The U.S. Supreme Court on June 21 held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state. The decision in South Dakota v. Wayfair, Inc., et al, No. 17-494 (U.S. 6/21/2018), overturns prior Supreme Court precedent in Quill Corp. v. North Dakota, 504 U.S. 298 (1992), and National Bellas Hess, Inc. v. Department of Revenue of Ill., 386 U.S. 753 (1967), both of which had required retailers to have a physical presence in a state beyond merely shipping goods into a state after an order from an in-state resident before a state could require the seller to collect sales taxes from in-state customers.
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This month’s update includes information about Senator Fann speaking at the ASCPA’s Leadership Day, an update on this month’s Accountancy Board meeting, including Board/committee appointments and the upcoming ASCPA PAC report.
When will the Internal Revenue Service (IRS) issue guidance on new Internal Revenue Code section 199A? That’s the number one question on CPAs’ minds related to the Tax Cuts and Jobs Act.
This month’s update includes a legislative session wrap-up, information on the Top Ten CPA Exam Passers luncheon, an update from the State Board of Accountancy’s latest board meeting and a PAC request.
This month’s update includes information on Internal Revenue Code Conformity, the CPA bill, the March Accountancy Board meeting and the Republican Party event.
CPAs at times come under fire from banks and other lenders pressuring them to provide assurances regarding their clients’ financial strength. Many CPAs have shared their frustrations and concerns with CAMICO regarding veiled threats from aggressive brokers and lenders alleging that their clients will not qualify for a loan without receiving a letter from the CPA supporting the client’s loan qualifications. Some brokers have even suggested that the client should seek a “more cooperative” CPA.
This month’s update includes information on the repeal of auditor rotation/restrictions, information on Arizona’s universal recognition of occupational licenses, our Operation Conformity updates, an Accountancy Board update and a PAC update.
This month’s update includes examples of how members make a difference, information about a ballot to ban services tax, the CPA Bill, Mobile Workforce State Income Tax Simplification Act, a Democratic political party event and a reminder on the March CPA license renewal due date.
The CPA profession is one of the most trusted professions in the world, and a commitment to performing high-quality services is key to maintaining that trust. With support from the American Institute of CPAs’ (AICPA) Assurance Research Advisory Group (ARAG), two Arizona State University educators will perform research that could uncover valuable insights into audit quality.
When there are hundreds of thousands of financial professionals at work in public accounting, business and industry, government, academia and consulting, how can you stand out in such a crowded profession?