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Tag Archives: accounting

JOHN FLETCHER: Internet sales tax gets its day in court

» Supreme Court hears arguments in major case challenging Quill Like kids queuing for the next iPhone or Star Wars episode, state and local tax experts from across the country last week camped out overnight to witness U.S. Supreme Court arguments in the internet sales tax case, South Dakota v. Wayfair.  The online seller, along with Overstock.com and Newegg, challenged ...

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Analysis: Auditor wants improved use of accounting system

State Auditor Stacy Pickering says an increasing number of accounting problems shows state employees need more training in governmental accounting practices and how to use the $100 million accounting software system that the state turned on in 2014. But maybe the more important question is, can anyone make recalcitrant agencies care? That’s one main thrust of the findings that Pickering ...

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LAW ELEVATED — Opportunity Funds — The new tax bill’s incentive to spur investments into certain community development projects

The 2017 Tax Cuts and Jobs Act, enacted Dec. 22, 2017 (the “Act”), offers new tax incentives aimed at benefiting low-income communities (“LICs”) (as defined under the new markets tax credit (“NMTC”) regulations) through the creation of Qualified Opportunity Zones (“Opportunity Zones”).  Congress believes the Opportunity Zone legislation will encourage investments that will be used to start businesses, develop abandoned ...

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JOE BABB: Political ramifications of tax reform still unknown

President Reagan signed the Tax Reform Act of 1986 on Oct. 22 of that year. The bill, which enjoyed wide bipartisan support, became law 323 days after its initial introduction in the House. The Tax Cuts and Jobs Act of 2017, the largest tax code overhaul since 1986, was signed just 42 days after it was introduced and did not ...

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When lawyers stumble … help comes from a source that won’t judge

By NASH NUNNERY Forget stereotypes – being a lawyer isn’t quite as glamorous as Hollywood portrays it to be. Television legal drama ‘Suits’ or 1990s hit series ‘LA Law’ might make for must-see Netflix viewing but the practice of law can be demanding and exceedingly stressful. Work days stretch into work nights. Demand to meet the firm’s billable hours quota ...

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Mississippi less taxing for retirees

By BECKY GILLETTE Mississippi has been named the No. 4 most-friendly tax state for retirees by Kiplinger’s Personal Finance in the recently released 2017 Retire Tax Map which looks at the most and least tax-friendly states for retirees across all 50 states. Sandra Block, senior editor, Kiplinger’s Personal Finance, said one reason Mississippi scores so high for being tax friendly ...

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Police: Mississippi lawyer arrested on meth charge

A Mississippi attorney has been arrested on drug charges. Richland police said in a Facebook post that Jeffrey Knight was arrested during a traffic stop conducted for numerous traffic violations on Tuesday night. A drug detection K-9 alerted officers, who conducted a search and found 8 grams of methamphetamine hidden inside the car. News outlets report Knight, a local attorney, ...

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38-year Mississippi judge dies, aided criminal rules

A longtime south Mississippi circuit judge has died. State Supreme Court spokeswoman Beverly Kraft says Robert “Rip” Prichard III died Saturday at 78. No cause of death was released. Prichard retired in 2010 as Mississippi’s longest-serving trial judge. He was appointed in 1972 in a judicial district including Jefferson Davis, Lamar, Lawrence, Marion and Pearl River counties. Supreme Court Chief ...

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WE LAW — Divorce, alimony and the GOP tax plan

The U.S. House of Representatives passed the “Tax Cuts and Jobs Act”, its version of tax reform, on Nov. 16. The bill, if signed, would eliminate the deduction for alimony obligations entered into after Dec. 31, 2017. The Senate’s tax reform plan, which appears to be on its way to debate and a vote on the Senate floor, currently retains ...

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How to keep your accountant accountable

By JULIA MILLER For years, technology has been changing how we do everything from driving to paying our bills. Just as new websites and applications have improved our abilities to handle our personal finances, software has made some aspects of accountants’ jobs more efficient. As organizing and tracking debits and credits gets easier, accountants can turn their attention to other ...

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