months since the Tax Cuts and Jobs Act (TCJA) was signed into law, the IRS has released three important items of guidance relating to the transition tax on foreign...
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03.13.2018
The Countdown to GDPR – Will you be ready?
March 16th marks ten weeks left before the May 25 deadline for the European Union’s (EU) General Data Protection Regulation (GDPR). GDPR unites all of Europe with one data protection law, replacing the prior European Commission’s Data Protectio
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03.02.2018
Private Equity 360 – Carried Interest
Carried interest has been a target of politicians in recent years. In the first episode of Private Equity 360, Bob Woosley interviews Tax Partner Bryce Nations to learn about how the new tax law impacts carried interest. Available on iTunes,...
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02.27.2018
Interest on Home Equity Loans May Still Be Deductible
One casualty of the new tax law was thought to be the deduction for interest paid on home equity loans. The language of the bill was vague, and the conference report simply states, “…the Conference agreement suspends the deduction for...
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02.27.2018
The Bank Is Open: IRS Tells Corporations How to Pay Tax …
The first topic the IRS tackled in guidance regarding the new tax law is how corporate taxpayers should compute and pay the “transition tax” on the untaxed earnings of foreign subsidiaries. In exchange for the lower 21% corporate tax rate...
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02.27.2018
Congress Skips Extenders in Thousand-Page Tax Law, Budg …
It is hard to believe, but the Tax Cuts and Jobs Act passed by Congress in December left out many key expiring tax provisions, the so-called “extenders.” Instead, Congress included the extenders in H.R. 1892, the Bipartisan Budget Act of...
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02.27.2018
No Hiding Behind Virtual Currency, IRS Insists — …
Bitcoins and other virtual currency are on the national radar with articles and commentary offered every day on their increasing use and on the government’s attempts to regulate the cryptocurrency market. No agency is more interested in the rise of...
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01.26.2018
New Tax Law a Game-Changer for Corporations
Reducing the high U.S. corporate tax rate was a key driver for enacting the Tax Cuts and Jobs Act (TCJA), Public Law 115-97. The most significant change is the reduction in the corporate tax rate to 21% from 35% and...
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01.18.2018
What the New Tax Law Means for Your 1040
The Tax Cuts and Jobs Act (TCJA) takes effect this year. The big question now is what are the big changes and how do they affect taxpayers with different situations? More tax cut than tax reform, the measure is expected...
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01.12.2018
Complex New Rules for Passthrough Taxes Explained
Just before year-end in 2017, President Trump signed into law the Tax Cuts and Jobs Act, Public Law 115-97, with massive tax cuts of $1.5 trillion over the next decade. The changes affect all individuals and every type of business...
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01.08.2018
Large Employers Should Watch for IRS Letters about thei …
While Congress eliminated the Affordable Care Act’s individual mandate, that doesn’t impact the employer requirements. The IRS is ramping up its efforts to enforce penalties against large employers who do not provide adequate health insurance plans. Employ
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01.08.2018
Georgia Musical Tax Credits on my Mind
Georgia has always been known for exceptional music talent with home-grown artists like James Brown, REM, Jermaine Dupri, Usher, Ludacris, the Allman Brothers and Alan Jackson. Now Georgia is set to become an even bigger venue for music with its...
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01.08.2018
Georgia Postproduction Credit Seeks to Expand Filmmakin …
In the State’s continued quest to become the top film industry spot in the U.S., the Georgia Legislature in early 2017 expanded the film credit, this time for postproduction activities. The thought is that, not only do state leaders want...
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12.22.2017
A New Tax Era Begins – Actions to Take by Year En …
The Tax Cuts and Jobs Act (TCJA) has passed Congress and is expected go into effect in 2018. This lengthy new law contains an array of changes that will impact both individual and business taxpayers. Depending on your personal financial...
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12.20.2017
Biggest Tax Changes in 30 Years Passed by Congress
Last night the Senate signed a slightly modified version of the Tax Cuts and Jobs Act, a key hurdle in passing the tax legislation. While the House needs to vote again today, the bill is expected to be signed into...
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11.20.2017
Partnership Loses Millions for Faulty Conservation Ease …
The Palmolive Building in Chicago is one of the country’s premier Art Deco skyscrapers. Built in 1929 as headquarters for the famous soap manufacturers, the building was later occupied by Playboy Enterprises for about 30 years, then housed retail, office
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11.20.2017
Million Dollar FBAR Fine not Excessive, Court Rules
Letantia Bussell’s tax troubles, which read like the script of a reality show, started in the mid-1990s with the proverbial Swiss bank account. Bussell and her husband, John, were Beverly Hills doctors who tried to avoid paying taxes by opening...
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11.15.2017
Congress in Its Own Christmas Rush to Pass Tax Reform
Side-by-Side of House and Senate Bills Determined to get something passed before the holidays, the House and Senate are working feverishly on tax reform bills. The House bill is H.R. 1, reported out of the House Ways and Means Committee...
