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Clifton Gunderson, LarsonAllen Complete Merger
Posted February 12, 2013
Clifton Gunderson announces the completion of our merger with LarsonAllen LLP to become a top 10 accounting firm in the U.S. We have come together to form a new kind of firm with deep industry experience, specialized services, and exceptional client service.
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Clifton Gunderson, LarsonAllen Complete Merger
Posted February 12, 2013
Clifton Gunderson announces the completion of our merger with LarsonAllen LLP to become a top 10 accounting firm in the U.S. We have come together to form a new kind of firm with deep industry experience, specialized services, and exceptional client service.
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Overview of US Transfer Pricing Regulations
Posted May 23, 2012
Overview of US Transfer Pricing Regulations
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Take Advantage of U.S. Manufacturing and Export Incentives
Posted May 11, 2012
We enjoyed our conversations with TEI members during the 62nd Midyear Conference. Many of you expressed interest in learning more about manufacturing and export incentives.
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Economic Optimism in Unexpected Places
Posted April 27, 2012
It's easy to be pessimistic about the economy and capital markets, especially since there is plenty of evidence, both hard and anecdotal, to support a negative view. However, after five years of decline, home prices may finally be ready to bottom out, and perhaps, begin to recover. That should also lead to improving fundamentals in the economy as a whole.
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Minnesota Court Narrows Nonprofit Sales Tax and Fundraising Exemption
Posted April 17, 2012
A recent Minnesota Tax Court decision is changing the way state auditors scrutinize fundraising activities and sales tax collection by nonprofits.
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First Quarter 2012 Market and Economic Outlook
Posted April 16, 2012
Global equity markets are off to one of their best starts in recent history. In our year-end 2011 report, we mentioned that equities were set up for a potentially strong year in 2012 if policymakers in Europe could get ahead of the credit crisis. Our support for this view was that U.S. corporate operating earnings were up 15 percent in 2011, and equities were flat for the year, thus making stock valuations more attractive.
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Will Congress Extend Retail Excise Tax for Trucks, Trailers, and Tractors?
Posted March 28, 2012
The retail excise tax on trucks, tractors, and trailers, as part of the federal excise tax (FET), is set to expire on March 31, 2012. Last week, the U.S. Senate passed the bill Moving Ahead for Progress in the 21st Century, which extends the current retail excise tax on trucks, trailers, and tractors, and extends tax-free sales to state and local governments, to October 1, 2015.
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New Mexico Provides Tax Relief for Construction Contractors
Posted March 27, 2012
The New Mexico state legislature recently passed a law that expands the gross receipts tax deduction for construction projects, and increases the types of construction services that are tax-free for contractors.
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Tax Planning With Uncertain Tax Rates
Posted March 20, 2012
As we look ahead to 2013, we again face uncertainty on income tax rates. The present six-tiered rates (ranging from 10-35 percent), and the favorable two-tiered capital gain and dividend rates (0-15 percent), all expire at the end of 2012.
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IRS Eases Energy Efficient Deduction Threshold
Posted March 16, 2012
For several years, the tax code has allowed a first-year deduction for energy efficient investments in new or rehabilitated commercial buildings. But on February 24, 2012, the IRS issued Notice 2012-22, which modifies the deductible percentages.
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It's Not All in The (Market) Timing
Posted March 12, 2012
It's long been a truism that timing the market is notoriously difficult. We believe the evidence is fully conclusive against investors who try to move in and out of the market over relatively short time periods. Unfortunately, this doesn't seem to stop most investors from trying.
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Dealing With Those IRS Notices
Posted March 9, 2012
It's becoming a less friendly world these days in terms of the volume of notices and assessments taxpayers are receiving from the IRS and state tax agencies.
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IRS Offers Guidance on Tax Credit for Hiring Veterans
Posted March 1, 2012
The IRS recently issued additional guidance for the Work Opportunity Tax Credit (WOTC), which was enhanced last year for employers who hire qualified veterans. The new guidelines extend the former 28-day deadline for submitting new veteran hires’ certification, and provide details on how tax-exempt
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Plan for High Income Surtaxes in 2013
Posted February 24, 2012
The 2010 health care legislation brings a tax increase into play in 2013 that includes a 3.8 percent tax on net investment income, and a 0.9 percent Medicare tax on earned income.
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Technology and Taxes: Four Strategies to Balance Your Cash Flow
Posted February 20, 2012
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Retirement Plan Disclosure Rules in Effect on July 1
Posted February 10, 2012
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IRS Issues New Regulations on Tangible Property
Posted February 10, 2012
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15 Years and Out: Section 42 - 15-Year Exit Strategies
Posted February 7, 2012
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Low-Income Housing Tax Credits: An Accounting and Tax Update
Posted February 7, 2012
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Two New Questions on Form 1099 Filing
Posted January 23, 2012
Earlier this month, we sent a message regarding the new Form 1099-K, the merchant card reporting form. We've noticed another change associated with 1099s. Each of the 2011 business income tax forms now contain two new questions.
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Survey: 70 Percent of Providers Unprepared for ICD-10 Implementation
Posted January 16, 2012
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New IRS Guidance on Issuing Form 1099s
Posted January 11, 2012
The 2011 tax year is officially the first year for the new Form 1099-K, the merchant card reporting form. Under this new requirement, Visa, American Express, PayPal, and similar third party settlement companies are to issue to each merchant, with a copy to the IRS, a report of the gross payments to
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Clifton Gunderson, LarsonAllen Complete Merger
Posted January 3, 2012
Clifton Gunderson announces the completion of our merger with LarsonAllen LLP to become a top 10 accounting firm in the U.S. We have come together to form a new kind of firm with deep industry experience, specialized services, and exceptional client service.
