Month: December 2023

Albrquerque

New Mexico Adopts Regulation on Taxability of Receipts From Digital Advertising

By Peter G. Pupke, Esq. Effective December 19, 2023, New Mexico has adopted a regulation that specifies that receipts of a digital platform that displays digital advertising are subject to the state’s gross receipts tax (GRT). The state also amended a regulation on reporting GRT according to business location to add an example on reporting …

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Tax Brief

PRE-REGISTRATION REQUIRED FOR ELECTIVE PAYMENTS. More information about the IRS’s advance registration system is expected before the end of 2023. The pre-filing notice of the intent to claim and receive an elective payment must be submitted electronically in sufficient time to have a valid registration number (for each applicable credit property) at the time the …

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Five-Minute Tax Briefing December 19, 2023 No. 2023-24

Item for Thursday, December 14, 2023 FinCEN Issues Updated FAQs on Beneficial Ownership Information Reporting: The Financial Crimes Enforcement Network (FinCEN) has updated its frequently asked questions (FAQs) on the beneficial ownership information (BOI) reporting requirements that will take effect on 1/1/24. Enacted as part of the Corporate Transparency Act, certain business entities created or registered …

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Content Alert: 2024 State Paid Family and Medical Leave Rates

By Payroll Update Staff A number of states established Paid Family and Medical Leave Insurance programs that provide wage replacement benefits to workers who take time off for qualified reasons such as the birth, adoption, or foster placement of a child, illness, family caregiving, and other life events. In general, these state programs require employer …

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New ASU Adds Selected SEC Disclosures to Codification

ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, was issued in October 2023. Why Was the ASU Issued? In 2018, the SEC issued Release No. 33-10532, Disclosure Update and Simplification, which contained certain disclosure requirements that overlap with U.S. GAAP, but require additional information. Because of this overlap, these …

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