On July 10, 2020, the United States Trade Representative (USTR) announced a 25% tariff on $1.3 billion worth of French products, including handbags, cosmetics and soaps, in retaliation for a digital services tax on U.S. technology companies. However, USTR decided to suspend application of the additional tariffs for up to ... read more
On June 30, 2020, Mississippi’s Governor signed House Bill (HB) 379 into law, known as the “Mississippi Marketplace Facilitator Act of 2020,” making Mississippi the most recent state to enact marketplace facilitator rules. Effective July 1, 2020, the bill requires marketplace facilitators with nexus in Mississippi to collect, remit, and ... read more
On June 17, 2020, the Minnesota Department of Revenue (DOR) updated guidance for the Minnesota Credit for Increasing Research Activities (Minnesota R&D Credit). The new change will affect C corporations filing a consolidated return and is effective for tax years beginning after December 31, 2012.
This updated guidance presents a new ... read more
On May 29, 2020, the Treasury Inspector General for Tax Administration (TIGTA) issued an audit report titled “High-Income Nonfilers Owing Billions of Dollars Are Not Being Worked by the Internal Revenue Service”. The report focused on high-income nonfilers and the IRS’ nonfiler strategy. For tax years 2014 through 2016, there ... read more
On July 1, 2020, the U.S. Department of Labor (DOL) published in the Federal Register an interim final rule (IFR) issuing regulations necessary to administer the high-wage components of the labor value content (LVC) requirements for the automotive industry as set forth in section 202A of the United States-Mexico-Canada Agreement Implementation ... read more
The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot ... read more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, provides several incentives for hospitals and healthcare organizations. The Employee Retention Credit (ERC) is one of them. The ERC provides a refundable credit of up to $5,000 per employee to eligible employers. The ... read more
For many businesses, property tax is the largest state and local tax obligation, and one of the principal regular operating expenses incurred.
Reasons to Appeal Property Tax Assessment
Unlike other taxes, property tax assessments are an ad valorem tax, meaning they are based on the estimated value of the property, and thus, ... read more