Senators Propose Tax Nexus Bill


A bipartisan proposal introduced by two members of the Senate Finance Com­mittee would establish a so-called bright-line standard for state business activity tax nexus. Sens. Charles E. Schumer, D-N.Y., and Mike Crapo, R-Idaho, introduced the proposal in the Business Activity Tax Simplification Act of 2007 on June 28.

The law would codify the physical presence standard—such as the presence of employees or property—for a state to impose corporate income or business activity taxes. Currently, the physical presence nexus standard is most clearly applied to the imposition of sales and use taxes. The bill, S 1726, is available at www.thomas.gov.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

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What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.