Philadelphia Responds to Wayfair, Establishes Economic Nexus
After the U.S. Supreme Court decided on South Dakota v. Wayfair, 585 US in 2018, the city of Philadelphia amended the Business Income and Receipts Tax (“BIRT”) regulation to impose economic nexus. The BIRT is a privilege tax; it consists of net income and gross...
New Jersey Tax on Short-Term Rentals
Looking to spend a relaxing week at the Jersey Shore? Thinking of renting out your own beach house for a week when you cannot make it down the shore? Both activities will now cost you more due to a new tax on short-term rentals. As of October 1, 2018, New...
UPDATE: Potential New Effective date for New Lease Accounting
Private companies can take a deep sigh of relief (for now) as FASB has proposed delaying the effective date for private companies to January 1, 2021. This delay would give companies an additional year to put into effect the new accounting rules and ease some of...
Tax Cuts and Jobs Act – 2019 Changes
There is nothing wrong with change, if it is in the right direction. -Winston Churchill 2018 was definitely a unique tax year given the numerous tax law changes brought about by the 2017 Tax Cuts and Jobs Act. Although not nearly the amount of changes we...
Stephano Slack Sponsors Special Olympics of Delaware
On June 14th, Stephano Slack once again volunteered at the Special Olympics of Delaware. Participating in this event has become a tradition for our firm, so much so that this year we are proud to announce that we were sponsors! Our employees volunteered to...
Common Audit Deficiencies and How to Combat Them
Throughout the audit process, auditors see consistency in deficiencies from job to job. Below, we identify common areas where errors arise and how to minimize the effect on having them occur year after year. Lack of Support Evidence Organization and proper filing of...
Customers, Expenses, and Employees, Oh My!
Fret not – for many business processes, you can find an app to track it. We get it, running a business can oftentimes be overwhelming. For business owners who are trying to maximize efforts in growing their business, processes such as invoicing, bill and...
Reminder: Sales and Use Tax – Pennsylvania Adopts Economic Nexus 7/1/19
The changes to sales tax economic nexus for Pennsylvania are effective July 1, 2019. Remote sellers and marketplace facilitators that do not have a physical presence in PA must collect PA sales tax if they made over $100,000 in gross PA sales across all platforms in...
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