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Proposed Changes to FASB #5 FIN 48 for
Sales/Use Tax Reserves? By Mark D. Loftis, CPA - Senior Manager, LBMC
 Regarding sales/use tax reserves and required disclosures, businesses have escaped much of the regulatory fallout of the highly publicized accounting scandals of recent memory. FIN 48 of course was one of the direct reactions to those scandals which brought increased disclosure requirements and scrutiny of tax reserves for public companies regarding federal and state income taxes.
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 Job
Tax Credit - Economically Distressed Counties
By Mason Barrick, CPA - Senior Manager, LBMC
Effective July 1, 2008, there
were a few significant changes to the list of Tennessee counties
that are considered to be economically distressed and within the
three tiers of such counties. The most notable changes were for
Davidson and Wilson Counties, which are now listed as economically
distressed counties.
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Intangible Expenses Paid to Affiliates - Audit
Program
By Mason Barrick, CPA - Senior Manager, LBMC
The Tennessee Department of
Revenues Audit Division has recently initiated an office audit program to
review all franchise, excise tax returns with a deduction for intangible
expenses paid to affiliated entities. The statute was changed effective January
1, 2004, to require the completion and submission of a disclosure form detailing
the specifics of such expenses with the return in order to be able to deduct the
expenses for excise tax purposes.
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 Voluntary
Disclosure Agreements
By Rhonda Chancey, CPA - Manager, LBMC
As Certified Public
Accountants, we sometimes are faced with giving clients the bad news about
their state and local tax situation. We frequently run into clients that may not
be in full compliance with tax laws in every state where they are doing
business. This generally stems from the fact that a client may have created
nexus or the physical presence required for filing sales tax, state income
tax, or franchise tax, yet the client has not registered or begun filing in the
state. This creates exposure or potential tax, penalty and interest if a state
does discover that our client is doing business there.
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Sales/Use Tax Compliance Outsourcing - When does it
make sense?
By Mark D. Loftis, CPA - Senior Manager, LBMC
As a company expands, especially
into multiple states, the area of sales/use tax compliance is among the many
areas that take on added significance. Many growing companies unfortunately
realize too late that at a certain point this minor area can grow into a time
consuming headache for your staff. What was at one time an annual or quarterly
filing of a few tax returns can turn overnight into a required monthly process
with many returns and payments being required by the various taxing
jurisdictions in which the company does business.
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Beware of Scams!
By Mark D. Loftis, CPA - Senior Manager, LBMC
As if companies don't have enough to deal with in complying with the various state regulations and tax laws, over the last few months there have been a number of scams detected in several states. It is very important for companies to closely scrutinize anything received from a state which may seem to be out of the ordinary. These scams usually come in the mail and seem to be official-looking documents. They generally request officer and director information and seem to require a filing fee by a specific date. Upon close examination some of these are actually a deceptive solicitation of a service to document corporate minutes or an outright scam.
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