Tax Publications


Trump’s Big Tax Plan Outlined

Posted on May 15, 2017. Category: Tax Publications

On April 26, 2017, President Donald Trump presented a one-page outline of his administration’s tax reform plan.  From his campaign trail days, Trump vowed to reform taxes for not only the working class individual but also for corporate America.  Seizing the opportunity, the President is leading what is being labeled as the most significant tax reform since the Reagan era when President Ronald Reagan signed the Tax Reform Act of 1986.  The Administration claims this will be one of the biggest tax cuts in American history. The one-page plan, titled 2017 Tax Reform for Economic Growth and American... Read More

Storing Inventory in Virginia? Your Business Will Now Have Nexus

Posted on March 07, 2017. Category: Tax Publications

Nexus is defined as having a sufficient physical presence in a taxing jurisdiction. It is used to determine whether sellers are required to collect sales tax from purchasers and remit the tax to the jurisdiction. Nexus laws vary by state or local government.Recently the General Assembly of Virginia amended and enacted § 58.1-612 of the Code of Virginia (H.B.2058). The Code defines the term “dealer” and is used to determine nexus in the state. The updated law determines businesses who “own tangible personal property that is for sale located in this Commonwealth... Read More

Jock Tax

Posted on March 07, 2017. Category: Tax Publications

The everyday American will mostly file state income taxes in the states where they reside. Professional athletes have an added liability, the “jock tax.” The jock tax is imposed against visitors to a city or state who earn money in that jurisdiction. Professional athletes are an easy target for this type of tax because their salaries, bonuses, and schedules are all public knowledge. The state can compute and collect the tax without spending a substantial amount of time and effort.The modern jock tax came into effect following the 1991 NBA Finals between the Los Angeles Lakers and the... Read More

Amazon to Expand Sales Tax Collection

Posted on March 07, 2017. Category: Tax Publications

Ten taxing jurisdictions expect to see a sizeable increase in revenue this year as Amazon adds them to the list of states where they will collect sales tax.Since the dawn of online shopping behemoths in the late 90’s, taxing authorities have seen potential tax revenue slip through their fingers as an increasing number of sales have shifted from traditional brick and mortar vendors to sites like Amazon.com. While many states have historically been slow in updating their tax laws, the period of tax free online shopping is at the beginning of the end. These ten new additions... Read More

Trump’s Wall: Border Tax Talk

Posted on February 01, 2017. Category: Tax Publications

After just over a week in office, President Donald Trump has been busy issuing executive orders across a number of platforms.  One priority as evidenced during his campaign is on building “the wall” between the US and Mexico to reduce the influx of undocumented immigrants. Mexico and the US share a border running approximately 2000 miles (3200 km) some of which is already fenced either for vehicles or pedestrians.  The estimated cost of building a state of the art wall along the entire border approximates $10 billion (USD) not to mention the cost of maintaining such a structure... Read More

The Virginia Research and Development Exemption

Posted on December 16, 2016. Category: Tax Publications

Many companies take advantage of the Virginia Sales and Use Tax Research and Development Exemption.  The exemption is applicable to tangible personal property purchased for use or consumption directly and solely in research and development.   Some examples of exempt products are chemicals, equipment, machinery, supplies, fuel and tools.Typically, contractors are considered the end users of tangible personal property, and therefore sales and use tax is applied to their purchases.  However, the Research and Development Exemption also applies to contractors when property purchased is used exclusively in research and development. Virginia requires tangible personal property... Read More

2017 Pennsylvania Tax Amnesty Program

Posted on December 15, 2016. Category: Tax Publications

The Pennsylvania Department of Revenue has announced a Tax Amnesty Program that will be offered from April 21 to June 19, 2017.  This program assures participants that half of any applicable interest and all penalties will be waived.  This program offers the opportunity for taxpayers to resolve tax related liability or delinquency. Those eligible to participate in the program include businesses which have non-filed state tax returns or reporting or under-reported filings as of December 31, 2015.  The amnesty applies whether the above noted delinquencies are known or unknown by the Department of Revenue.  Any who participated in the 2010 Tax... Read More

Sales Tax Changes in 2017

Posted on December 15, 2016. Category: Tax Publications

There are numerous tax changes on the horizon with implications affecting many taxpayers.  The following summary briefly outlines a few of the most significant changes.Tennessee has enacted new economic nexus regulations.  Affected out of state sellers with no physical presence are required to register with the state by March 1, 2017 with the requirement they will begin to collect and remit sales tax by July 1, 2017.  The changes affect remote sellers who regularly engage in the solicitation of Tennessee customers if their Tennessee sales for the prior 12 month period exceed $500,000.California and New Jersey sales tax rate reductions will... Read More

NC Water Ports’ Purchases May Be Allowed Retroactive Sales Tax Exemption

Posted on September 28, 2016. Category: Tax Publications

The North Carolina governor approved an amendment to N.C. Gen. Stat § 105-187.51B(a)(5) on July 14, 2016, that applies a privilege tax for specific purchases made by a company residing at a North Carolina water port that purchase “specialized equipment to be used at the facility to unload or process bulk cargo to make it suitable for delivery to and use by manufacturing facilities.” Purchases which may qualify for this privilege tax include the machinery and equipment used at the ports facility for unloading of cargo or for preparing the cargo for transport and use at a... Read More

Free Money? Unclaimed Property

Posted on September 28, 2016. Category: Tax Publications

Unclaimed Property (also known as abandoned or escheat property) is exactly that – money or tangible assets that belong to you, but they are viewed as “abandoned” because there has been no activity or contact with its rightful owner for one year or longer.  There are a myriad of types, but the most common for individuals are uncashed payroll checks, forgotten bank accounts, and non-refunded utility security deposits.  For businesses, uncollected vendor payments and tax refunds top the list. Every U.S. state, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, several... Read More

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