DOCSLIB.ORG

State & Local Tax Services

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
State & Local Tax Services State & Local Tax Services MANAGE YOUR COMPANY’S STATE AND LOCAL TAX PROFILE Updated April 2021 NAVIGATING POSSIBILITIES CONFRONT THE NOT-SO-HIDDEN COSTS OF FAILING TO PLAN STATE & LOCAL TAX AND MANAGE STATE 02 LANDSCAPE & LOCAL TAX ISSUES 04 NEXUS CONSIDERATIONS If left unattended, state and local tax issues can Income Tax and Gross Receipts Tax Nexus wreak havoc on your company’s hard-earned success and place a heavy burden on your team’s Sales & Use Tax Nexus valuable time. It’s critical to stay ahead of potential challenges and have a plan to manage your company’s state and local tax issues from an early stage in the company’s life cycle. INCOME & OTHER 08 DIRECT TAXES A lack of control over your company’s state and local tax issues could arise at the most inopportune times, such as preparing for an exit event or an SALES & OTHER INDIRECT TAXES inquiry from a state tax auditor. Without strong 11 policies and procedures in place, your team could waste significant time addressing questions or PROPERTY TAXES issues instead of running the business. 12 Once identified, unpaid state and local taxes could also result in large changes to the company’s CREDITS & INCENTIVES earnings before interest, tax, depreciation, and 13 amortization (EBITDA) or net income. This could erode shareholder value through unplanned tax payments, reductions to purchase price, and the 15 MITIGATION STRATEGIES creation of escrows. At that point, unfortunately, the solution requires more than adding money to an escrow or paying tax liabilities. A business might be required to add headcount or take employees off critical business matters to address the state and local tax concerns. In addition, many buyers now require the seller to pay for advisor fees to correct state and local tax underpayments. While there are many reasons state and local tax issues can be complicated, there are concrete, proactive steps you can take to help bypass unpleasant surprises down the road. Before addressing potential solutions, however, it’s important to understand the complexity of the state and local tax systems that cause problems. STATE & LOCAL TAX STRATEGIES MOSS ADAMS 01 CORPORATE INCOME TAX Top state marginal income LOWER HIGHER tax rates as of January 1, 2021 HOW HIGH ARE WA* ME Complications MT ND 8.93% 6.75% 4.31% TAX RATES IN OR MN VT 7.60% 9.80% ID WI 8.50% NY NH 6.925% SD* 7.90% 6.50% YOUR STATE? MI 7.70% WY* of State & Local IA 6.00% PA NE 9.80% 9.99% MA NV* 7.81% OH* 8.00% IL IN RI UT 9.50% 5.25% 4.95% CO WV 7.00% CA 6.50% VA CT 4.55% KS MO 6.00% 8.84% 7.00% KY 7.50% Tax Landscape 4.00% 5.00% NC NJ TN 2.50% 11.50% AZ OK 6.50% DE Every state and local taxing jurisdiction approaches taxation differently— 4.90% NM 6.00% AR SC 8.70% PROPERTY TAXES 5.90% 6.20% 5.00% MD this is the primary reason state and local tax issues are so complicated. MS AL GA 8.25% Property tax component 5.00% 6.50% 5.75% DC LOWER HIGHER TX* 8.25% States generally collect revenue from businesses through some or all the rankings, 2021 Tax Foundation LA following taxes. AK 8.00% State Business Tax Climate 9.40% FL Index* 4.458% HI 6.40% } These taxes are imposed on the WA Income and #18 apportioned and/or allocated