November 23, 2015

Major Changes in Partnership Audit Procedures Contained in 2015 Budget Act

The Bipartisan Budget Act of 2015 contains a provision that materially changes how partnerships are audited. The IRS and Treasury anticipate that the new audit procedures will make it easier to collect deficiencies. Here's what happens under the new audit regime. More

November 23, 2015

Convertible Debt or a Priced Round – Entrepreneur and Investor Perspectives

Seed stage rounds provided by angels or early stage VCs usually come in the form of priced rounds or convertible note/convertible debt. These two vastly different types of securities are used for smaller rounds of financing at the early stage of a company’s life cycle. More

November 19, 2015

Alabama Adopts Economic Sales and Use Tax Nexus Standards

The Alabama Department of Revenue adopted Rule 810-6-2-.90.03 which establishes an economic nexus sales and use tax standard for out-of-state sellers who lack Alabama physical presence but make substantial retail sales of tangible personal property. More

November 19, 2015

California Enacts IRS Conformity Legislation

Law L.2015, A154 updates California’s Revenue and Taxation Code conformity date with the Internal Revenue Code to 1/1/15. It also amends various California statutes to bring into conformity or partial conformity California law with federal law. More

November 19, 2015

Possible Refunds to Iowa Residents as a Result of Wynne

There are possible tax refunds to Iowa residents as a result of Wynne. The Iowa Department of Revenue released guidance on how Iowa residents who earned out-of-state income (excluding Illinois) may be eligible for a tax refund as a result of Comptroller of the Treasury of Maryland v. Wynne. More

November 19, 2015

Louisiana Announces Tax Amnesty Period

The Louisiana Department of Revenue announced it will conduct a tax amnesty program. Amnesty is applied to any taxes administered and collected by the DOR with a few exceptions. Taxes that are eligible for the 2015 Louisiana Tax Amnesty Program include the following. More

November 19, 2015

Michigan Addresses Where the Benefit of Services Is Received for Tax Apportionment

The Michigan Department of Treasury releases Revenue Administrative Bulletin 2015-20 explaining where the benefit of services is received with regards to corporate income tax. This article explains when sales from the performance of services are in Michigan and attributable to Michigan. More

November 19, 2015

New York Issues Draft Apportionment Regulations

The New York State Department of Taxation and Finance issued draft regulations, relating to sourcing of receipts from digital products and other business receipts, which explain a primary method for determining where the receipts are sourced. New York State taxpayer information. More

November 19, 2015

Pennsylvania Held that LLC Member Payments are Subject to Unemployment Tax

Guaranteed payments made to members of an LLC for services rendered are subject to Pennsylvania unemployment tax. Learn more about the King’s Kountry Korner, LLC v. Department of Labor and Industry, Office of Unemployment Compensation Tax Services decision. More

November 13, 2015

Preventative and Detective Fraud Controls in Accounting Software

Companies need to secure their data and utilize preventative and detective internal controls within accounting software to help decrease their potential losses due to fraud. Preventative controls discourage fraud from occurring. Detective controls identify fraud after it has occurred. More

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