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Aprio cloud blog

How to Prepare for the New Sales Tax and Nexus Requirements

How does the June 21, 2018 Supreme Court ruling of Wayfair v South Dakota impact sales tax nexus for e-commerce business owners?

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Do you need a receipt for all deductions?

By Timothy Cofrin • July 6, 2018 at 8:34 AM • Tax and Compliance

In addition to proof of payment, the IRS generally requires that you keep documentary evidence, such as receipts, canceled checks, or bills, to support your expenses. That's a lot of paper! Fortunately, there are some exceptions.

For travel, entertainment, gifts, or transportation expenses, the IRS guidelines state that documentary evidence is not needed if either of the following conditions apply:

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How to Obtain Benefits for Your US Employees

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Veem Enables HPC Accounting & Tax Clients' International Payments

HPC's partnership with Veem makes life easier for our global tax and accounting clients who send and receive money internationally. Veem allows for firms to send and receive payments to over sixty countries—and counting! Through multi-rail payment technology, Veem provides a convenience and a seamless global payment solution that eliminates the middleman. This equates to faster transfers, better tracking, and lower costs.

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The Difference between an Independent Contractor and an Employee

By Tina Duncan • June 5, 2017 at 9:00 AM • Payroll / HR, Tax and Compliance

 

One of the most basic questions about the employment relationship is whether a worker is an employee or an independent contractor. As with so many employment law issues, the answer is, "It depends”.

Employee status triggers employer obligations under various federal and state laws that do not apply to independent contractors, and the responsibility for classifying a worker is the responsibility of the employer. When determining if a worker should be classified as an Employee or an Independent Contractor there are many variables. HPC can offer a wide variety of information to help clients make the right classification if necessary.

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HRAs Allow Small Companies To Reimburse Employees For Health Benefits

By Laura Ring • January 11, 2017 at 10:30 AM • Tax and Compliance

Great news for smaller employers that want to help their employees purchase health insurance, but can’t afford a group plan.  On December 13, 2016, the “21st Century Cures Act” was signed into law.  The law, besides speeding up drug and innovative treatments, allows small employers to once again provide health insurance reimbursements to their employees by using a Health Reimbursement Arrangement (HRA) account.

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FBAR Filing Requirements and Upcoming Changes

By Laura Ring • July 11, 2016 at 3:00 PM • Tax and Compliance

Foreign filing requirements, and in particular, the FBAR, is one of the most important tax filings to have filed on time and correctly in the U.S. 

The filing penalties for the FBAR start at a nominal fee of $10,000 for late filings, and it is a lot different when $10,000 accrues interest vs what a smaller income or local delinquent filing might add up to. There is a rigorous abatement process that in our experience has allowed us to relieve many individuals of these steep penalties. However, that process costs money and time to work through too with a risk of still having to pay the tax liability. This being said, the best way to avoid penalties is to file these returns on time and correctly the first time. Here are some details to help you determine if and when you need to file the FBAR.

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