profit or net ME Note: (*) Nevada, Ohio, Texas, and Washington State don’t have a corporate income tax but do have a MT ND #40 gross receipts tax with rates not strictly comparable to corporate income tax rates. Delaware, Tennessee, franchise taxes worth of a company. #28 #12 OR VT and Oregon have gross receipts taxes in addition to corporate income taxes, as do several states like #16 ID MN Pennsylvania, Virginia, and West Virginia, which permit gross receipts taxes at the local, but not state, level. NY #49 #3 SD #31 WI NH WY #45 #20 #17 MI #47 Illinois’ rate includes two separate corporate income taxes, one at a 7% and one at a 2.5% rate. Indiana’s #39 #35 rate will change to 4.9% on July 1, 2021. In New Jersey, the rates indicated apply to a corporation’s entire net NE IA PA MA #15 income rather than just income over the threshold. A temporary and retroactive surcharge is in effect from } These taxes are imposed on the value or NV #38 OH #44 #5 UT #41 IL IN 2020 to 2023, bringing the rate to 11.5% for businesses with income over $1 million. In addition to regular #6 RI Sales, use, or other gross receipts of specific transactions. #7 CO #48 #2 income taxes, many states impose other taxes on corporations such as gross receipts taxes and capital stock WV VA #42 CA #32 KS MO #10 CT taxes. Some states also impose an alternative minimum tax and special rates on financial institutions. Some are passed on to the customer while #14 KY #27 revenue-based taxes #30 #8 #50 #21 Source: Tax Foundation; state tax statues, forms, and instructions; Bloomberg Tax. some are absorbed by the company. NC NJ OK TN #26 #46 AZ #33 DE NM #29 AR SC #11 #4 #1 #25 #34 GA MD AL #43 MS #19 #24 #37 DC #49 SALES TAXES } These taxes are imposed on the assessed TX LA #36 #23 Combined state and average local Property taxes value of tangible and/or real property. AK LOWER HIGHER #22 FL sales tax rates from January 2021 #13 HI #9 WA 9.23% ME #4 ND To illustrate the complexity of state tax systems, consider the following: MT 5.50% 6.96% #42 #27 MN • Nevada, Ohio, Texas, and Washington State don’t OR 7.46% VT Note: A rank of 1 is best, 50 is worst. D.C.’s score and rank don’t affect other states. ID SD WI NY 6.03% #17 6.24% impose corporate income taxes; instead they impose The report shows tax systems as of July 1, 2020 (the beginning of Fiscal Year 2021). 6.40% 5.43% 8.52% #36 #37 WY #32 #43 MI #10 Source: Tax Foundation; 2021 State Business Tax Climate Index. 5.33% 6.00% taxes on the gross receipts of the business. #44 IA #38 PA NE 6.34% NV 6.94% OH MA 6.94% #28 IL IN #34 6.25% #35 • Alaska, Delaware, Montana, New Hampshire, and Oregon don’t 8.23% UT #29 8.82% 7.00% 7.23% #13 CO #20 RI 7.19% #7 #24 WV VA 7.00% #24 impose sales taxes. However, Oregon imposes a modified CA #21 7.72% KS MO 6.50% #16 KY 5.73% CT 8.68% 8.69% 8.25% 6.00% #31 gross receipts tax in addition to its net income-based tax, #8 #41 6.35% #33 #9 #12 #38 NC NJ and certain localities in Alaska impose sales taxes. TN 6.98% 6.60% #30 NM OK 9.55% AZ 7.83% AR #26 MD 8.40% 8.95% #1 SC Note: City, county, and municipal rates vary. These rates are weighted by population to compute an #15 #6 9.51% 6.00% #38 With all these complexities, it can be difficult to determine where to start. #11 AL 7.46% DC average local tax rate. The sales taxes in Hawaii, New