Sales Tax: Supreme Court Ruling Affects Retailers and Consumers

July 16, 2018 | Court Rulings, Financial Planning, Tax Planning

  A new U.S. Supreme Court ruling paves the way for states such as Maine to require Internet sellers to collect sales tax from consumers — even when they don’t have a physical presence in the state. (South Dakota v. Wayfair, No. 17-494, June 21, 2018) With this ruling, the Court has reversed the long-standing, albeit controversial,  Continue Reading »

New Tax Benefits of Hiring Your Kid

July 9, 2018 | Financial Planning, IRS Regulation, Tax Planning

Summer jobs remain an effective way for kids to learn about fiscal responsibility, save for college or even retirement, and supplement their spending money for the next school year. If you’re a Maine business owner, think about hiring your child or grandchild as a legitimate employee. Under the Tax Cuts and Jobs Act (TCJA) it  Continue Reading »

What’s the Status of Gender-Based Pay Discrimination?

July 6, 2018 | Court Rulings, Uncategorized

The widespread belief that pay discrimination is rampant in Maine and across the country, regardless of the underlying facts, is what puts many employers at risk for litigation based on charged of unequal compensation. A recent Pew Research poll found 77% of women agreeing with this statement: “This country needs to continue making changes to give  Continue Reading »

Supreme Court Sides with Employers on Arbitration Agreements

July 5, 2018 | Court Rulings, Uncategorized

The Supreme Court often agrees to rule on issues where individual appeals courts have come to different conclusions, in order to create a uniform national legal standard. This was the situation when the court passed down a 5-4 decision for Epic Systems Corp. v. Lewis. The question being decided was whether the Federal Arbitration Act  Continue Reading »

Does Your Business Need a Temporary CFO?

July 2, 2018 | Business Plans, Financial Planning, Fraud Prevention, Uncategorized

Does your Maine company need a chief financial officer but you can’t afford to hire one full time? Or do you need someone to help prepare your business to be sold, handle a special project, or cover for an executive who is ill or left the organization? A temporary, or interim, CFO usually has a variety  Continue Reading »

Expert’s Exclusion Dooms ‘Frozen Market’ Theory and Loss of Value Claims

June 29, 2018 | Court Rulings, Valuations

TiVo Research & Analytics, Inc. v. TNS Media Research LLC A damages case involving significant amounts of money began to unravel when the trial court excluded the plaintiff’s expert, saying the damages opinion failed the causation requirement. The plaintiff’s subsequent effort to prove its claim through lay witness testimony also came to nothing. On remand,  Continue Reading »

New Study Reveals Costs, Means and Ways to Stop Fraud

June 25, 2018 | Business Plans, Fraud Prevention

Would you leave the front door of your house unlocked? Probably not. What about your business or not-for-profit organization? Even more unlikely. While we like to think the best of our fellow Mainers, leaving the front door unlocked would welcome in the thieves. Not having strong anti-fraud controls in place at your business to protect  Continue Reading »

Last Chance to Claim the Domestic Production Activities Deduction

June 22, 2018 | IRS Regulation, Tax Planning, Tax Preparation

The U.S. corporate tax rate has historically been among the highest in the world. The DPAD (domestic production activities deduction) was created by Congress years ago to help even out the playing field between American manufacturers and their competitors operating in countries with lower tax rates. Before the Tax Jobs and Cuts Act (TCJA), C corporations  Continue Reading »

ESOP Trustee’s ‘Passive and Blind’ Adoption of Valuation Spells Liability

June 20, 2018 | Court Rulings, Valuations

Perez v. First Bankers Trust Services, Inc. Close on the heels of the Brundle case, in which the court ruled the ESOP trustee was liable for a $28 million overpayment, comes a second decision finding trustee liability. In tandem, these cases drive home the point that an ESOP trustee is ultimately accountable for determining fair  Continue Reading »

Supreme Court Spotlights Employee Status: Exempt or Not?

June 18, 2018 | Court Rulings

Fewer than 100 of the thousands of cases appealed to the U.S. Supreme Court each year get a full-blown hearing and ruling. Encino Motorcars v. Navarro is one case that did make it through in the current court term. We wrote about this previously in relation to the question of whether car dealer service advisors  Continue Reading »