New Mexico Advises on Gross Receipts Tax Liability for Marketplace Providers

New Mexico Advises on Gross Receipts Tax Liability for Marketplace Providers

By Lisa Lopata, Esq., Checkpoint The New Mexico Taxation and Revenue Department (TRD) issued a ruling to a marketplace provider discussing gross receipts tax liability for various fees it receives. The marketplace provider offers products and services to marketplace sellers and customers. In response to a ruling request, the TRD explains the definition of gross …

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Retirement Plan Automatic Enrollment, Catch-up Contribution Rules Proposed

Retirement Plan Automatic Enrollment, Catch-up Contribution Rules Proposed

By Federal Tax Update Staff Treasury and the IRS have proposed regulations on retirement plan automatic enrollment and catch-up contributions, incorporating changes under the 2022 SECURE 2.0 Act. (Preamble to Prop Reg REG-100669-24; IR 2025-09, 1/10/2025;Preamble to Prop Reg REG-101268-24; IR 2025-07, 1/10/2025) Automatic enrollment. The SECURE 2.0 Act added Code Sec. 414A, to require that certain newly-established 401(k) and 403(b) plans …

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Watch Out for These Common Financial Statement Errors

Watch Out for These Common Financial Statement Errors

Each year, Thomson Reuters editors and outside authors review dozens of sets of financial statements while updating our products. We look to ensure they comply with accounting principles generally accepted in the United States (GAAP). This article highlights some of the recurring errors we found. Practical Consideration: Financial statement preparers should consider materiality when determining the …

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Don’t Let Technology Be a M&A Spoiler!

It seems every time you open an accounting journal, there’s another round of Mergers and Acquisitions (M&A) announcements being featured. While growth through M&A has always been part of the accounting landscape, the influx of private equity over the past five years has accelerated M&A activity into a frenzied state. Although this drives a more …

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GOVERNMENTAL UPDATE: Implementing Guidance on Uniform Guidance Revisions

Background The Council on Federal Financial Assistance (COFFA) was established in August 2023 by the U.S. Office of Management and Budget (OMB) under Memorandum M-23-19. The OMB’s intent was to create an interagency forum to improve coordination, transparency, and accountability in the oversight and management of federal funding. Aligning with that purpose, the COFFA maintains …

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