Mexico, and South Dakota have broad bases that #3 MS GA #18 The beginning of any solution is to diagnose where the problem exists. For 7.07% 9.22% 7.32% 6.00% (#38) include many business-to-business services. D.C.’s rank doesn’t affect states’ ranks, but the figure in TX #23 #5 #19 state and local tax matters, the problem exists for a business only in the parentheses indicates where it would rank if included. LA 8.19% 9.52% #14 #2 jurisdictions where it has a taxable presence, commonly referred to as nexus. Source: Sales Tax Clearinghouse; Tax Foundation calculations; State Revenue Department websites AK 1.76% FL * State doesn’t impose a corporate income tax, but may impose a gross receipts or margins tax. #46 7.08% State and local authorities can’t impose a tax on a business unless nexus #22 exists with the particular jurisdiction. A business can have nexus based on HI 4.44% either its physical presence or its economic activities. These conditions are #45 discussed in the next section. 02 MOSS ADAMS STATE & LOCAL TAX STRATEGIES STATE & LOCAL TAX STRATEGIES MOSS ADAMS 03 INCOME TAX AND GROSS RECEIPTS TAX NEXUS Other states require a more nuanced analysis that Generally, nexus rules fall into three categories: focuses on where the benefit of service is received. This is a much broader interpretation than physical • Physical presence presence and can be difficult to navigate absent • Economic presence a detailed review of the relevant statutes and regulations. • Factor presence Currently, most states use a combination of these Factor Presence categories to impose a filing obligation on companies that conduct business in their state. Many states adopted factor-presence nexus standards. This means a taxpayer is subject to income tax or a gross receipts tax when the taxpayer’s gross Physical Presence receipts, payroll, or property in a given state exceed Physical nexus is considered the clearest test of certain thresholds. For example, the state of Colorado established presence in a tax jurisdiction.
Load more

Recommended publications
  • The 2020 Ipa Top 400 Firms
    THE 2020 INSIDE PUBLIC ACCOUNTING TOP 400 ACCOUNTING FIRMS AUGUST 2020 INSIDE PUBLIC ACCOUNTING / 1 THE 2020 IPA TOP 100 FIRMS ’20 ’19 FIRM / HEADQUARTERS MP / CEO OFFICES FYE NET REVENUE % CHG. × 1 1 Deloitte / New York Joe Ucuzoglu 130 6/19 $21,913,000,000 DND 2 2 PwC / New York Tim Ryan 91 6/19 $17,400,000,000 3.3 3 3 EY / New York Kelly Grier 104 6/19 $15,000,000,000 7.1 4 4 KPMG LLP / New York Lynne Doughtie 102 9/19 $9,970,000,000 5.4 5 5 RSM US LLP / Chicago Joe Adams 91 4/20 $2,706,305,000 10.0 × 6 6 Grant Thornton LLP / Chicago Brad Preber 56 12/19 $1,950,562,000 DND 7 7 BDO USA LLP1 / Chicago Wayne Berson 67 4/20 $1,803,000,000 5.8 8 8 CLA / No Headquarters Identified Denny Schleper 120 12/19 $1,145,980,736 9.9 9 9 Crowe LLP / Chicago James Powers 38 3/20 $983,286,447 3.3 10 10 CBIZ & MHM2 / Cleveland / Kansas City, Mo. Chris Spurio / Andy Burczyk 91 / 27 12/19 $811,000,000 2.8 11 13 Baker Tilly / Chicago Alan Whitman 48 5/20 $789,600,000 4.0 12 12 Moss Adams LLP / Seattle Chris Schmidt 28 12/19 $768,000,000 9.5 13 16 Plante Moran / Southfield, Mich. James E. Proppe 26 6/20 $731,189,000 6.4 14 14 CohnReznick LLP / New York Frank Longobardi 26 1/20 $697,258,732 6.8 15 13 BKD LLP / Springfield, Mo.
