Archive for October 2021
Making a Pass-Through Entity Tax Election? Beware: Some Owners May Pay More Tax
By: Jeff Glickman, SALT Partner At a glance The main takeaway: Pass-through entities should use caution if considering a pass-through entity tax election as some owners may end up paying more tax. Why it matters: There are variations among the states – both with and without pass-through entity taxes – that may impact how much…
Read MoreGeorgia Nonprofits: You May be Eligible for Certain Georgia Jobs Tax Credits
By: Betsy Goldstein, SALT Manager At a glance The main takeaway: Nonprofits may be eligible for certain jobs tax credits that can offset some of their income and/or payroll withholding tax liability. Why it matters: If eligible, tax-exempt businesses can use these incentives to relocate or hire new employees in the state. Next steps: Aprio’s…
Read MoreIllinois Provides Sales Tax Guidance for Try-Before-You-Buy Subscriptions
By: Tina M. Chunn, SALT Senior Manager At a glance The main takeaway: Subscription models such as “try before you buy” are growing in popularity yet raise complex sales and use tax issues. Why it matters to you: Understanding the sales and use tax consequences of your business model is crucial to avoid unnecessary tax…
Read MoreState and Local Tax (SALT) Newsletter October 2021
https://info.aprio.com/the-latest-state-and-local-tax-news-september-2021
Read MoreBefore Offering Cryptocurrency as a Payment Option, There Are Pros and Cons to Consider
At a glance Schedule a free consultation with our team The full story: You don’t have to be an expert in the market to know that cryptocurrency has been increasing in popularity across the globe for the last several years. After the runup in prices that took place in early 2021, more investors, consumers, vendors…
Read MoreThe Pulse on the Economy and Capital Markets: Oct 18 – Oct 22, 2021
At a glance: Overall equity markets remain strong with companies’ earnings driving the upwards momentum. With roughly 25% of S&P 500 companies reporting earnings, nearly 80% of companies are doing better than expected. Digital advertisers hit a major roadblock due to Apple’s recent iOS switch to require all uses to opt-in to ad tracking. The…
Read MoreDissecting Maryland’s Sales Tax on Digital Products: Part 1-What is a Taxable Digital Product?
Earlier this year, the Maryland General Assembly overrode the Governor’s veto of House Bill 932 (The 21st Century Economy Fairness Act), resulting in the retail sale of a digital product being subject to the state’s sales and use tax effective on March 14, 2021. Maryland is not alone in expanding its sales and use tax…
Read MoreWhat Upcoming Tax Legislation Might Mean For You, Your Business, and Your Estate Plan
At a glance The main takeaway: House and Senate Democrats are debating and modifying President Joe Biden’s tax proposals with a view toward passing legislation as part of the budget reconciliation process. Each of the competing proposals contain tax increases, including rate changes, new or restored limitations on deductions and the likelihood of increased IRS enforcement.…
Read More5 Advantages of Partnering with a Dental Service Organization
At a glance Schedule a free consultation The full story: Over the past few years, you’ve likely heard the term “DSO” pop up in conversations with your dental peers and colleagues. Put simply, DSOs (an acronym for “dental service organizations”) are large organizations that contract with dentists and practitioners to offer essential business management support…
Read MoreThe Next Hurdle in your ERC Claim: Financial Reporting
At a glance: The main takeaway: Industry experts have recommended using the loss recovery model in response to widespread confusion about reporting the ERC in financial statements. Impact on your business: The loss recovery model means you can report ERC claims sooner and avoids any need to amend previous financial statements, but you must be certain in…
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