Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. Alabama Effective immediately, the Department of Revenue is extending relief to businesses who are unable to timely pay their February,
Accurate preparation of a trust tax return goes well beyond mere numerical calculations and form submissions – a comprehensive grasp of the trust’s framework, operational dynamics, and financial undertakings is imperative. Trust analysis is a cornerstone in this endeavor, ensuring meticulous adherence to tax statutes while optimizing tax efficacy. Let’s
You’re most likely familiar with strategic tax planning – a powerful financial management tool that both businesses and individuals rely on to optimize their tax position. But to be truly effective, strategic tax planning must also include a detailed look at financial planning and investment management – which requires ongoing
Sales Tax Compliance It’s been a challenge for businesses across the country to manage sales tax compliance ever since the South Dakota v. Wayfair decision. Today, there are different sales tax laws in almost every state as well as hundreds of local jurisdictions. And sales tax rates are constantly changing.
Debate over incentivizing workers with unemployment benefits that could be higher than their paid job, and concerns over corporate welfare, are stalling the Coronavirus Aid, Relief and Economic Security Act stimulus bill, known as the CARES Act. This is the largest funding for disaster aid in U.S. history. The
The Supreme Court’s landmark 2018 ruling in the South Dakota V. Wayfair case changed the rules for when out-of-state businesses across a wide range of industries are required to collect and remit sales tax. (surprise – it’s not just retail!). What the Wayfair ruling changed Prior to the ruling, businesses
The new year is here and while the books are closed on 2023, now’s a perfect time to make the most of your opportunities and start planning your tax strategy for 2024. Taking smart actions early on can help reduce your tax liabilities and maximize available deductions – and with
Tennessee is making major changes to how it assesses franchise tax – and some taxpayers may be due a refund – based on a new law signed by Tennessee Governor Bill Lee on May 10, 2024. But the timeframe for getting that refund is short. Here’s what you need to
The Tax Cuts and Jobs Act (TCJA) of 2017, introduced under former President Donald Trump’s administration, substantially altered the U.S. tax landscape. However, many of its provisions are set to expire at the end of 2025, leading to speculation about how these changes may affect taxpayers and the broader economy
With 2025 and a new presidential administration well underway, new tax proposals are poised to reshape the tax landscape for both businesses and individuals – and may have a significant impact on tax deductions, tax credits, and overall tax liabilities for virtually every taxpayer. We’re taking a look at the
As 2023 draws to a close and 2024 looms large, now is a great time for strategic tax planning. This tax planning guide is designed to help individuals and businesses efficiently plan taxes, minimize tax liability, and avoid penalties and audits. First, some important questions to consider Have you been
It’s no secret that navigating tax regulations surrounding when you’re required to pay foreign taxes can be murky. The Internal Revenue Service (IRS) has attempted to provide some clarity on tax credit regulations over the past few years. History Sections 901 and 903 provide rules for taxpayers to credit foreign