    [Show full text]
  • Moss Adams Wealth Advisors Llc Disclosure Brochure and Privacy Policy
    MOSS ADAMS WEALTH ADVISORS LLC DISCLOSURE BROCHURE AND PRIVACY POLICY Pursuant to SEC Rule 206(4)-3 March 2021 Main Office: Moss Adams Wealth Advisors LLC 999 Third Ave., Suite 2800 Seattle, WA 98104 (206) 302-6500 This brochure provides information about the qualifications and business practices of Moss Adams Wealth Advisors. If you have any questions about the content of this brochure, please contact us at [email protected] or (206)302-6500. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Table of Contents Material Changes 4 Additional Office Locations 5 Advisory Business 6 Introduction 6 Investment Management Services 6 Custom Fixed Income Management 8 Financial Planning 9 Investment Consulting Services 10 Fees and Compensation 11 Fees for Investment Management Services – Private Client 11 Fees for Investment Management Services – Institutional 12 Fees for Custom Fixed Income Management 12 Fees for Financial Planning 15 Fees for Investment Consulting Services 15 Types of Clients 16 Methods of Analysis, Investment Strategies and Risk of Loss 16 Methods of Analysis 16 Investment Strategies 16 Types of Investments 19 Pandemic Risk 20 Disciplinary Information 20 Other Financial Industry Activities or Affiliations 20 Moss Adams 20 Long Road Risk Management Services, LLC / Valmark Policy Management Company 21 Table of Contents – Continued Non-Investment Consulting / Implementation Services 21 Additional Reporting Services
    [Show full text]
  • Supporting Materials
    COLORADO RIVER COMMISSION OF NEVADA AGENDA ITEM A FOR MEETING OF APRIL 13, 2021 SUBJECT: Roll Call / Conformance to Open Meeting Law. RELATED TO AGENDA ITEM: None. RECOMMENDATION OR RECOMMENDED MOTION: None. FISCAL IMPACT: None. STAFF COMMENTS AND BACKGROUND: Announcement of actions taken to conform to the Open Meeting Law will be reported at the meeting. COLORADO RIVER COMMISSION OF NEVADA AGENDA ITEM B FOR MEETING OF APRIL 13, 2021 SUBJECT: Comments from the public. (No action may be taken on a matter raised under this item of the agenda until the matter itself has been specifically included on an agenda as an item upon which action may be taken.) RELATED TO AGENDA ITEM: None. RECOMMENDATION OR RECOMMENDED MOTION: None. FISCAL IMPACT: None. STAFF COMMENTS AND BACKGROUND: COLORADO RIVER COMMISSION OF NEVADA AGENDA ITEM C FOR MEETING OF APRIL 13, 2021 SUBJECT: For Possible Action: Approval of minutes of the February 9, 2021 meeting. RELATED TO AGENDA ITEM: None. RECOMMENDATION OR RECOMMENDED MOTION: Approval of the minutes will be recommended at the meeting. FISCAL IMPACT: None. STAFF COMMENTS AND BACKGROUND: The minutes of the February 9, 2021 meeting is enclosed for your review. The Colorado River Commission of Nevada (Commission) meeting was held at 1:30 p.m. on Tuesday, February 9, 2021 via video conference, pursuant to Emergency Directive 006, section 1. COMMISSIONERS IN ATTENDANCE Chairwoman Puoy K. Premsrirut Vice Chairwoman Kara J. Kelley Commissioner Justin Jones Commissioner Marilyn Kirkpatrick Commissioner Allen J. Puliz Commissioner Dan H. Stewart Commissioner Cody T. Winterton DEPUTY ATTORNEY GENERAL Special Counsel, Attorney General Christine Guerci COMMISSION STAFF IN ATTENDANCE Executive Director Eric Witkoski Senior Assistant Director Sara Price Chief of Finance and Administration Douglas N.
