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IRS Issues Guidance on 100 Percent Bonus Depreciation
Posted by Michael Corrente on Tue, Jun 14, 2011 @ 10:58 AM

The IRS on March 29 issued Revenue Procedure 2011-26 addressing several unanswered questions surrounding the 100 percent bonus depreciation provision included in last December's Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 ("Tax Relief Act").  As discussed below, the guidance provided by Rev. Proc. 2011-26 is generally taxpayer friendly.

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Topics: Michael Corrente, tax, IRS, IRS Updates, 100 Percent Bonus Depreciation, Bonus Depreciation

State Income Tax Nexus: No Physical Presence Required
Posted by Tarra Curran on Mon, Jun 13, 2011 @ 02:45 PM

The CBIZ Tofias client base tends to include many medium to large businesses that sell products and services across state lines, and many of these businesses reach their customers through the internet.  Selling over the internet tends to mean that these businesses only establish a "physical presence"[1] in one or two states, even though they may have customers in all 50 states.  Increasingly, our New England offices are fielding calls from clients who are surprised to discover that they are subject to income tax in states where they have "economic nexus" but no physical presence.

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Topics: Tarra Curran, Sales Tax, state and local tax (SALT), corproate nexus, nexus, tax nexus, new england state and local tax

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