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#tax-compliance

Tax Compliance

Stay compliant with tax regulations and filing requirements

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13 min read

Bulk Sale Notices and Successor Liability: How Asset Buyers Inherit the Seller's Tax Debts

An asset purchase does not automatically leave the seller's unpaid state taxes behind. State bulk sale statutes make the buyer liable unless notice is filed before payment or possession — New York requires Form AU-196.10 by registered mail 10 days ahead, California requires a CDTFA clearance certificate rather than escrow alone, and Illinois and Pennsylvania extend successor liability to income taxes. Here are the clearance rules, the non-tax liabilities that ride along, and a seven-step checklist to run before closing.

Mike Thrift

business-acquisitionbuying-a-businesssales-tax
11 min read

Donating Your Old Work Truck or Van? Why the Deduction Is the Sale Price, Not Blue Book

Since 2005, the IRS has limited most vehicle donation deductions to the charity's actual sale proceeds reported on Form 1098-C — not Blue Book value. This guide covers the $500 and $5,000 paperwork thresholds, the three exceptions that allow full fair market value, and why a fully depreciated work truck can produce a $0 deduction plus taxable recapture income.

Mike Thrift

charitable-givingtax-deductionstax-planning
9 min read

The Student FICA Exemption: Who Qualifies, and Where Payroll Gets It Wrong

Wages paid to a student by the school they attend are exempt from the 7.65% FICA tax under IRC Section 3121(b)(10), but only when the worker clears all four Revenue Procedure 2005-11 tests — at least half-time enrollment, under 40 hours a week across all campus jobs, no professional role, and no career-employee benefits. This guide covers the safe harbor, the five-week break rule, the graduation cliff, and how to correct withholding in either direction.

Mike Thrift

payrolltax-compliancewithholding
11 min read

Filed Early and Found a Mistake? How a Superseding Return Replaces Your Original Before the Deadline

A superseding return is a complete second return filed before the deadline (including extensions) that legally replaces your original, unlike a Form 1040-X amendment filed after it. It preserves elections reserved for original returns and can stop interest and penalties — but when filed during an extension period it does not reset the three-year assessment or refund clocks, which run from the first valid return.

Mike Thrift

taxtax-filingtax-deadlines
8 min read

Wales Business Rates 2026: The Three-Tier Multiplier and the £116M Transitional Cushion

From 1 April 2026 Wales replaced its single non-domestic rates multiplier with three — 0.350 for retail under £51,000 rateable value, 0.502 standard, 0.515 above £100,000 — and is phasing revaluation increases above £300 at 33% in 2026-27 and 66% in 2027-28 with £116 million of transitional relief. Here is how to check which multiplier applies, verify the relief line on your bill, and budget the pre-programmed step-ups.

Mike Thrift

tax-compliancesmall-businessretail
11 min read

Delaware's 4.5% Short-Term Rental Lodging Tax: A Host's Guide to the License and Monthly Filing

Delaware taxes short-term rental stays at 4.5% of rent for agreements entered on or after January 1, 2025. Who collects depends on the booking channel — platforms remit for platform bookings, but direct-booking hosts need the $25 accommodations intermediary license and must file monthly by the 15th, even for zero-income periods. Cleaning fees, linens, and deposits are excluded from the tax base.

Mike Thrift

tax-compliancereal-estateproperty-management
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