    [Show full text]
  • Moss Adams LLP Proposal
    February 15, 2013 PROPOSAL FOR City of Milwaukie, Oregon Prepared by: James C. Lanzarotta, Partner Annamarie McNiel, Manager Moss Adams LLP 975 Oak Street, Suite 500 Eugene, Oregon 97401 (541) 686-1040 [email protected] February 15, 2013 Rina M. Byrne City of Milwaukie 10722 SE Main Street Milwaukie, Oregon 97222 Dear Ms. Bryne: We are pleased to present this proposal to the City of Milwaukie (“the City”). We understand this proposal is for the annual financial and compliance examination of the City’s CAFR beginning with the fiscal year ending June 30, 2013 extending through the next four subsequent fiscal years and that upon completion of the audit for each fiscal year the City requires the following reports: • Audit opinion on the City’s financial statements (CAFR) in accordance with Generally Accepted and Government Auditing Standards, including component units not requiring stand-alone financial statements • All reports required for compliance with the provisions of OMB Circular A-133 and Single Audit Act Amendment of 1996, if necessary • Communications with those charged with governance (SAS 114 Letter) • Management Letter related to internal controls, compliance with laws and regulations and accounting systems, functions and procedures especially in regards to Cost effectiveness • Make immediate written reports of irregularities and illegal acts to management • Be available throughout the year to provide ongoing consulting services for minor financial issues that may occur, all at no additional cost We deliver our audits, unlike many firms, with significant partner and senior manager level attention. Your audit team is dedicated to the industry, and our firm is one of the most experienced in conducting audits in accordance with the Single Audit Act and Office of Management and Budget (OMB) Circular A-133.
    [Show full text]
  • ALUMNI ACCOLADES TABLE of CONTENTS DEPARTMENT of ACCOUNTING 3 Hello from Dave
    DEPARTMENT OF ACCOUNTING PROSPECTUS 2014 ALUMNI ACCOLADES TABLE OF CONTENTS DEPARTMENT OF ACCOUNTING 3 Hello from Dave 4 The Accounting Circle 6 Faculty Focus TOP TEN The accounting faculty was ranked second worldwide in 7 Research 1 publishing academic tax research over the past six years. They are ranked third over the past 12 years, and fourth over all years, 8 PhD Program according to ratings compiled by Brigham Young University. 9 MAcc Program 2 Ryan Wilson received the Lundquist College of Business 2014 10 Beta Alpha Psi Goulet Research Excellence Award. This is the sixth consecutive year, and the seventh time in the past eight years, that a member 12 Scholarships of the accounting faculty has been honored with this award. 13 Donor Honor Roll 3 Accounting alumna Tiffany Phillips ’13 was awarded the esteemed Elijah Watt Sells Award for 2013. This award is for people who earned a cumulative average score above 95.5 on the CPA exam, completed testing over the 2013 calendar year, and passed all four sections on their first attempt. This is the second year in a row that a UO accounting alum has earned this honor. 4 Master of Accounting Program alum Yujie “Jack” Zhang ’13, MActg ’14, was one of only 97 students in the United States to win the AICPA Scholarship for Minority Accounting Students for 2013–14. The award recognizes academic achievement, leadership, and commitment to pursuing the CPA. Jack also was honored with the UO Centurion Award for his dedication and outstanding service as a student leader. 5 Tiffany Phillips ’13, William Geller ’12, and Eric Seifert ’12, MActg ’13, earned the three highest scores on the CPA exam in Kelly Bosch presents Anna Karvina Oregon for 2013.
