What is tax conformity? Tax conformity is a state’s adoption of the federal definitions of income, as contained in the U.S. Internal Revenue Code (IRC). For individuals, it’s the calculation of federal adjusted gross income; for businesses, it’s federal taxable income. Traditionally, Virginia adopts those definitions as of a fixed date — usually, but not
In April 2018, the IRS released temporary guidance on the amended limit on deductions for business interest expense for tax years beginning in 2018. Taxpayers were allowed to rely on that guidance while waiting for regulations. The IRS has now published proposed regulations that taxpayers can rely on until final regs are released. The proposed
PRESS RELEASE November 30, 2018 Harrisonburg, VA firm Yancey Bowman, CPAs, is pleased to announce the joining of their firm with Brown Edwards, effective December 1, 2018. With this union, Roanoke, VA based Brown Edwards will have over 350 associates in 10 offices located in Blacksburg, Bristol, Harrisonburg, Lynchburg, Newport News, Roanoke, and Wytheville,
PRESS RELEASE: October 18, 2018 Brown Edwards is pleased to announce the acquisition of the Newport News practice of Dixon Hughes Goodman effective October 31, 2018. DHG Partners Hugh Barlow and Leslie Roberts along with most of the staff located in Newport News will become part of the Brown Edwards team and a significant number
On September 13, the House Ways and Means Committee passed three separate bills that will be the cornerstone of what is being referred to as Tax Reform 2.0. The bills focus on making permanent certain provisions of the Tax Cuts and Jobs Act (TCJA) that affect individuals, families, and small businesses. They also promote family
The Tax Cuts and Jobs Act passed into law during December 2017 ushered in a new tax savings tool: Opportunity Zone investments. Regulatory guidance clarifying elements of the program has not been published, but Taxpayers nearing liquidity events can begin exploring whether an Opportunity Zone reinvestment strategy fits their business and wealth planning goals.
How do Opportunity Zone reinvestments work?
INSIDE Public Accounting (IPA) announces the release of its 2018 annual financial performance analysis and ranking of the nation’s largest public accounting firms. Roanoke, Virginia based Brown Edwards is among the group of the nation’s top 100 firms again this year, moving up four spots to #95. With the move up the list, Brown Edwards is
June 21, 2018 In what could be one of the most significant decisions on state taxation in the last 50 years, the Supreme Court today ruled on South Dakota v. Wayfair. In a 5-4 decision, the Court held that the physical presence requirement for state tax jurisdiction is incorrect and not a requirement under the
The Internal Revenue Service announced that it is providing taxpayers an additional day to file and pay their taxes following system issues that surfaced early on the April 17 tax deadline. Individuals and businesses with a filing or payment due date of April 17 will now have until midnight on Wednesday, April 18. Taxpayers do not need to do
The Tax Cuts and Jobs Act (TCJA) imposes a limit on deductions for business interest for taxable years beginning in 2018. The limit, like other aspects of the law, has raised some questions for taxpayers. In response, the IRS has issued temporary guidance in Notice 2018-28 that taxpayers can rely on until it releases regulations.
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