[co author: Dennard Small] House Bill 4087* (H.4087) advances income tax credits for corporate headquarters, recycling facilities, job development and retraining by amending the South Carolina Code of Laws to update portions of the South Carolina Income Tax Act and the Enterprise Zone Act of 1995. The primary objectives of this bill include: expanding the … Read more
For personal reasons, part of me wants the process to form a 501(c)(3) as simple as possible. I volunteer with the local high school’s parent-teacher organization (PTO), and by this time next year the organization must secure its tax-exempt status as a nonprofit public charity advancing education.That’s because our school district will no longer manage the financial assets of … Read more
The recent surge in artificial intelligence advancements has started to transform the professional services industry, and corporate tax departments are no exception. GenAI) presents a game-changing opportunity to transform corporate tax operations by enhancing human capabilities and driving strategic decision-making. Insights from the 2024 Generative AI in Professional Services Report In the realm of professional … Read more
Markets assess Donald Trump was the victor in the first US presidential debate against Joe Biden on Thursday and investors are “already busy” re-evaluating their portfolios to align with the anticipated economic policies that a Trump administration might pursue. Following the head-to-head TV debate, online prediction market PredictIt showed Biden’s odds down to 39% from … Read more
Major pieces of the 2017 Tax Cuts and Jobs Act (TCJA) expire at the end of 2025, at which time taxes will increase by over $400 billion annually. While the TCJA improved the federal tax code, Congress and whoever the next president is should look to the states for ideas to make it even better. … Read more
Artificial intelligence (AI) is one of the most innovative and disruptive technologies in recent decades. The AI market has expanded rapidly as more organizations recognize the value of leveraging big data to make intelligent business decisions and improve customer experiences.Moreover, the rise of large language models (LLMs) and generative AI platforms, such as Open AI’s … Read more
Businesses must innovate and adapt to the changing indirect tax landscape to stay competitive. Corporate tax departments are using technology increasingly as a strategic partner to address these issues. Insight on how indirect tax departments intend to use technology to transform their operations can be found in a recent study conducted by the Thomson Reuters … Read more
Shareholders at three of the world’s largest oil companies recently turned down tax transparency proposals from an activist investor. At Chevron, a proposal to publicly report the company’s earnings and tax bills in every country where it operates was defeated on May 29; 85% of votes were against the proposal. The shareholders followed recommendations from … Read more
Sales tax compliance is a bit of an unknown quantity in the US. Calculating the tax gap—the difference between taxes collected and taxes owed—in sales and use tax is much more difficult than the income tax gap. For income tax, there are secondary sources of information available from employers; in sales tax, there is no … Read more
A recent paper in the Vanderbilt Law Review raised a fascinating question about the growing links between corporate tax policy and environmental, social and governance (ESG) strategy. As new global regulations like the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) start requiring corporations to disclose more detail than ever … Read more