    [Show full text]
  • West Contra Costa Unified School District
    FORENSIC ACCOUNTING INVESTIGATION IMPLEMENTATION REVIEW WORK PLAN FOR WEST CONTRA COSTA UNIFIED SCHOOL DISTRICT Peder Jensen, CCA, Senior Manager Moss Adams LLP 101 Second Street, Suite 900 San Francisco, CA 94105 (415) 956-1500 Dear Mr. Johnston: Thank you for the opportunity to present our approach for forensic accounting investigation implementation review services for the West Contra Costa Unified School District (the District). We understand you’re seeking a service provider with a depth of functional skills necessary to review the implementation of recommendations from the forensic accounting investigation performed by Vincenti, Lloyd & Stutzman LLP (VLS) in 2016. Our team will consistently provide the District with the highest quality services. We bring experienced professionals with deep knowledge of the construction industry, as well as school district and bond program management and oversight. Our approach is collaborative, and we’ll include your team in every step of the review process to successfully deliver value-added results. Our performance as construction auditors and business advisors will demonstrate our commitment to high-quality services that are consistent with our proven track record. August 8, 2017 We look forward to helping the District monitor the implementation of David Johnston recommendations previously identified and improve the processes, procedures, and Executive Director management of the bond program. If you’ve questions regarding this work plan, General Services please don’t hesitate to contact me. West
    [Show full text]
  • 22Nd Annual AGC/CFMA Construction Financial Management Conference Name Company City, State
    22nd Annual AGC/CFMA Construction Financial Management Conference Name Company City, State Alabama Matt Griffith ML Griffith CPA, LLC Birmingham, AL Mindy Reed RSM Birmingham, AL Arizona Garey Bryant FNF Construction, Inc. Tempe, AZ Woodrow Chamberlain eMars Inc. Scottsdale, AZ John Corcoran CICPAC Fountain Hills, AZ David Doerge eMars Inc. Scottsdale, AZ Kyla Greene West Point Contractors, Inc. Tucson, AZ Mark Liss Explorer Software North Vancouver, AZ Blair McCarty Beneco Scottsdale, AZ Randy Riter DPR Construction Gilbert, AZ Lawrence Rosenblum CBIZ & Mayer Hoffman McCann, PC Phoenix, AZ Michelle Walker SSC Boring Phoenix, AZ California Abir Alameddine Kana Pipeline, Inc. Riverside, CA Eric Bader Pacific Rim Mechanical San Diego, CA Katharine Baldwin The Dutra Group San Anselmo, CA Michael Barrows Barrows & Company, CPA's Camarillo, CA Kristine Bearden Moss Adams, LLP Rancho Cordova, CA Ron Benoza Procore Carpinteria, CA Jackie Buck Harper Construction Company, Inc. San Diego, CA Tracey Burns Century Housing Corp. Culver City, CA John Callan CliftonLarsenAllen, LLCP Walnut Creek, CA John Cassidy Mark III Construction Sacramento, CA Kimberly Cook KZ Miller Construction Inc. Irvine, CA Matt Cruzat MGE Underground Paso Robles, CA Todd Daily Herman Construction Group, Inc. Escondido, CA Robin Davis American General Construction, Inc. Long Beach, CA Jeffrey DiMercurio Johnston, Gremaux & Rossi, LLP Pleasant Hill, CA John Donahue PlanGrid San Francisco, CA Jeff Douglas LCPtracker, Inc. Orange, CA David Eveland Southern Contracting Company San Marcos, CA Victoria Feigin All Seasons Roofing & Waterproofing San Jose, CA Chris Gewain Moss Adams, LLP Irvine, CA Debbie Ghadiri Johnstone Moyer, Inc. San Carlos, CA Janet Godfrey Webcor Construction, LP Alameda, CA Bryson Groat Risk Management Advisors, Inc.
    [Show full text]
  • Innovation and Shifting Paradigms 2016 Health Care Conference MOSS ADAMS | 2016 Health Care Conference | 1
    Innovation and Shifting Paradigms 2016 Health Care Conference MOSS ADAMS | 2016 Health Care Conference | 1 Innovation and Shifting Paradigms 2016 Health Care Conference NOVEMBER 3, 2016 Thank you for joining us here at the beautiful Red Rock Resort. We’re excited to present this year’s conference, Positioning for the Future: Innovations and Shifting Paradigms. This event promises to be thought provoking during this unprecedented time in health care, with an uncertain political future, evolving risk-sharing programs, game-changing technology, and a new focus on consumerism. Our goal is to provide a forum that empowers you, as leaders of your respective organizations, with insight from panels and discussions with industry visionaries. On the eve of the 2016 presidential election, we’re excited to hear from our keynote speakers, the Honorable Newt Gingrich and Senator Joe Lieberman, who will present their predictions for health care policy in a point-counterpoint discussion moderated by Emmy Award-winning journalist Farland Chang. In other sessions, you’ll hear from Lisa Bielamowicz, executive director and CMO of The Advisory Board Company, and Roni Zeiger, co-founder of Smart Patients and former Chief Health Strategist at Google. During our two days together, we’ll tackle vital industry topics such as health care reform with new health system strategies, lessons learned from mergers and acquisitions, integrating behavioral health into the triple aim, using big data to impact population health, and more. We’d like to extend our utmost appreciation to our sponsors—Foley & Lardner, Lancaster Pollard, UnitedHealthcare, Arthur J. Gallagher & Co., and State of Reform. Their support enhances our ability to present a stimulating and enlightening conference.
