State & Local Tax
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Plans adopted by some states sidestep the new federal Sec. 164(b)(6) limitation, which may not apply to income taxes imposed on a PTE.
New York's Notice N-19-1 provides some guidance to remote sellers doing business in New York, but several uncertainties remain.
Review the various approaches states use to account for the GILTI and FDII regimes introduced by the TCJA.
The interplay between Sec. 163(j) and state expense disallowance leaves taxpayers in a position of having to make important decisions in a vacuum
of guidance.
Marketplace sellers, especially smaller businesses with limited resources, may face unexpected liabilities and obligations.
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
The U.S. Supreme Court held that West Virginia cannot provide a tax exemption to state law enforcement retirees while denying that exemption to federal law enforcement retirees who performed similar jobs.
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Proper advance planning is imperative to maximize the benefits of the TCJA provisions.
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
This item summarizes some of the important changes impacting the New Jersey corporation business tax and when these changes took effect or will become effective.
Post-TCJA, practitioners and taxpayers should be aware of potential state conformity issues in areas
including interest expense deductions, qualified business income, net operating losses, and alternative minimum taxes.
The U.S. Supreme Court held that West Virginia cannot provide a tax exemption to state law enforcement retirees while denying that exemption to federal law enforcement retirees who performed similar jobs.
A recent Alabama Court of Civil Appeals decision held that the business model used by a prominent classroom bookseller did not create use tax nexus
in Alabama during a lengthy audit period at issue .
This article offers guidance on maximizing the use of corporate state NOLs, recording deferred
tax assets and valuation allowances for them, and incorporating their value in the pricing of M&A transactions.
Broad state adoption of the model statute developed by the AICPA in partnership with other
major stakeholders will provide greater uniformity
and increased compliance.
Wayfair and the TCJA have positioned SALT issues to be a leading consideration in the overall tax landscape in the 2019 tax return preparation season.
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
Qualified business income deduction regs. and other guidance issued