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Rumored Change in Gift Tax Exemption
Posted November 11, 2011
Rumors abound that the Joint Select Committee on Deficit Reduction in Washington is considering proposals to reduce the federal gift tax exemption from $5 million to $1 million, effective as early as Nov. 23, 2011.
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Dos and Don’ts of Beneficiary Designations
Posted October 27, 2011
Who are the named beneficiaries for your retirement accounts? How about your life insurance? When was the last time you checked to make sure that those designations still reflect your wishes and fit into your overall estate plan?
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Private Companies Need to Speak Up Now
Posted October 26, 2011
Clifton Gunderson is intensifying its efforts to urge the Financial Accounting Foundation (FAF) to establish an independent board to set standards to U.S. generally accepted accounting principles (U.S. GAAP) for private companies.
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Understanding 529 Plan Distributions
Posted October 21, 2011
Ever since your daughter was very young, you have invested in a state-operated 529 plan to help pay for her college education. Now she is ready to start using those funds. Do you know which educational expenses qualify for tax-free distribution from the plan, and which do not?
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Private Companies Need to Speak Up Now
Posted October 14, 2011
Clifton Gunderson is intensifying its efforts to urge the Financial Accounting Foundation (FAF) to establish an independent board to set standards to U.S. generally accepted accounting principles (U.S. GAAP) for private companies.
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Planning for the 3.8% Medicare Surtax
Posted October 7, 2011
It’s been more than a year since the Patient Protection and Affordable Care Act was passed. What seemed at the time to be very distant concerns are becoming more important every day. One such concern is the 3.8 percent Medicare surtax that will take effect Jan. 1, 2013.
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8 Steps to Help Elderly Relatives Make Long-Term Care Decisions
Posted September 30, 2011
The best time to begin helping an elderly parent or relative plan for long-term care and other end-of-life issues is when they're healthy and there is time to consider the options. Unfortunately, events can intervene and make an elder's need for assistance an emergency.
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Understanding Transfer Pricing Part I
Posted September 20, 2011
Transfer pricing is the number one global tax issue facing taxpayers operating across international and state borders. Because it is highly scrutinized by the Internal Revenue Service and foreign tax authorities, transfer pricing requires careful attention as you plan your international tax strategy.
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Risk Governance and the Ongoing Role of Internal Audit
Posted September 9, 2011
Risk is inherent in running any business — without risk, there is no reward. The last two years, however, have sharply intensified the focus of organizations on their risk profile and how they are managing their risks.
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Unrelated Business Income: How State-Funded Colleges and Universities Can Minimize Their Exposure to Unrelated Business Income Tax
Posted September 9, 2011
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Proposal Would Prevent Double-Taxing Digital Goods and Services
Posted September 2, 2011
States would be prohibited from imposing multiple or discriminatory sales or use taxes on purchases of digital goods or services under legislation introduced in both houses of Congress in May.
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Top 5 Tax Challenges and Strategies for Multinational Companies
Posted September 2, 2011
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Risk Governance and the Ongoing Role of Internal Audit
Posted September 1, 2011
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Employer HCR Timeline
Posted September 1, 2011
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Relief for Your High Anxiety Over Low Interest Rates
Posted August 24, 2011
Investors in the current marketplace are faced with a number of challenges brought on by historically low interest rates. Especially hard hit are retirees and near-retirees, who traditionally shift assets from a diversified portfolio to longer term, higher yield investments as they begin relying on their nest egg for income.
One major challenge right now is that the yields on traditional fixed income investments, such as money market funds, CDs and fixed annuities, are at near historic lows. Slightly riskier fixed income investments, such as taxable and municipal bonds and bond funds, also carry low yields and varying degrees of credit risk.
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House Introduces One-Year Repatriation Holiday
Posted August 22, 2011
Multinational corporations with more than $1 trillion in profits parked offshore may be in for a tax holiday. The Freedom to Invest Act of 2011 (H.R. 1834), introduced in the House of Representatives in May, would give corporations one year to repatriate cash at substantially lower tax rates.
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IRA Conversion Window is Still Open
Posted August 12, 2011
One of the incentives for high net worth individuals to convert a traditional IRA to a Roth IRA is no longer available. But others — including tax-free distributions from a Roth IRA — are still out there, leaving the window wide open for investors to make the conversion.
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Understanding How Governmental Incentives Help Win New Work
Posted August 10, 2011
Economic development incentives can add value and reduce the cost of any construction project. An understanding of how these incentives work, and how to secure the best public/private financing for a project, can be the key to winning work in a lean and competitive marketplace.
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High Anxiety Over Low Interest Rates?
Posted July 22, 2011
The annual inflation rate of 3.16 percent in April topped the best five-year CD rate of 2.4 percent, according to...Market Rates Insight. Inflation was 2.11 percent in February, surpassing the long-term CD rate of 2.10 percent for the first time since October 2008, Market Rates said.
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IRS Hikes Mileage Rates for Second Half of 2011
Posted July 1, 2011
Rising gasoline prices have prompted the Internal Revenue Service to take the unusual step of announcing a mid-year increase in the optional standard mileage rate.
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Update on Proposed Lease Accounting Changes
Posted June 16, 2011
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Wisconsin Tax Alert: New Hire Deduction Allowed Starting 2011
Posted June 1, 2011
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Tax Alert: Michigan Business Tax Repealed
Posted June 1, 2011
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Tax Alert: Michigan Grants Tax Amnesty
Posted June 1, 2011