    [Show full text]
  • Comply with State Laws Using State-By-State Apportionment Schedules
    WHITE PAPER Comply with State Laws Using State-by-State Apportionment Schedules A version of this white paper was previously published in the June 2018 edition of the Journal of Multistate Taxation and Incentives. 02 APPORTIONMENT SCHEDULES BY STATE Determining the appropriate sales factor numerator and denominator 02 PASS-THROUGH ENTITY APPORTIONMENT CONSIDERATIONS: requires navigating multiple, often contradictory state tax rules—especially CURRENT OPERATIONS for a taxpayer with several sources of revenue, complex operations, and a AND TRANSACTIONS potentially global reach. The increasingly common practice of conducting business through pass-through entities (PTEs), such as limited liability 04 INCLUDING TRANSACTIONS companies (LLCs), adds another dimension to the analysis. WHEN CALCULATING THE When a taxpayer disposes of its investment in a business contained SALES FACTOR: BASE RULES in a PTE, either through selling the assets or selling the interest in the 05 INCLUDING TRANSACTIONS WHEN PTE, various state rules—either statutory or developed through case CALCULATING THE SALES FACTOR: law—may apply. The taxpayer may need to analyze whether, and how, the EXCLUSION FOR SUBSTANTIAL transaction should be reflected in the sales factor and documented in the RECEIPTS FROM OCCASIONAL SALES apportionment schedules. 06 ANALYSIS OF THE EXCLUSION Taxpayers should also consider new, potentially significant changes OF SUBSTANTIAL RECEIPTS resulting from tax reform, commonly known as the Tax Cuts and Jobs Act FROM OCCASIONAL SALES: (TCJA). One such addition is the new class of Subpart F Income, which is TREATMENT OF GOODWILL AND effective for tax years ending on December 31, 2017. OTHER INTANGIBLE ASSETS 07 STATE SOURCING OF RECEIPTS 09 MARKET SOURCING AND THE REVISED MTC REGULATION 10 DIVIDENDS 13 CONCLUSION The material appearing in this communication is for informational purposes only and should not be construed as advice of any kind, including, without limitation, legal, accounting, or investment advice.
    [Show full text]
  • Do You Have What It Takes? Eligibility Apply
    Do You Have What It Takes? About Us Enhancing your leadership skills. Getting ahead of the competition. Moss Adams LLP is the largest accounting and Jump‐starting your career. consulting firm headquartered in the West and one of the largest in the United States. If you’re an exceptional student interested in gaining a greater understanding of Founded in 1913 and headquartered in Seattle, the dynamic field of public accounting, we invite you to apply for our summer we serve our clients from 24 locations leadership conference. It’s an interactive training program designed to throughout Washington, Oregon, California, New Mexico, Arizona, Kansas, and Texas. illuminate the factors critical to your future success. We provide audit, accounting, tax, and business What’s more, you’ll meet and network with your peers as well as with advisory services to middle‐market enterprises Moss Adams professionals. We’ll discuss what it means to be in public (both public and private) and their owners, and accounting today, with a special focus on enhancing your leadership skills. we’re among the market leaders in many industry sectors, including manufacturing, Don’t miss this opportunity to take your first step into the world of public construction, apparel, not‐for‐profit, financial accounting. institutions, forest products, health care, telecom, and automotive dealerships. Eligibility We serve clients with regional and national needs, and we have an international practice We’re seeking bright and ambitious students who have approximately two years that enables clients to develop and grow their remaining in their accounting coursework and a strong desire to pursue a career business on a global scale.
