BE Informed

On this episode of SALTy Bits, Jared Brown (Partner, Bristol, TN office) sits down with Will Clark (Director, Kingsport, TN office) from the firm's SALT (State and Local Tax) team to break down two foundational state tax concepts: nexus and apportionment.

Will explains what nexus is and how it differs across tax types—covering physical presence, economic nexus, and factor-based nexus—and why sales tax and income tax rules rarely line up from state to state. The conversation then moves to apportionment, where Will distinguishes it from allocation and walks through the classic three-factor formula (sales, property, and payroll), explaining how sourcing rules and formula weighting (single sales factor, double-weighted sales, or equal three-factor) vary widely by state, including Tennessee's own shift to a single sales factor system.

The episode wraps with practical takeaways: understanding nexus mainly triggers a filing requirement (not necessarily a tax bill), keeping the three main types of nexus straight, and recognizing how apportionment formulas can sometimes result in taxpayers being taxed on more than 100% of their income when totaled across all states of operation.

In this episode of BE Informed, I delve into the often intimidating world of sales and use tax audits with tax experts Richard Headley and Jarrod Brown. We break down what to expect when you receive an audit notice, emphasizing the importance of staying calm and seeking professional guidance early in the process. From understanding the differences between desk and field audits to knowing what documents auditors typically request, we provide essential tips on preparation and compliance. We also discuss the significance of proper documentation and the audit periods involved. Tune in to gain insights that will empower you to navigate audits with confidence and reduce potential risks.

In this episode of SALTy Bits, Jared Brown (Partner, Bristol, TN office) sits down with Kim Bell, Senior Manager in the Lynchburg office and member of the SALT team, to break down the often-overlooked world of personal property tax reporting. They cover what qualifies as personal property (tangible business assets like computers, phones, and furniture) versus intangible assets like software, and clarify how the IRS's $2,500 de minimis election affects income tax reporting but not personal property tax returns. Kim shares practical tips for tracking assets — including using barcode software or a simple Excel spreadsheet — and stresses the importance of recording purchase date, cost, and location for each asset, especially for businesses with multiple locations. They also discuss filing deadlines (typically January through March), extension policies, and billing cycles. The takeaway: good record-keeping and accurate location tracking are key to staying on top of personal property tax obligations.

In this episode of BE Informed, join me, Brittany Quinn, as I introduce you to the talented audit managers and seniors from Brown Edwards who specialize in employee benefit plan audits. You'll hear from Dean, Kaitlyn, Megan, Rebecca, and Shannon as they discuss their roles, share insights on common audit findings, and outline what clients can expect when collaborating with them. Our team prides itself on delivering quality and trust while ensuring compliance with industry standards. Tune in to learn how we can help you navigate the complexities of benefit plan audits and enhance your organization's financial health. If this episode resonates with you, don't forget to share and subscribe for more valuable insights!

In this episode of the Brown Edwards Benefits Buzz Podcast, host Brittany Quinn, audit partner at Brown Edwards, sits down with EBP audit professionals Jessica Hite and Shannon Cook to discuss how plan sponsors can prepare for a smoother, less stressful audit experience. Together, they break down the key drivers of audit success — from proactive communication and early coordination with TPAs, to organizing core documentation like census data, payroll reports, and compliance testing results. Whether you're heading into your first audit or looking to refine your process, this episode offers practical, experience-backed advice for building an audit-ready approach that pays off year after year.

In this episode of the Brown Edwards Benefits Buzz podcast, host Brittany Quinn, audit partner at Brown Edwards, is joined by Katelyn Tolliver to discuss one of the most common — and preventable — compliance pitfalls facing employee benefit plans: eligibility and enrollment errors. Together, they break down how these errors occur across 401(k)s, ESOPs, and health and welfare plans, walking through real-world examples like incorrect service calculations, missed auto-enrollment settings, HR and payroll miscommunication, and TPA transitions gone wrong. They also cover why these errors matter from a compliance, financial, and employee trust standpoint, and share practical prevention strategies. Plus, they explain what plan sponsors should do if an error is discovered, including how the IRS's EPCRS correction program and the SECURE 2.0 Act's expanded self-correction provisions can help.

In this episode of BE Informed, I dive deep into the essential business provisions of the One Big Beautiful Bill Act, passed on July 4th, 2025. Joined by fellow tax manager Kevin Forget, we break down the significant changes, particularly the permanence of 100% bonus depreciation and the substantial increase in Section 179 expensing limits. We also explore the introduction of a new code section, 168N, which offers a 100% deduction on real estate for qualified production properties, a game-changer for manufacturing clients. With insights on how these provisions can impact your business strategies, this episode is a must-listen for anyone navigating the complexities of tax compliance and financial planning in today's landscape. Tune in for valuable insights that could shape your financial future.

Tax experts Jacob Reeves and Kevin Forget break down key business provisions from the One Big Beautiful Bill Act (OB3) passed on July 4th, 2025. Learn about expanded completed contract methods for residential construction, permanent opportunity zone extensions with new rural incentives, and enhanced low-income housing tax credits. Essential updates for construction industry clients and real estate investors.

In this episode of BE Informed, I dive into the significant business provisions of the One Big Beautiful Bill Act, also known as OB3, which was enacted on July 4, 2025. Join me as I explore the reinstatement of EBITDA in calculating the business interest deduction, a change that offers more flexibility for leveraged companies. I also discuss the expanded definitions impacting motor vehicle and trailer dealerships, including new regulations regarding floor plan interest. Additionally, I highlight the implications of capitalizing interest under the uni cap rules, especially for those in construction. This episode is packed with vital information to help you navigate these changes effectively, ensuring you stay ahead in your financial planning. Tune in for essential insights that could impact your business strategy.

In this episode of BE Informed, I delve into the significant changes brought by the One Big Beautiful Bill Act (OB3), specifically focusing on R&D tax deductions that business owners need to understand. Joined by tax manager Kevin Forget, we explore how the new provisions allow small businesses to immediately expense their R&D costs, reversing previous amortization requirements. We discuss the implications for companies with gross receipts under $31 million and highlight planning strategies, including the option to file superseded tax returns. Don't miss this opportunity to learn how to maximize your deductions and potentially secure refunds for prior years. Tune in for essential insights that could impact your bottom line.