South Dakota vs. Wayfair: Final Decision

The U.S. Supreme Court has issued its highly anticipated decision in South Dakota v. Wayfair, paving the way for states to impose economic sales tax nexus standards on remote retailers.

The decision overrules the previous Supreme Court ruling in Quill v. North Dakota which required a physical presence sales tax nexus standard. This decision will have significant implications for almost all industries, but especially consumer products (retailers) and industrial products.

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New Kentucky Tax Law Brings Significant Changes

A new Kentucky tax law is bringing significant changes to both business and individual taxpayers. In late April, House Bill 487 was sent to Governor Matt Bevin’s desk by the Kentucky Legislature and became law without his signature. The new law affects corporate and individual income tax, sales and use tax, property tax, as well as other miscellaneous taxes and administrative items. Continue reading “New Kentucky Tax Law Brings Significant Changes”

Lean Inventory Valuation: Lean Accounting and GAAP Compliance Introduction

(Published in October 31, 2017 issue of Thomson Reuters “Tax & Accounting”)
Lean Accounting refers to a collection of principles, practices and tools that are used by lean companies to measure the business, control operations, analyze and make sound financial decisions and finally improve all financial processes.  Lean Accounting practices have been around since the early 1990’s, and as long as they’ve been around there have been some that argue Lean Accounting practices don’t comply with Generally Accepted Accounting Principles (GAAP). This idea then usually leads to a debate about Lean Accounting vs. conventional inventory valuation systems. Continue reading “Lean Inventory Valuation: Lean Accounting and GAAP Compliance Introduction”

Congress Approves Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act has been approved by Congress and is awaiting signature by the President. Click here for a summary of the bill.

There are significant changes that will come about as a result of this tax bill. The changes will have an impact on businesses and individuals. It might make sense to look at your business/personal tax situation before the end of the year in order to insure you take advantage of certain aspects of existing tax law before the new law takes effect.

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