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10.24.2017
Movement Afoot to Lessen IRS Power over Your Money
Everyone has heard the horror stories of overreach by the IRS—freezing bank accounts, improper levies, mathematical errors that won’t go away—some true, some maybe exaggerated. Two powerful members of Congress want these stories to stop. Their soluti
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10.24.2017
Spouse’s Estate Can be Reopened when Couple Share …
Most taxpayers would breathe a sigh of relief when getting an IRS letter stating that their spouse’s estate tax return had been accepted as filed. However, a recent Tax Court case has made it clear that the earlier estate return...
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10.24.2017
New Withholding Regulations for Gambling Payouts a Win …
Until recently, the IRS’s latest regulations on gambling winnings were rules released back in 1983. Both technology and industry practice have changed significantly since then. To modernize its approach, the IRS has released new rules, first in December
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10.24.2017
How Business Taxation Will Change Under Tax Reform Prop …
The House Ways and Means Committee and President Trump have released more details on the Republicans’ joint tax reform plan, agreed to in principle by the Big Six, made up of key Congressional and Administration tax officials. (See our earlier...
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09.25.2017
Captive Insurance Case: Taxpayers Lose $2.4 Million Ded …
A couple who owned three shopping centers and three jewelry stores in Phoenix, AZ lost big in the U.S. Tax Court in August 2017. In a long-awaited decision, Avranhami v. Commissioner, the Court found that amounts paid by the couple’s...
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09.25.2017
W-2 Scam Lures Businesses into Releasing Employee Infor …
The IRS has issued a dire warning to businesses and nonprofits—don’t respond to e-mail requests for employee information without confirming the source—even if the request comes from within your own company. Here’s why. In the latest scams, an H
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09.25.2017
IRS Balks at Court Decision Allowing Long Construction …
The use of like-kind exchanges to defer gain on business and investment property is common, with about 4 million transactions between 1998 and 2013, according to the IRS. A large percentage of like-kind exchange transactions are real estate swaps, many...
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09.25.2017
Conservation Easements Case: Texas Ranch Boundary Modif …
Bosque Canyon Ranch in Texas is home to the habitat of the gold-cheeked warbler, a listed endangered species. It also is the subject of a far-reaching Circuit Court decision that halted the IRS’s attempt to invalidate a conservation easement put...
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08.25.2017
Georgia Tax Authority Explains Sales Tax Rules for Comm …
The Georgia Department of Revenue (DOR) has issued several important rulings on the application of sale and use taxes to various commercial products, including online software, home construction features, and extended warranties. Businesses that offer these pr
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08.25.2017
IRS Launches Country-by-Country Reporting Tool
Countries across the globe banned together a few years ago to put in place a mechanism for tracking the income of multinational companies in each country in which they operate. The effort came under the umbrella of the very bureaucratic...
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08.25.2017
Real Estate Partnership Loses Huge Charitable Deduction
Serious missteps by a real estate partnership caused it to lose a huge charitable deduction claimed for donation of property to the University of Michigan. The facts in the Tax Court case, Reri Holdings I, LLC, Jeff Blau, Tax Matters...
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08.25.2017
Trump Has Chance for Big Victory with Tax Reform
The Trump Administration has few places for big victories this year, but tax reform may be one of them. This assessment comes from Washington insiders who have carefully analyzed the “Big Six” joint statement released in July while most of...
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07.25.2017
House Appropriations Bill Stops IRS Action on Curbing C …
The House Appropriations Committee has approved legislation that bans the IRS from enforcing rules to curb conservation easement syndications. Currently, the ban only applies to past transactions, those easements entered into before January 23, 2017, the date
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07.25.2017
Partnership Audit Rules Shift Focus to the Entity
Two years ago, Congress enacted the Bipartisan Budget Act of 2015, which made significant changes to the way partnerships are audited. The Act requires that tax be assessed and collected at the partnership level instead of the partner level. The...
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07.25.2017
Mobile Workforce Bill Attempts to Simplify State Tax Fi …
Today’s business travelers deal with “A patchwork of complicated nonresident income tax laws.” This assessment comes from the Mobile Workforce Coalition, an advocacy group seeking simplification of state laws taxing nonresidents who work outs
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06.30.2017
Research Credit Can Offset Payroll Liability
Beginning with their 2016 returns, small business startup companies can choose to apply all or part of their research credit against their social security payroll tax liability. Before 2016, the research credit could only be taken against income tax liability.
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06.30.2017
Will Congress Take Away 401k Deduction?
Congress is considering a shift from pretax benefits for retirement accounts to after-tax, Roth-type plans in its tax reform efforts, warn retirement plan advocacy groups, such as the American Retirement Association and the American Benefits Council. The idea
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06.30.2017
Deathbed Transfer to Family Limited Partnership Cost Ta …
On August 7, 2008, a taxpayer’s son and heir formed a family limited partnership. Then, using the power of attorney for his mother, he transferred $10 million of his Mother’s cash and securities that were in a revocable trust to...
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06.30.2017
Ways and Means Holds Full Committee Hearing on Tax Refo …
US TAX CODE RANKED 31 OUT OF 35 IN COMPETITIVENESS AND CONGRESS WANTS TO FIX IT House Ways and Means Committee Chairman Kevin Brady (R-TX) opened the May 2017 hearing on U.S. competitiveness by offering a startling statistic. The U.S. ranks...
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05.19.2017