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Tax and Accounting

College Athletes: Know Your Tax Obligations in NIL Agreements

Collegiate athletics is a competitive and popular multibillion dollar business industry. With television rights deals, conference realignment, recruitment, and much more, collegiate athletics garner significant media coverage. One topic receiving significant recent attention is the…

Upcoming Tax Changes for 2024

Individuals and businesses need to be aware of the upcoming tax changes that will impact their financial planning. From adjustments in tax rates to updates in deductions and credits, understanding these changes can help taxpayers prepare…

2024 Tax Planning: A Guide For CPAs, CFOs, & Business Owners

Tax year planning for state and local taxes is a critical aspect of financial management for individuals and businesses alike. By mastering the complexities of state and local tax regulations, CPAs, CFOs, and business owners…

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Understanding The R&D Tax Credit And How To Claim It

The R&D tax credit is a valuable incentive provided by the government to encourage businesses to invest in research and development activities. It is a tax break that rewards companies for their innovation and technological…

LIFO Can Still Provide Tax Savings for 2023

While inflation is not at the high levels seen in the last couple of years, if you haven’t elected LIFO previously, now is the time to look at Last-In-First-Out (LIFO) accounting. If you have inventories…

IRS Focused On Partnerships, Corporations, High-Income

IRS has announced sweeping efforts to restore fairness to tax system with Inflation Reduction Act funding; new compliance efforts have the IRS focused on partnerships, corporations, high-income, and promoters abusing tax rules on the books….

Navigating the Sales and Use Tax Audit

What do you do when your company receives a letter that it has been selected for a sales and use tax audit? There are things that you should and should not do before the audit…

Understanding Nexus Sales Tax Compliance

How do you know when you should collect sales tax? Do I have to collect sales taxes in states where I don’t have a physical presence? What is nexus, physical nexus, and economic nexus? In…

Best Tools to Calculate Paychecks in Texas

If you’re a business owner in Texas, one of your greatest priorities should be paying your workers their fair salaries. After all, in a 2023 ranking of the best and worst job markets, Texas was…

“Data Processing Services” And Sales And Use Tax

The characterization and taxability of “data processing” is a complex and hotly contested area. The definition of “data processing” was implemented in 1987, and has not been substantially updated. As all readers are aware, in…

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