    [Show full text]
  • Audit Agenda, Aug. 12, 2019
    A G E N D A AUDIT COMMITTEE REGULAR MEETING MONDAY, AUGUST 12, 2019, AT 11:00 AM DONNER ROOM – EVENT CENTER 1) MEETING CALLED TO ORDER: Dwight Walker, Chair 2) ROLL CALL: Dwight Walker, John Kikuchi, Merek Lipson, Mary Neff (nonvoting), Barbara Rothway, Kathleen Stumpfel, and Christopher Yahng INTRODUCTIONS: Tim O’Keefe, CEO; Rick Chakoff, CFO; and Bob Kelso, GRF Board President 3) APPROVAL OF REPORT: June 3, 2019 4) ELECTION OF VICE CHAIR 5) RESIDENTS’ FORUM The Audit Committee will follow Rossmoor custom and limit comments to 3 minutes. 6) ANNOUNCEMENTS a) Sheldon Solloway 7) NEW BUSINESS a) Review of Audit Firm proposals-Rick Chakoff and Chris Yahng (Attachments) 8) UNFINISHED BUSINESS a) Code of Conduct Task Force—John Kikuchi (Attachment) b) Whistleblower Policy—Employee Handbook Update in Process c) MTF Task Force—Mary Neff d) Enterprise Risk Management presentation to GRF Planning Committee —Merek Lipson (Attachment) e) CDARS—Rick Chakoff f) 2019 FASB Changes—(new) auditors to address 9) ADJOURNMENT 10) NEXT MEETING: Monday, September 9, 2019, at 10:00 a.m. in Multi- Purpose Room #3 at Gateway Complex. cc: GRF Board 3-1 AUDIT COMMITTEE REPORT REGULAR MEETING MONDAY, JUNE 3, 2019, AT 10:00 A.M. A regular meeting of the Audit Committee was convened by the Chair, Dwight Walker, at 10:00 a.m. on Monday, June 3, 2019, in the Board Room at Gateway Complex. Members present were Dwight Walker, Chair; John Kikuchi, Mary Neff, Alan Swanson, Roll Call Barbara Rothway and Chris Yahng. Excused absence: Sheldon Solloway, Also attending were Tim O’Keefe, CEO; Rick Chakoff, CFO; and GRF Board members: Dale Harrington and Kathleen Stumpfel; and Chris Preminger, Business Ops Manager 1.
    [Show full text]
  • This Brochure Provides Information About the Qualifications and Business Practices of Moss Adams Wealth Advisors
    This brochure provides information about the qualifications and business practices of Moss Adams Wealth Advisors. If you have any questions about the content of this brochure, please contact us at [email protected] or (206)302‐6717. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Material Changes This brochure, dated March 2017, includes the below material changes since Moss Adams Wealth Advisors LLC’s last update in March 2016. Moss Adams Wealth Advisors’ clients may request a full copy of the latest version of this brochure at any time by contacting your advisor or Gidget Furness, Chief Compliance Officer, at the Seattle office. Additional information about Moss Adams Wealth Advisors is also available on the SEC’s website at www.adviserinfo.sec.gov. Please note: Registration with the SEC does not imply a certain level of skill or training. Material Changes: In August 2016, Erica Coogan took over as Partner in Charge of Moss Adams Wealth Advisors LLC. She took over leadership from Rebecca Pomering, who assumed the Chief Practice Officer position for Moss Adams LLP. Ms. Coogan has been with Moss Adams Wealth Advisors for over 18 years, leading the practice in the Puget Sound region for much of her tenure. She has chaired the investment team and currently serves as a member of the Moss Adams partner review committee. In her new role, Coogan is responsible for the growth of Moss Adams Wealth Advisors, including strategic planning, sales and marketing, team development and mergers and acquisitions.
    [Show full text]