This year we will interview over 50 financial advisors. We will only hire three. This year we talked with amazing financial advisors from all over the country. There’s a self-selecting portion of the total advisor population (which is now around 300,000 in the US) that get what we’re doing and understand what the opportunity is […]
This Week on TRB
[embedded content] Special thanks to my pal Doug for being a good sport and teaching me about good coffee. These were the most read posts on the site this week, in case you missed it:
Clips From Today’s Halftime Report
Market a great environment for risk assets: Bank of America’s Banks from CNBC. FedEx, Valmont—Michael Farr shares his top 10 stocks for 2020 from CNBC.
Maryland Comptroller Improperly Denied NOL Deduction Based on Regulation Amendment
The Maryland Tax Court held the Comptroller overreached his authority in limiting a corporate taxpayer’s net operating loss. The Comptroller impermissibly created a modification to “federal taxable income” through regulatory amendments. Merger of Businesses and NOL Deductions The taxpayer, Sunbelt Rentals, acquired and merged with two entities in 2006. Sunbelt claimed net operating loss (NOL) […]
Taxpayers Seek High Court Review in Maryland “Enterprise Dependency” Nexus Case
Taxpayers have asked the U.S. Supreme Court to review if Maryland can base corporate income tax nexus on “enterprise dependency.” Taxpayers’ Business The taxpayers (Staples, Inc. and Staples the Office Superstore, Inc.) have no physical presence in Maryland. However, their subsidiaries have nexus in Maryland through retail and catalog businesses. Staples received royalty and interest […]
Wyoming Corporate Income Tax Bill Fails
A bill introduced in the Wyoming 2019 legislative session that would have imposed a corporate income tax on specified business has failed. The bill would have imposed a corporate income tax on: retailers with more than 100 shareholders; or accommodation and food service providers with more than 100 shareholders. However, after easily passing the House, […]
New Mexico Adopts Mandatory Combined Reporting
Beginning in 2020, New Mexico combined reporting will be mandatory for corporations that are members of a unitary business group. New Mexico has an exception, however, for corporations that properly elect to report and pay tax on taxable income as a: water’s edge group; or consolidated group. Currently, the state permits elective combined reporting; though […]
Safaris are Great in Africa, but not for your Workpaper Management Process!
Tax Managers are faced with constant change. That’s why it’s important to remember tips to save time with your Workpaper Management process to achieve all that needs to be done. Today’s corporate tax and accounting departments are on a Safari of their own. They seek to manage, update, and secure workpapers and their corresponding binders as […]
Looking at the Tax Cut and Jobs Act with a Corporate Lens
When it comes to corporate tax compliance, there’s no room for best guesses, which may or may not work out. Your current stakeholders trust that corporate tax and accounting professionals know how to adapt to changes now, and in the future. There is very little room for error. With this said, it’s imperative for those […]
Corporate Tax Department Paperless Trends
Even though corporate tax departments have just finished another tax filing deadline. Some teams find they are now in the middle of a tax compliance audit. So, instead of focusing on next tax season preparation or tackling the list of other business demands, they are dealing with an audit. Did you know that corporate tax departments use up to 40% of their team’s time searching for documents […]