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100% Bonus Depreciation…Sounds Like a Good Idea!

Posted by Susan Sabatini on Jan 27, 2011 in Blog, January, Legal, Tax | 4 comments

With the passage of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 the effectof bonus depreciation on auto limits is taking an unexpected spin. When bonus depreciation was first enacted in 2001, it was an advantageous way for companies to quickly claim depreciation and accelerate the write-off of the cost of equipment and other assets used in the course of business. As time passed, bonus depreciation went from 30% to 50% and now to 100%. Wow! 100%! Sounds great, write off those assets in one year! Reduce the bookkeeping time, reduce our taxable income, I’ll get home early every night! What a great idea!

Is Tax Still in the Hot Seat?

Posted by Kelley Lear on Jan 19, 2011 in Blog, Fixed Assets, January, Legal, Red Whine Wednesday, Tax | 0 comments

I was just reading a white paper from Deloitte entitled “Material weakness and restatements – is tax still in the hotseat?” and I had to share my thinking on this for Red Whine Wednesday. Thought it was a pertinent topic that most you can relate to. I was surprised to see that even though the overall number of occurrences has declined in total and by issue, income taxes are still the most prevalent of the US GAAP failures reported. They breakdown into the following areas, with Tax accruals/deferrals topping the list at 27%!

The Enhanced Relationship in our Global Tax Environment: Is it Possible?

Posted by Kelley Lear on Nov 30, 2010 in Blog, Compliance, Legal, Tax | 0 comments

I was reading a recent interview between Ernst & Young (E&Y) and Jeffrey Owens, the Director of the OECD Centre for Tax Policy and Administration shortly after the June 2010 Toronto G20 meeting; and was struck by the conversation and implications…and found myself wondering how much is possible in this global environment?

Vertex Exchange 2010: Tax Transformation Interactive Panel Discussion

Posted by Kelley Lear on Oct 27, 2010 in Blog, Events, Finance, Legal, Software, Tax | 0 comments

At the Vertex 2010 in Orlando, the opening day of the conference started with some lively conversation! In fact, I think I will need to break this blog post into multiple parts…

We intended to follow along for an interactive panel discussion on Tax Transformation, and the discussion became so interactive that the audience participation began to transform the discussion into many shared experiences, challenges and solution paths. The panel was moderated by Bob Norton the Chief Taxation Officer from Vertex, with a panel of industry experts including Bob Adams, formerly with the IRS on LMSB (now with RSM McGladrey), Anne Giffels of Ryan, Inc. and Debbie Schleicher of Grant Thornton LLP.

CYA: The Easy Way

Posted by Kelley Lear on Sep 21, 2010 in Compliance, Legal, September, Tax | 0 comments

There are few things that make your stomach sink quite like realizing you’ve missed a deadline. We’ve all felt it go from bad to worse when we realize—it wasn’t our deadline we missed. It was for our company. I remember a Tax Director telling me that as she walked by one of her staff desks, she happened to see several overdue statements in an inbox. She had no idea that she was missing some of the local filings and payments…not a good feeling. In tax, the damage is compoundable…the late fees worsen almost daily. I was reminded of this fact a few days ago in reading an article about filing deadlines for businesses. The piece, by AP writer Joyce M. Rosenberg, is a great reminder of the dangers of missing filing deadlines.

Legal Entity Simplification: Impossible? Part II

Posted by Kelley Lear on Jul 26, 2010 in Blog, Events, Fixed Assets, July, Legal, Tax | 0 comments

This blog is the second in a two-part series regarding Corporate Legal Entity Simplification, inspired by Red Moon Solutions Managing Director Kelley Lear’s participation in the Chicago Tax Club (CTC) meetings in June.

In today’s regulatory environment, we cannot talk about structural changes and advantages in simplification without talking about code sections in place to watch out for certain strategies and behaviors deemed to be put in place due specifically for income tax savings…For example, Sec. 7701(o) adopts a conjunctive test in which “the transaction changes in a meaningful way (apart from federal income tax effects) the taxpayer’s economic position,” AND “the taxpayer has substantial purpose (apart from federal income tax effects) for entering into such transaction.” The second prong of that code section is subjective to include “state and local tax benefits” and “financial accounting benefit”. Again, these cannot be relied upon solely if you also have a federal benefit. Those darn regulators.

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Blog Authors

Jim Shedivy

Jim focuses on the long term strategy and the alliance opportunities for Red Moon Solutions, a privately held family business. He has over twenty years of experience in managing tax technology projects and businesses.

Kelley Lear

Kelley is a member of the executive leadership team and leads our sales and marketing efforts at Red Moon Solutions. Kelley’s extensive experience in project management, product management, and consulting with Fortune 500 and Global 1000 clients is extremely important in this role.

Susan Sabatini

Susan Sabatini is the Client Services Manager at Red Moon Solutions. She uses her project management experience and a client focus to ensure Red Moon Solutions’ clients have successful implementations. Susan also leads our client support team.

Traci Wheeler

Traci is a member of the executive leadership team and leads our sales and marketing efforts at Red Moon Solutions. She has over ten years of software business experience serving small and large clients in a variety of industries.