On June 15, 2012, the U.S. Department of Homeland Security (DHS) announced that it would not deport certain undocumented youth who came to the United States as children. Under a directive from the DHS secretary, these youths may be granted a type of temporary permission to stay in the U.S. called “deferred action.” The Obama administration called this program Deferred Action for Childhood Arrivals, or DACA. This article is designed to provide guidance for tax professionals preparing and filing tax returns for DACA recipients.
Tag Archive for California
If you’ve been following the online sales tax debate with us, you know the Wayfair v. South Dakota case is going before the U.S. Supreme Court shortly; oral arguments are scheduled for next week (April 17).
In the meantime, Wayfair has filed a legal brief along with two other online retailers: Overstock Inc. and Newegg Inc. Keep reading for a brief summary of their argument for maintaining the Quill ruling from 1992. Read More
- Who are the major players I think you should be aware of
- What’s a DAO (Decentralized Autonomous Organization)?
- If Cyber Currency is so Great, Why are there so many challenges in the Community?
- My Crystal Ball
The cryptocurrency, or digital currently world is complex with a few core leaders and hundreds, if not thousands, of related active alternatives. All are predicated on the concept of the Blockchain or often referred to as the Distributed Ledger Technology (DLT). While the core history of Bitcoin and its related alternatives is fairly accessible via a simplified web search, popular media, and even “analog” books, I have determined that far too many do not understand the differences and similarities between and among these various alternative coins (Alt Coins). Read More
As you know from reading our blogs, multi-state tax can be difficult to navigate! When businesses sell their products across state lines, they need to think about whether they have taxable presence, or nexus, in the state and if their products are taxable.
Generally companies establish nexus by having a physical presence in the state. However, several states have recently been pushing the boundaries of defining the physical presence notion in order to generate more revenue. The concept of “economic nexus” is gaining greater momentum. Read More
We won’t say we were barraged with questions of concern after the announcement of the most sweeping U.S. tax legislation in more than 30 years, but pretty darn close. At least we’re starting to have “Strategic” conversation about Taxes now instead of it being an afterthought.
The 2017 Tax Cuts Jobs Act And Opportunities
While the new legislation includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state, and the local tax deduction, full-expensing for five years, and lower individual tax rates, discipline is essential. Read More
The accounting industry is changing rapidly. Today’s accountant has become more of a business consultant than the mathematical tool of the past, but recent changes are affecting the profession further. Automation and new technology keep changing the accounting industry in specific ways, and the American Institute of Certified Public Accountants recently launched a new version of the Uniform CPA Exam in 2017 to meet these new demands.
Last week Congress passed the 2018 omnibus spending bill after finalizing the language at the last minute. Lawmakers on both sides of the aisle, specifically Rep. Kristi Noem, were pushing to include online sales tax legislation, but ultimately the House’s chief deputy whip, Rep. Patrick McHenry, “Signaled…that Noem’s measure won’t be included in the omnibus and hasn’t had enough vetting.”
About The Online Sales Tax Provision
Rep. Noem made an aggressive push to add the online sales tax legislation to the bill last minute. As The Hill explains: Read More
It is no secret that accountants make a lot of money. Thousands seek this highly lucrative career every year so that they can build the lifestyle of their choice. The median salary for accountants is approximately $67,000. However, you may be surprised to find out that there are many ways to advance your salary.
Depending on your field and expertise, you can add an extra boost to your bank account. These are some of the best ways to make more in your accounting career. Read More
The Federal Government’s proposed border wall with Mexico has been getting a lot of attention lately, particularly since the president recently visited the Golden State. One California legislator has an interesting take on the ongoing disagreement between California and the White House. Assemblyman Phil Ting, of CA, recently announced his bill, A.B. 2355, as a way to incentivize companies not to participate in the building of the wall.
The Logistics
As recently reported by Bloomberg BNA, companies that participate in the building of the Federal government’s proposed wall with Mexico, on the California border, would not be able to participate in several state tax credits. Read More
TaxConnections has been retained by a corporation to conduct a search for a Tax Counsel in the Santa Clara/San Jose, California area. We would genuinely appreciate your taking the time to review this opportunity and kindly refer this to anyone you know who may be interested in learning more. Our internationally recognized client is searching for a tax lawyer whose primary responsibilities center around M&A transactions.
The Tax Counsel will advise on corporate business operations regarding U.S. tax consequences of domestic and international business operations including: international business restructurings, reorganizations and acquisitions and the integration of these transactions. Read More
Earlier this year we shared the U.S. Supreme Court would hear a case related to online sales tax: Wayfair v. South Dakota. This ruling could settle how online purchases are taxed, potentially overturning the 1992 Quill Corp v. North Dakota ruling currently preventing states from collecting sales tax from sellers without a physical presence (or nexus) in the state.
Why is it worth it for the Supreme Court to consider this case rather than fall back on the previous Quill ruling? The world has changed a lot since 1992. As The Wall Street Journal reports, “In 1992, the justices ‘did not and could not anticipate the development of modern e-commerce,’ Solicitor General Noel Francisco wrote in a friend-of the-court brief.” Read More
Mark Twain has been credited with expressing that “History doesn’t repeat itself but it often rhymes,” Regardless of who crafted the sentiment; it is clearly consistent with my experience associated with some disruptive technologies that are showing up in today’s financial markets.
Philosopher Arthur Schopenhauer once stated, “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”
Distributed Ledger Technologies (DLT), the underlying software system that is simply and commonly referred to as Blockchain is an example of this “Truth”. This DLT system uses the collective computing power of many autonomous systems all agreeing on factual transactions covered by a specific ledger (e.g. Bitcoin, Litecoin, Dash, etc.). Read More
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Progressive Tax Could Cost Nearly $1800 A Year In Home Equity To Illinois Homeowners If Voters Approve The IncreaseAccording to the Illinois Policy Organization… Gov. J.B. Pritzker promises his $3.7 billion “fair tax” would only hit those making over $250,000, but it also threatens to cost more than 3.2 […]
Thinking About Selling Or Merging Your Tax Advisory Practice?We have been approached many times over the years for a solution for small firm business owners who want to sell their practice and need a succession plan. We now have a solution for you and your […]
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