INSIGHTS AND RESOURCES

RSM US Middle Market Business Index Eases Slightly in May but Overall Remains Strong as the Economy Continues to Reopen

RSM US Middle Market Business Index Eases Slightly in May but Overall Remains Strong as the Economy Continues to Reopen

RSM today announced results of the May 2021 reading for its RSM US Middle Market Business Index (MMBI).
Tax Court applies equitable estoppel against taxpayer

Tax Court applies equitable estoppel against taxpayer

Taxpayer relied on statute of limitations to defer tax on merger, then reversed course and said merger was taxable to reduce acquirer’s tax.
RSM Middle Market Business Index: May 2021

RSM Middle Market Business Index: May 2021

Middle market firms signal growing confidence in the American economy relaunch according to the May RSM US Middle Market Business Index.
Court case challenges filing requirements for crypto staking rewards

Court case challenges filing requirements for crypto staking rewards

Court case challenges income tax filing requirements for crypto staking rewards stating that they are taxpayer created and thus not income.
Tax-free student loan payments

Tax-free student loan payments

COVID-19 legislation permits taxpayers to provide tax-free payments for certain student loan payments through 2025.
Inflation is back: Is it here to stay?

Inflation is back: Is it here to stay?

Recent economic data has stoked inflation fears. The question is whether these signs of upward price pressure are cyclical or structural.
Massachusetts court allows sales tax on software to be apportioned

Massachusetts court allows sales tax on software to be apportioned

Purchasers of software to be used in multiple jurisdictions can apportion sales tax and may be able to seek a refund of tax paid.
Court of Appeals rejects IRS’ substance over form argument

Court of Appeals rejects IRS’ substance over form argument

Ninth Circuit reverses Tax Court, based on Congress’ provision of tax benefits based on form rather than substance.
G7: Groundbreaking steps to a 15% global minimum tax

G7: Groundbreaking steps to a 15% global minimum tax

During conversations on Saturday June 5, 2021, the G7 made historic strides toward multilateral agreement on a 15% global minimum tax rate.
New Canadian GST HST rules may affect certain nonprofits

New Canadian GST HST rules may affect certain nonprofits

Organizations earning fees for digital products and services from residents of Canada may be required to register for GST/HST.
South Carolina enacts SALT deduction workaround

South Carolina enacts SALT deduction workaround

South Carolina becomes the latest state to enact a state and local tax deduction limitation workaround joining at least a dozen others.
Nebraska cuts corporate income tax rates

Nebraska cuts corporate income tax rates

Nebraska enacts corporate income tax rate reductions over the next two years while promising more reductions in subsequent measures.
Maryland delays digital ad tax; provides digital goods clarification

Maryland delays digital ad tax; provides digital goods clarification

The first-in-the-nation digital advertising tax is postponed for one year until 2022 while the state prepares regulations and guidance.
White House releases President’s budget, Treasury Greenbook

White House releases President’s budget, Treasury Greenbook

Administration issues Presidential priorities and pay-fors. Corporations and wealthy individuals face prospect of increasing tax rates.
Responsible Officer (RO) FATCA Certifications are due July 1, 2021

Responsible Officer (RO) FATCA Certifications are due July 1, 2021

RO certifications for the Dec. 31, 2020 period are due July 1, 2021. RSM can assist ROs with this and other FATCA compliance requirements.