News 2017-06-13T07:00:50+00:00

CoNexus News




New Sales Tax Economic Nexus Standard Affirmed in Groundbreaking U.S. Supreme Court Ruling

On June 21, 2018, the U.S. Supreme Court issued its decision in the South Dakota v. Wayfair, Inc. case with a 5-4 majority decision overturning precedent set by Quill Corp. v. North Dakota (1992). The decision upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or the number of transactions sourced to the state exceed certain thresholds, regardless whether the seller company has a physical business presence in [...]

July 2nd, 2018|

Georgia Rural Hospital Credit

In 2016, the Georgia General Assembly passed legislation that awards Georgia income tax credits to taxpayers who make contributions to qualified rural hospital organizations (“RHOs”) located in Georgia. This program became effective January 1, 2017 and extends through 2021 and includes 58 approved rural hospitals. The program allows taxpayers to make donations to RHO’s in return for Georgia tax credits. Originally, the credit was limited to 70% of funds donated but later increased to 90%. [...]

June 15th, 2018|

Tax Cuts and Jobs Act of 2017

Important Highlights for Individuals and Small Businesses On December 15, 2017, Congress released the 2017 Tax Cut and Jobs Act (“the Act”) that has now passed both the House and Senate and is expected to be signed immediately by President Trump. The Act represents the most sweeping changes in the tax code in over 30 years. Since the Act was published on December 15, we have been analyzing its details to advise clients on [...]

December 21st, 2017|

Estate Tax Exemption Portability – Relief from missed portability election recently granted by IRS under Rev Proc 2017-34, but some estates will need to act quickly!

Internal Revenue Code 2010(c) grants a surviving spouse’s estate the ability to utilize unused estate tax exemption amounts from the estate of the first spouse to die in certain situations.  This has been a most welcomed estate and gift tax management tool in recent years.  In many cases it has simplified estate planning for married couples tremendously. However, to qualify, an estate tax return (Form 706) must be timely filed, generally within 9 months of [...]

September 12th, 2017|

Quarterly Estimated Tax Payments for Individuals

The next due date for individual estimated tax payments is September 15. Are you prepared? Individuals must pay 25 percent of a required annual payment by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. The required annual payment for most individuals is the lower of 90 percent of the tax shown on the current year's return or 100 percent of the tax shown on the return for the previous [...]

September 8th, 2017|

Revised Extended Due Dates for Corporate, Partnership, and Trust Tax returns

Taxpayers who can't file a tax form on time can ask the Internal Revenue Service (IRS) for an extension to file the form. A new law enacted in 2015 has caused some confusion in the new due dates for extended income tax returns beginning with the 2016 tax form filings. Below is a quick summary of the new extended due dates to help with any uncertainty you may have: Form 1120 (C-Corporation Income Tax Returns) [...]

September 5th, 2017|

CoNexus CPA Named One of The Best Places to Work in Georgia

At 8:30 a.m., the lights turn on at the office shadowing SunTrust Park. The hustle and bustle of Atlanta begins —car horns, whistles and cheers surround the new Atlanta Braves stadium. However, that is nothing compared to the energy that flows throughout the office of CoNexus CPA Group. CoNexus prides itself on upholding a team atmosphere. We believe that focusing on a common goal leads to great team results and that great team results translates [...]

August 30th, 2017|

CoNexusCPA Can Strengthen Your Internal Controls

As technology improves, so do cyberattack efforts. According to the Federal Bureau of Investigation’s Internet Crime Complaint Center (IC3), “Since January 2015, there has been a 1,300 percent increase in identified exposed losses, now totaling over $3 billion.” This makes prevention and detection more difficult for businesses. Although difficult, having strong internal controls is important. Businesses need strong internal controls to detect and prevent both intentional and unintentional misappropriations of assets. At CoNexusCPA Group, we [...]

August 16th, 2017|

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