November/December | 2018
Supreme Courts Wayfair decision - What it means for Internet and mail-order sales
In its much-anticipated decision in South Dakota v. Wayfair, the U.S. Supreme Court ruled, by a 5 to 4 margin, that a state may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in the state. In reaching this result, the court overturned its landmark 1992 decision in Quill Corp. v. North Dakota. This article explains how the ruling affects businesses and their tax obligations. A sidebar explores whether other states will follow South Dakota’s lead in establishing similar sales thresholds to establish substantial nexus.

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GST tax exemption has increased, but not permanently
One change affecting estate plans under the Tax Cuts and Jobs Act is that, for the estates of persons dying after December 31, 2017, and before January 1, 2026, the generation-skipping transfer (GST) tax exemption amounts increase to an inflation-adjusted $10 million, or $20 million for married couples with proper planning ($11.18 million and $22.36 million, respectively, for 2018). This article details how the GST tax works and what transfers are taxable.

Got bitcoin? - Understand your tax obligations

The tax treatment of bitcoin and other “virtual currencies” — also known as “cryptocurrencies” — is widely misunderstood. But if one invests in virtual currency, uses it to pay for goods or services, or receives it as payment for goods or services, failure to understand the tax obligations can have serious consequences. This article explains the IRS policies regarding virtual currencies.

Tax Tips
Should you donate your car to charity?

These brief tips explain why donating a car to charity may not be the most tax-efficient strategy, detail what to address in an estate plan for a college-age child, and discuss new IRS compliance campaigns that target specific business-related tax issues.

Firm News: HMWC CPAs & Business Advisors - Toys for Tots drop off site

Starting November 26- December 14th HMWC CPAs & Business Advisors is hosting a Toys for Tots drive ; donation boxes are in the lobby of HMWC's offices at 17501 E. 17th Street, Ste 100, Tusitn, CA 92780. We are collecting new unwrapped toys - $10 and up.

New HMWC website
HMWC is pleased to announce the launch of our new website! This leading-edge design incorporates user-friendly content through the site, vibrant photos, and intuitive navigation. You’ll find industry-specific sections, our latest news and resources, details on our services and partners, and more! Fresh content is added every week. Please check it out and let us know of your feedback.”
HMWC CPAs & Business Advisors | (714) 505-9000 | (714) 505-9200 F | cpas@hmwccpa.com