State & Local Tax (SALT)
The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.
The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.
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.
This item discusses FASB Contingencies standards in the context of potential loss contingencies related to sales and use taxes.
Wayfair's reverberating effects have resulted in a complex web of state tax rules that create dangerous pitfalls for the unwary.
This item discusses Illinois Legislature's S.B. 2531, which includes a PTE tax that allows a workaround to the federal $10,000 limitation for state and local tax deductions.
The COVID-19-related downturn and its impact on
commercial property values offers an opportunity to claim favorable valuations on returns as they are filed or to challenge valuations from state taxing
authorities.
State efforts to streamline sales and use tax reporting could significantly reduce burdens imposed on small businesses in a post-Wayfair environment.
— and also result in
better compliance
and increased
revenue.
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
This item describes state tax incentives available to businesses that operate data centers, including those used for cryptoasset “mining.”
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
As amended, Administrative Rule Section 3.591,
Margin: Apportionment, significantly revises the rules for sourcing receipts to Texas, and almost all taxpayers, particularly those engaged in service industries, will be affected by the changes.
With new nexus rules, many retailers and other businesses are now facing an array of Illinois tax collection scenarios that may challenge their existing tax compliance systems.
This item discusses major changes in New Mexico's corporate income tax and gross receipts tax regime.
Passthrough owners must consider many risks and
uncertainties, in addition to political trends on Capitol Hill, before opting into a state-level regime designed to bypass the $10,000 SALT deduction cap created by the TCJA.
Certain jurisdictions introduced bills that would impose new taxes on revenues from digital advertising or expand the state sales tax base to include sales of digital advertising.
This item discusses the difference between statutory residency and domiciliary residency and how both can affect personal income taxes.
The total tax owed by a trust can be significantly affected by the location of grantors, beneficiaries, trustees, and even trust assets.
The resolution creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
The use of P-cards, which likely increased during the coronavirus pandemic, can create unexpected challenges, including potential exposure to sales and use tax.
