Amy Woolf

Let’s review the key changes and how businesses in Texas may want to rethink their tax strategies, budget differently for equipment purchases and align research activities with the new rules to maximize R&D tax credit benefits.(Sponsored Content by Doeren Mayhew)

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Texas is changing its rules for data processing services. Here's what you need to know. The Texas Comptroller of Public Accounts adopted amendments to the Administrative Code to align with Senate Bill 153. The amendments focus on expanding and updating of important definitions, creating clearer distinctions between taxable and non-taxable services, new rules for bundles, and refining of multi-state allocation rules. But what does this really mean? Long story short, the Comptroller is expanding and clarifying what counts as data processing services. Here are the headlines: Data processing = entering, retrieving, or storing info using a computer. Taxable services include: 💲word processing 💲payroll 💲business accounting data production 💲use of computer equipment 💲use of computers for data processing 💲routine data handling 💲preparing loan forms 💲managing product listings for marketplaces Non-taxable services include: ❌Compiling survey results ❌Lab tests ❌Services that focus on professional judgement. As a general rule of thumb for Texas, if the services are mostly data handling, they're taxable. However, if the services apply special knowledge, like a doctor interpreting medical tests, then they are often not taxable. This is just the start of these updates. Read more about how you need to proceed here: https://lnkd.in/gVKmNi_2 #Texas #Data #Accounting

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Texas lawmakers are making a bold move to challenge Delaware’s long-standing dominance as the top state for corporate incorporation. With sweeping reforms proposed under Senate Bill 29, Texas aims to create a highly favorable legal environment for businesses. If passed, these reforms would reshape corporate governance, limit shareholder lawsuits and offer new protections to companies choosing to incorporate in Texas. Read more about this unfolding race for corporate influence. #CorporateGovernance #TexasBusinessLaw #BusinessIncorporation

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Accuracy builds trust. Our audit and assurance services give businesses confidence in their financial reporting. #TrustedAdvisor #HoustonBusiness #Audit

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