Monthly Archives August 2017

Multistate Sales Tax Amnesty Program for Online Retailers

The Multistate Tax Commission announced that it is working with 13 states to implement a sales tax amnesty program aimed at getting online retailers to register and file sales tax returns.  The main benefit of the amnesty program is that sellers will not be required to report prior period sales, nor be required to pay penalties or interest on any back taxes owed.  As of today, participating states include: Alabama, Arkansas, Colorado, Connecticut, Kansas, Kentucky, Louisiana, Nebraska, New Jersey, Oklahoma, Texas, Utah, and Vermont.  Eight additional states are considering participation but have not committed, and it is not clear whether
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Categories: Newsletter and Updates.

Wondering About a 1031 Exchange

Perhaps you’ve heard of 1031 exchanges or like-kind exchanges, but you’re unsure of the benefits or whether you even qualify. The Internal Revenue Code 1031 is available to those who hold a property that qualifies as productive use in business or investments. If you have a piece of investment property, a 1031 exchange allows you to swap it for a similar property. What is a 1031 exchange? This type of exchange happens when an investor trades his or her real property for a similar or “like-kind” property. Investment properties such as shopping malls, residential buildings, stadiums and more can all
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Categories: Industry News and Newsletter and Updates.

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WFY wants to keep our subscribers up to date on the latest news from tax reform, ESOPs, IRS updates, WFY updates, and more. You can stay inform with WFY news by subscribing here to our newsletter or following us on Facebook or Linkedin. Click on the links below to follow us on one or both of the following sites: Facebook: https://www.cpa-wfy.com/www.facebook.com/WFYCPA/ LinkedIn: https://www.cpa-wfy.com/www.linkedin.com/company/wright-ford-young-&-co.
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Categories: Newsletter and Updates.