VPTax News & Content
Welcome to the world of all things tax. Instead of stuffy, hard to understand articles we have curated news and content that is up-to-date and easy to read. Filter by category, topic, or most recent. We want to share our knowledge with YOU so you can have the tools to help your business grow!
Tax Court rules that IRS lacks authority to assess penalties under section 6038(b)
(authored by RSM US LLP) On April 3, 2023, the Tax Court held that the IRS lacks authority to assess penalties under section 6038(b).
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ASC 740: Q1 2023 Provision Considerations
(authored by RSM US LLP) A roundup of global income tax considerations and changes in tax law for corporations preparing income tax provisions under ASC 740 for the first quarter of 2023.
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RSM again calls on Congress to address problematic changes to R&D tax law
(authored by RSM US LLP) RSM has submitted a second comment letter to Congress addressing the requirement to capitalize and amortize R&D expenditures under section 174.
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R&D continues its losing streak in court
(authored by RSM US LLP) IRS continues to win cases challenging the research and development (R&D) credit. Specificity and supporting documentation remain tantamount to sustaining R&D credits.
Tax withholding for equity compensation
(authored by RSM US LLP) Employment and income tax withholding rules for equity compensation.
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South Dakota drops Wayfair transaction threshold
(authored by RSM US LLP) First state to adopt economic sales tax nexus eliminates 200-transaction threshold providing remote sellers more certainty in determining nexus.
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Income tax provision considerations for financial statement preparers
(authored by RSM US LLP) Financial statement preparers should consider the impact of new tax laws and regulations on income tax calculations and disclosures in their 2022 financial statements.
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Preparing for state section 174 differences
(authored by RSM US LLP) State conformity to section 174 and potential congressional action require taxpayers to plan ahead and stay flexible as compliance season approaches.
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Minnesota passes tax conformity bill
(authored by RSM US LLP) Minnesota enacts IRC conformity legislation, but much of the new bill is clarifying, not changing, the haphazard conformity of the prior law.
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State taxation of digital assets evolves as legislatures return
(authored by RSM US LLP) State digital asset tax policy progressed in 2022 and could make further strides in 2023, despite decreased enthusiasm for certain digital assets.
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