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Flashes/Alerts 2017

Three Men Standing


Financial Institutions Alert

When President Trump speaks, we listen. Or at least we will hear about it on the news, online or through our networks.

Tax Compliance

On April 13, 2017, the Internal Revenue Service ("IRS") issued an official Action on Decision ("AoD") regarding its defeat in the case of Stine, LLC v. USA ("Stine"). The case addressed whether a building can be considered "placed in service" before it is "open for business." Generally, a building is placed in service when it is substantially complete and in a state of readiness and availability to carry out its specified function.


Tax Compliance

Discerning communication with a legitimate IRS representative is proving to be a much more difficult task for taxpayers today as a result of an increase in tax fraud.


International Tax

Transfer pricing is a simple concept, yet can result in many complex tax implications. One of the most significant areas of dispute concerns the tax associated with the valuation of intangibles transferred by U.S. corporations to foreign entities and the value of the transferred intangibles.


Tax Flash

Multiple states have recently passed laws or announced directives that imply that sales tax nexus can be created in a state without a physical presence.


Tax Flash

The Pennsylvania Department of Revenue issued revised guidance on the extent to which support services associated with prewritten computer software may be taxed.


Tax Flash

On March 6, 2017, the South Dakota Sixth Judicial Circuit, as a result of South Dakota v. Wayfair LLC., enjoined the state from enforcing the sales tax economic nexus provision previously adopted in March 2016.


Financial Institutions Alert

Paramount to community financial institutions and their executive management teams is the time and cost burden associated with regulatory compliance. Will the new Presidential administration impact your communicate institution?


Healthcare Alert

Recently, the Illinois Department of Healthcare and Family Services (HFS) announced that the State will be transitioning to a statewide mandatory Medicaid managed care program beginning January 1, 2018.


Tax Return Compliance

Proposed regulations have been issued by the IRS updating the dependency exemption rules. These proposed regulations build on the dependency requirements previously amended by the Working Families Tax Relief Act of 2004, as well as the Fostering Connections to Success and Increasing Adoptions Act.


Tax Flash

House Republicans released their version of health care reform this week - the American Health Care Act (AHCA).


Tax Flash

For tax years beginning after December 30, 2015, New York State and New York City require certain corporations, including C Corporations, to use the second preceding year's tax to determine if a mandatory first installment is needed and to determine the amount of such MFI.


Tax Flash

On February 21, 2017, the U.S. Supreme Court declined to hear a case challenging a Florida Supreme Court ruling on an interstate sales tax matter involving a Florida florist, and in so doing, potentially paved the way for interstate sales transactions to become taxable in multiple states.


Tax Return Compliance

Here we are in the midst of another tax return filing season. You are a business owner and are planning to gather information for the entity's tax return.


Trusts & Estates

Fiduciary entities, other than specific charitable entities such as charitable remainder trusts, charitable lead trusts, or private foundations, are allowed many of the same deductions as an individual.


Tax Flash

On January 31, 2017, the Large Business and International division of the IRS rolled out the latest phase in a new effort aimed at improving compliance and updating the agency's approach to taxpayer examinations.


Tax Flash

The passing of the Protecting Americans from Tax Hike (PATH) Act of 2015 introduced many exciting changes related to the Research and Development (R&D) Tax Incentive program.


Tax Flash

On January 18, 2017, the Internal Revenue Service ("IRS") published administrative guidance in Notice 2017-15, providing specific policy and procedures for retroactively changing the tax treatment of federal estate, gift and generation-skipping transfers (GST) in the estates of same-sex married couples whose marriages were not legally recognized prior to the United States Supreme Court's decision in United States v. Windsor.


Tax Flash

It's tax filing season time again! As if trying to figure out what forms to file isn't hard enough for taxpayers, the IRS and many states have changed their official filing deadlines.


Assurance Alert

Suppose you are the CFO of a small public company, and you're having a conversation with a peer who is the CFO of an accelerated filer. "How are you handling SOX at your company?"


Tax Flash

For individual filers who are required to e-file their income tax returns, don't be surprised to hear your accountant tell you she needs a copy of your driver's license or state ID in order to process your filing.


Tax Return Compliance

On April 16, 2016, the IRS released an updated version of Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities), along with Instructions.


Tax Flash

The IRS issued Notice 2016-66 on November 1, 2016, identifying certain transactions relating to small captive insurance companies as "transactions of interest."


Tax Return Compliance

IRS Notice 2017-9, explains the scope of a new de minimis error safe harbor for information returns and payee statements created by the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).



When it comes to construction contracts and the IRS, the rules can be very complex. The IRS specifically addresses tax matters and construction industry issues within Internal Revenue Code Section 460.


International Taxation

The IRS has recently issued final regulations regarding the treatment of U.S. disregarded entities wholly owned by foreign persons. These final regulations became effective December 13, 2016.





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