2019 Survey Findings How Corporate Tax Departments Are Evolving

The 2019 edition of Bloomberg Tax & Accounting’s survey on How Corporate Tax Departments Are Evolving reveals how tax leaders are adapting to the turbulent post–tax reform environment. We asked how tax functions are carrying out their mandates despite a noticeable talent deficit and a lack of resources.

State Tax: Tax Reform Legislative Roadmap

Stay on top of how states are responding to the 2017 tax legislation. Track the tax-reform-related bills and their status within statehouses across the country. This information is based on reporting from our in-house editors and a network of 20-plus correspondents throughout the U.S.

Post-Wayfair Nexus Activity Roadmap

This handy roadmap provides a summary of sales and use tax nexus activity since the U.S. Supreme Court’s issuance of the South Dakota v. Wayfair, Inc. decision on June 21, 2018. The roadmap was prepared by Bloomberg Tax staff.

Highlights of the §199A Rules for Cooperatives and Their Patrons

Treasury and the IRS published proposed regulations (REG-118425-18, 84 Fed. Reg. 28,668 (Jun. 19, 2019)),which provide guidance for cooperatives and their patrons regarding the deduction for qualified business income (QBI) under I.R.C. §199A(a).

Special Report – Wayfair: One Year Later

June 21, 2019 marks the one-year anniversary of the U.S. Supreme Court’s historic South Dakota v. Wayfair decision, arguably one of the high court’s most impactful tax rulings. The decision paved the way for an individual state to make remote sellers collect and remit sales tax, even if they have no physical presence in that…

Trust Nexus

The U.S. Supreme Court ruled in North Carolina Dept. of Revenue v. Kimberley Rice Kaestner 1992 Family Trust that a North Carolina law taxing a New York trust created by a New York settler, solely based on the residency of the beneficiaries, violated the Due Process Clause of the U.S. Constitution.

The 10 Features Your ASC 842 Compliance System Should Have

Despite a looming deadline, recent surveys show that up to 30 percent of private companies still have not decided which technology system they will use to comply with the new lease accounting standards under GAAP and IFRS.

Section 250 Proposed Regulations Roadmap

In an effort to combat possible indefinite deferral of U.S. taxation with respect to active foreign business income, the 2017 tax act (Pub. L. No. 115-97) enacted §951A, which requires each U.S. shareholder of a controlled foreign corporation (CFC) to include its “global intangible low-taxed income” (GILTI) for the taxable year in gross income.

ASC 842 Understanding the New Lease Accounting Standard

After almost 10 years of planning, the Financial Accounting Standards Board, in 2016, issued sweeping changes to the way in which leases would be accounted. The new standard affects corporations that enter lease arrangements and will bring trillions of dollars in liabilities to US balance sheets.

2019 Survey of State Tax Departments

Now in its 19th year, Bloomberg Tax’s Survey of State Tax Departments clarifies each state’s position on the gray areas related to the income taxation of corporations and pass-through entities as well as sales and use taxation, with an emphasis on nexus policies.

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