Over the last several years, there has been an uptick in mergers and acquisitions among banks. As part of these deals, substantive costs are incurred to complete the transactions.
The next few days and weeks hold a number of tax return filing and payment deadlines. Meeting those deadlines may be impossible for residents and others affected by the recent hurricanes that devastated parts of Texas and Florida, so the federal government has provided extensions to taxpayers based in specified, affected areas.
Recent legislation (HB 517) has produced three significant changes in New Hampshire’s business taxation.
In our last Commercial Mix newsletter, we presented an article entitled Research and Development Credit Explained. Many of our readers are familiar, at least generally, with the so-called R&D Credit, and if not, that article is a good primer. But many are likely unfamiliar with a relatively new feature of the credit that will make its use more appealing to start-up companies. That new feature, which provides a limited, but more immediate path to the credit, is the focus of this article.
States in the U.S. have been described as “laboratories of democracy.” This is exemplified by the way that states, which are not limited by the tax treaties to which the federal government is a party, have been paying extra attention recently to potential tax liabilities of the foreign entities that generate sales in their respective jurisdictions.
Do you sell goods through Fulfillment by Amazon or a similar online marketplace program? If so, be aware that the fulfillment center’s actions can cause you to owe uncollected sales or income tax in states where you believed you had no filing requirement. Sometimes these liabilities can build, unknown to you, for several years before discovery – often by a state’s revenue department.
Most financial statements are prepared in accordance with Generally Accepted Accounting Principles (GAAP). However, with the issuance of additional Accounting Standard Updates (ASUs), most notably Revenue from Contracts with Customers (ASU 2014-09) and Leases (ASU 2016-02), preparing GAAP-basis financial statements is becoming more difficult and time consuming than ever before. One alternative is to forgo GAAP, and instead prepare financial statements on a tax basis.