The Maryland Tax Court held the Comptroller overreached his authority in limiting a corporate taxpayer’s net operating loss. The Comptroller impermissibly created a modification to “federal taxable income” through regulatory amendments. Merger of Businesses and NOL Deductions The taxpayer, Sunbelt Rentals, acquired and merged with two entities in 2006. Sunbelt claimed net operating loss (NOL) […]
Taxpayers Seek High Court Review in Maryland “Enterprise Dependency” Nexus Case
Taxpayers have asked the U.S. Supreme Court to review if Maryland can base corporate income tax nexus on “enterprise dependency.” Taxpayers’ Business The taxpayers (Staples, Inc. and Staples the Office Superstore, Inc.) have no physical presence in Maryland. However, their subsidiaries have nexus in Maryland through retail and catalog businesses. Staples received royalty and interest […]
Wyoming Corporate Income Tax Bill Fails
A bill introduced in the Wyoming 2019 legislative session that would have imposed a corporate income tax on specified business has failed. The bill would have imposed a corporate income tax on: retailers with more than 100 shareholders; or accommodation and food service providers with more than 100 shareholders. However, after easily passing the House, […]
New Mexico Adopts Mandatory Combined Reporting
Beginning in 2020, New Mexico combined reporting will be mandatory for corporations that are members of a unitary business group. New Mexico has an exception, however, for corporations that properly elect to report and pay tax on taxable income as a: water’s edge group; or consolidated group. Currently, the state permits elective combined reporting; though […]
Safaris are Great in Africa, but not for your Workpaper Management Process!
Tax Managers are faced with constant change. That’s why it’s important to remember tips to save time with your Workpaper Management process to achieve all that needs to be done. Today’s corporate tax and accounting departments are on a Safari of their own. They seek to manage, update, and secure workpapers and their corresponding binders as […]
Looking at the Tax Cut and Jobs Act with a Corporate Lens
When it comes to corporate tax compliance, there’s no room for best guesses, which may or may not work out. Your current stakeholders trust that corporate tax and accounting professionals know how to adapt to changes now, and in the future. There is very little room for error. With this said, it’s imperative for those […]
Corporate Tax Department Paperless Trends
Even though corporate tax departments have just finished another tax filing deadline. Some teams find they are now in the middle of a tax compliance audit. So, instead of focusing on next tax season preparation or tackling the list of other business demands, they are dealing with an audit. Did you know that corporate tax departments use up to 40% of their team’s time searching for documents […]
Top Seven Fixed Assets Questions for a Retailer, Restaurateur or Manufacturer to Ask
If you are overwhelmed by the amount of time it takes for Fixed Assets Management, you are not alone! As a matter of fact, certain industries have adopted a 52/53 week accounting year for reporting. Ensuring a consistent and even comparison of sales year over year. But, without the right fixed assets management software in place, you may have yet again added more headaches for your finance […]
Automation Tools That Liberate Corporate Tax Managers.
Ask anyone that works in the typical corporate tax department, and they will be the first to tell you, deadlines and stress are no less intense in the corporate space, than the typical accounting firm. In many cases the stress can be much higher. For the managers running these respective departments stress is compounded by […]
Corporate Tax Departments-Tax Cuts & Jobs Act- Free Webinar.
Enlist Specialists That Know The Answers When it comes to business tax planning, there is no room for best guesses which may or may not work out. Your stakeholders trust that corporate tax professionals know how to adapt to changes now, and in the future. There is very little room for error. With this said, […]