These new fees that Colorado and Minnesota have implemented (and other states are considering) raise a number of issues that taxpayers must address.
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Reporting & Filing Requirements
Retroactive state tax legislation and interpretations: Ohio update
Questions remain after a retroactive law causing Ohio business income on the sale of an equity interest was challenged in court.
State voluntary disclosure programs: A practice guide
An agreement under a state’s program enables taxpayers to rectify past noncompliance, often with a limited lookback period and waiving penalties.
State considerations for BBA exams and adjustments
States vary in their treatment of partnership adjustments made under the centralized partnership audit regime instituted by the Bipartisan Budget Act of 2015.
Recent developments in states’ PTETs
This column offers updates and resources regarding the passthrough entity taxes that have been implemented in three dozen states.
State income tax considerations for non-US corporations
Foreign corporations operating in the United States need to be aware of state income tax rules, including those involving nexus, determining state taxable income, and filing methods.
PTETs: Orchestrating ASC 740 compliance
Passthrough entity tax (PTET) elections give partners and shareholders a workaround to the $10,000 deductibility limit for state and local taxes for individuals, but entities must reckon with their financial accounting implications while adapting to a wide variety of state PTET regimes.
State responses to federal changes to Sec. 174
With a number of states having decoupled from the new federal requirement for research and experimental expenditures to be capitalized, multistate businesses must survey potentially varied state deductibility.
State filing one month after federal: AICPA resources for state CPA societies
The AICPA, state CPA societies, and other tax policy and advocacy organizations work to encourage states to make their return filing dates one month after those for corresponding federal returns.
State tax considerations for financial institutions
This item identifies key state and local tax considerations financial institutions should timely review to be compliant and avoid traps for the unwary.
PTE deduction: Timing issues for accrual-method taxpayers
taxpayers and practitioners face uncertainty regarding the timing of the deduction provided for in Notice 2020-75.
Cryptoasset issues in state and local taxation
This item highlights a few issues taxpayers should consider in income taxation, sales taxation, and unclaimed property/escheat reporting.
Continued challenges involving teleworking employees: The new normal
Complications of teleworking continue to arise, with each state making its own tax rules.
Senate Finance airs post-Wayfair sales tax burdens
Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.
Tennessee taxation of passthrough entities
An insufficient understanding of the rules can be dangerous to taxpayers when determining which entity has a filing responsibility in Tennessee.
SALT payments before year end a priority for passthroughs
To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
Remote work creates a spectrum of state and local tax issues
The COVID-19 pandemic is forcing businesses to reevaluate tax obligations as the proliferation of remote working raises a broad array of state and local tax issues, including nexus, apportionment, compliance, and financial statement reporting.
Sales and use taxes: Loss contingencies
This item discusses FASB Contingencies standards in the context of potential loss contingencies related to sales and use taxes.
Senate Budget resolution supports mobile workforce legislation
The resolution creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
Senate shows bipartisan support for mobile workforce tax legislation
The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
employee benefits & pensions
Profits interests: The most tax-efficient equity grant to employees
By granting them a profits interest, entities taxed as partnerships can reward employees with equity. Mistakes, however, could cause challenges from taxing authorities.
