For companies with average revenues over $25 million in the three previous years, the Tax Cuts and Jobs Act (TCJA) had a major impact on the deductibility of business interest expense. Prior to 2018, businesses were allowed to deduct 100% of all interest expense that was incurred.
Learn moreIt has been a little over a year since the Supreme Court overruled the Professional and Amateur Sports Protection Act (PASPA) in May 2018, permitting states across the U.S. to pass regulations that will allow them to offer sports betting.
Learn moreOn Thursday June 19th, the Governmental Accounting Standards Board (GASB) issued its Implementation Guide on Fiduciary Activities (guide).
Learn moreOn July 1, 2019, the Office of Management and Budget (OMB) announced the release of the 2019 OMB Compliance Supplement. The supplement contains the policies and procedures required to be followed by federal, state and local entities in regards to expending federal funding and the procedures required to be performed by auditors when conducting the single audit over these federal programs.
Learn moreOn July 11, 2019, Governor Parson signed Senate Bill 87, which extends the statute of limitations for sales and use tax refunds.
Learn moreThe FASB has voted to propose a deferral of the effective dates for several of its recent standards that would provide at least an additional year to companies that have not yet adopted the standards.
Learn moreThanks to the Nevada Legislature, companies with less than $4 million of Nevada gross revenue have less to do this summer. In the past, all companies conducting business in Nevada were required to file Commerce Tax returns regardless of revenue.
Learn moreAs part of the Tax Cuts and Jobs Act, for tax years beginning on or after January 1, 2018, the amount of business interest that is deductible for federal income tax purposes may be limited.
Learn moreOn June 13, 2019, final IRS Treasury Regulations were issued that impact and directly relate to several of the provisions enacted in the Tax Cuts and Jobs Act (December 2017).
Learn moreRubinBrown recently attended the mid-year board meeting of the National Association of Home Builders in Washington, D.C.
Learn moreCybersecurity has to be embedded into the compliance fabric of online gambling operators and decision-makers. Security is not something bolted on after a new online application is created; it has to be integrated using security by design.
Learn moreEmail phishing attacks are sent to us at work, home, and anywhere else we have email. Most of us use email filters to check these emails and cut down the number of bad messages we receive, but sometimes these filters can be bypassed. Avanan’s Global Phish Report analyzed more than 55 million emails and found that 1 out of every 100 contained a phishing attack.
Learn moreIt’s that time of year when many businesses will be receiving a notice of value in the mail containing a reassessed value of their property. This could potentially mean an increase in property tax liabilities and significantly impact a business’s operating expenses and bottom line.
Learn moreIn summary, the article details that the newly created qualified opportunity zones offer an intriguing tax planning option for investors and a potential boon for distressed communities.
Learn moreRubinBrown Partner Tony Nitti recently took part in a nonpartisan tax think tank which debated the pros and cons of the new Section 199A, more widely known as the 20% pass-through deduction.
Learn moreLast week, RubinBrown Partner Tony Nitti spoke on a panel that analyzed the new tax law, as well as the latest views about the law among taxpayers and journalists.
Learn moreIn response to the increasing number of massive data breaches over the last several years, the Colorado legislature passed new requirements for protecting the personal information of Colorado residents. The Colorado Protections for Consumer Data Privacy (HB18-1128) applies to public and private organizations that handle, process, store or otherwise have access to electronic or printed personally identifiable information (PII) of Colorado residents.
Learn moreOn January 17, 2019, the IRS delivered final regulations on one of the most complicated provisions of the new tax law, Section 199A, commonly referred to as the 20% pass-through deduction. The regulations provide clarity and much needed guidance on Section 199A that was enacted on December 22, 2017, as part of the Tax Cuts and Jobs Act. Along with the final regulations the IRS also issued two significant rulings; one allows a safe harbor for certain rental properties and the other a method of determining W-2 wages.
Learn moreIn January 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 84, Fiduciary Activities (Statement). The requirements of the Statement are effective for reporting periods beginning after December 15, 2018 (i.e., December 31, 2019 year ends and fiscal years ending in 2020).
Learn moreOn December 10, 2018, the IRS issued long-awaited guidance on the application of one of the new tax provisions added by the Tax Cuts and Jobs Act, Section 274(a)(4). This provision under the Act is effective January 1, 2018. Notice 2018-99 provides guidance for taxable entities on how to compute the non-deductible amounts related to parking provided to employees under IRC Section 274(a)(4).
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