Frequently Asked Questions about AICPA System and Organization Controls (“SOC”) Reports
Our clients frequently inquire about System and Organization Controls (“SOC”) reports – what they are, what types of reports are available, and how they can help businesses improve. With that in mind, here are some of those frequently asked questions regarding SOC reports and their answers: Question(Q): What are SOC Reports? Answer (A): Similar to …
Listen to the FGMK Webinar: A Review of South Dakota v. Wayfair – Key Planning and Compliance Considerations Re: State Sales Tax Nexus
On June 21st, the U.S. Supreme Court decided the historic South Dakota v. Wayfair, Inc. case, which will greatly impact the state tax consequences for the online retail and e-commerce industries. Specifically, this case: Permits states to collect sales tax on purchases their residents make from remote retailers; and Eliminates the restrictions, (dating back to …
United States Supreme Court Strikes Down Physical Presence Requirement
On June 21, 2018, the United States Supreme Court (the “Court”) issued its ruling in South Dakota v. Wayfair, Inc. (https://www.supremecourt.gov/opinions/17pdf/17-494_j4el.pdf) and overturned its prior decisions in Quill Corp. v. North Dakota (1992) and National Bellas Hess v. Department of Revenue of Illinois (1967). This decision has wide ranging impact, and presents a victory for …
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Deferring Gain by Investing in Qualified Opportunity Zone Funds
One of the many changes in the recent Tax Cuts and Jobs Act of 2017 (the “TCJA”) is the creation of a new economic tool: the Qualified Opportunity Zone Fund. This tool allows taxpayers to defer tax on gains from the sale of property to an unrelated party by investing in a Qualified Opportunity Zone …
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