Economic nexus provisions, which often target financial institutions, vary considerably from state to state, and they can trigger income or franchise tax filing responsibilities of which taxpayers are often unaware.
State & Local Tax
Many not-for-profits do not know that the states in which they conduct business have many rules that may apply to them.
The Eighth Circuit held that the additional child tax credit qualifies as a public-assistance benefit under Missouri law and thus was exempt from a debtor’s bankruptcy estate.
Tax increment financing has become increasingly used by private developers to construct nonpublicly owned property.
This column describes five types of governmental documents and videos and how they can be incorporated into a tax classroom.
The court found Cleveland incorrectly imposed its 2% local income tax on nonresident athletes’ exterritorial income in two separate cases.
The U.S. Supreme Court held that Maryland’s tax scheme discriminates against interstate commerce.
In a 5–4 decision, the Supreme Court held that Maryland's personal income tax regime violates the dormant Commerce Clause because it results in double taxation of some income earned in interstate commerce, amounting to an impermissible state tariff, and thus discriminates against interstate commerce.
When a company distributes property to its shareholders, tax consequences arise for the distributing corporation and the receiving shareholder. This item addresses the state tax consequences to the shareholder, which can differ between states with separate-return filing rules and states that follow the federal consolidated-return filing rules.
Sec. 362(e)(2) acts as a barrier to prevent two taxpayers from obtaining the benefit associated with the built-in loss amount, by requiring an election to preserve the loss in either the parent or subsidiary.
Recent Missouri Supreme Court decisions refine the scope of sales tax exemptions for certain machinery, equipment, and products.
This column highlights the complexities of taxing digital products through the example of streaming content, discusses the increasing use of digital currencies and how states have begun to react, addresses the challenges of determining what is a true service and what is a license of technology, and looks to the horizon and upcoming trends.
This item focuses on state sales and use taxes and the implications of recent guidance from the Washington State Department of Revenue.
This item discusses some of the state and local tax reporting challenges faced by tax-exempt organizations with passthrough (i.e., Schedule K-1) UBTI from alternative investments.
The Supreme Court held that the personal income tax system imposed by the state of Maryland, which did not give taxpayers a credit against their county income tax for taxes paid to other states, violates the dormant Commerce Clause
Reversing the Tenth Circuit, the Supreme Court held that the Tax Injunction Act did not bar a suit that sought to enjoin the state of Colorado from enforcing a law requiring out-of-state sellers to notify Colorado customers of their use tax liability for purchases and report tax-related information about the purchases to the customers and the Colorado Department of Revenue.
The Tax Court held that refunds of three types of New York targeted economic development tax credits must be included in the taxpayers' income.
The Indiana Department of Revenue has blurred the edges of two approaches to sourcing sales to create a potential trap for the unwary, opportunity for the savvy, and fertile ground for litigation.
The IRS announced on Tuesday that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.
The federal Tax Injunction Act does not prevent the Direct Marketing Association from challenging a Colorado law imposing notification and reporting requirements on out-of-state retailers the U.S. Supreme Court held on Tuesday.