ThomsonReuters
DECEMBER 20, 2020
What is the difference between sales tax and value-added tax (VAT)? Both sales tax and VAT are types of indirect tax – a tax collected by the seller who charges the buyer at the time of purchase and then pays or remits the tax to the government on behalf of the buyer. Sales tax and VAT are a common cause of confusion within the corporate tax community.
Appraisal Rights
DECEMBER 23, 2020
With litigation over section 220 demands becoming more frequent and contentious, the Supreme of Court Delaware weighed in an en banc ruling and affirmed shareholders’ rights to inspect a company’s books and records. In this protracted dispute which we’ve previously blogged about, AmerisourceBergen Corporation took the Chancery Court’s ruling allowing shareholders the right to inspect the Company’s documents relating to opioid distribution compliance to the Delaware Supreme Court.
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ThomsonReuters
DECEMBER 19, 2020
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, PL 116-136) made substantial changes to the Code Sec. 163(j) business interest expense deduction limitation. With all the changes made to the Code in 2020 due to COVID-19, it is worthwhile to review Code Sec. 163(j) both pre- and post-CARES Act changes. What is the 163(j) limitation?
ThomsonReuters
DECEMBER 23, 2020
IRS Notice 2021-02 (Dec. 22, 2020); IRS News Release IR-2020-279 (Dec. 22, 2020). Notice. News Release. The IRS has announced the 2021 standard mileage rates for business, medical, and other uses of an automobile, and the 2021 vehicle values that limit the application of certain rules for valuing an automobile’s use. For 2021, the business standard mileage rate is 56 cents per mile (a 1.5 cent decrease from the 57.5 cents rate for 2020), and the rate when an automobile is used to obtain medical
Speaker: Susan Spencer, Principal of Spencer Communications
Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.
ThomsonReuters
DECEMBER 19, 2020
With many businesses experiencing losses due to COVID-19, now is a good time to review the CARES Act net operating loss (NOL) rules. The Tax Cuts and Jobs Act (TCJA) changed the rules for deducting net operating losses in 2017. Before 2017, NOLs were fully deductible and could be carried back two years and carried forward 20 years. In 2017, TCJA changed the NOL rules by: limiting NOL deductions to 80% of taxable income, disallowing NOL carrybacks, and. lifting the 20-year limit on NOL carryovers
ThomsonReuters
DECEMBER 23, 2020
QUESTION: Everybody in the employee benefits field uses acronyms like ALE, MLR, and ACA. What do these and other employee benefits acronyms stand for? ANSWER: Here’s an explanatory list of common acronyms primarily used in our Health Care Reform manual. (Last week’s Question of the Week included acronyms primarily used in our COBRA, HIPAA, and Group Health Plan Mandates manuals, and the Question of the Week from the week before included acronyms from the ERISA Compliance, Self-Insured Heal
Business Valuation Zone brings together the best content for business valuation professionals from the widest variety of industry thought leaders.
ThomsonReuters
DECEMBER 23, 2020
Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2021); Instructions for Forms 1099-SA and 5498-SA (2021). Form 5498-SA. Form 1099-SA and 5498-SA Instructions. The IRS has released Form 5498-SA for the 2021 tax year, along with its instructions, which are combined with the instructions for Form 1099-SA. (The 2021 General Instructions for Certain Information Returns, which relate to these and certain other information returns, have not yet been released.
ThomsonReuters
DECEMBER 20, 2020
The 2018 Supreme Court South Dakota v. Wayfair decision dramatically shifted the sales tax landscape in the United States. Companies of all sizes are facing sales tax compliance obligations that are more complex than ever. Under “economic nexus” rules , a company may need to register, collect sales tax, and file a state sales tax return if it passes a specified threshold, regardless of whether the company has a physical presence like storefronts, warehouses, or sales personnel in the state.
ThomsonReuters
DECEMBER 22, 2020
As the January 1, 2021 deadline for Brexit negotiations rapidly approaches, it is still unclear whether the United Kingdom and the European Union will reach a trade agreement or go their separate ways under World Trade Organization rules. Regardless of the eventual trade arrangement that materializes between the UK and EU in 2021, multinationals will face the herculean task of understanding and responding to a flurry of new border protocols, trade regulations, and supply chain uncertainties.
ThomsonReuters
DECEMBER 23, 2020
Prestige Inst. for Plastic Surgery, P.C. v. Keystone Healthplan East, 2020 WL 7022668 (D. N.J. 2020). Available at [link]. A medical provider sued an employer-sponsored group health plan and its insurer, alleging that the insurer had under-reimbursed the provider for a participant’s post-mastectomy breast reconstruction surgery in violation of the federal Women’s Health and Cancer Rights Act (WHCRA).
Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker
The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l
ThomsonReuters
DECEMBER 23, 2020
Qualified Transportation Fringe, Transportation and Commuting Expenses under Section 274, 26 CFR Part 1, 85 Fed. Reg. 81391 (Dec. 16, 2020). Available at [link]. The IRS has issued final regulations implementing the Tax Cuts and Jobs Act (TCJA) provisions that disallow employer deductions for qualified transportation fringe benefits and certain other transportation and commuting benefits for taxable years beginning after 2017 (see our Checkpoint article ).
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