State & Local Tax (SALT)
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
The regulations provide examples to help taxpayers determine when a seller or facilitator becomes either a “marketplace facilitator” or “retailer” for California sales and use tax purposes and when a taxpayer establishes a tax registration and filing responsibility in California based on its sales activity.
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
COVID-19 has added to employers' compliance requirements.
This article discusses the status of indirect taxes for e-commerce businesses, the expected changes to the EU VAT and U.S. state and local sales tax, and the difficulties for businesses selling goods to consumers online.
Practitioners and taxpayers see uneven guidance on policies and issues resulting from the coronavirus pandemic and face a shifting tax landscape for all types of taxes as state and local
governments look to repair badly damaged public finances.
Many states have adopted their own false claims acts.
States’ approaches to TCJA and CARES Act conformity will be driven by budget estimates and whether they can follow the reduction to the federal taxable income base while still balancing their budgets.
The coronavirus pandemic raises several key state tax issues.
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Foresight of the potential state tax implications of an F reorganization will allow a seller to evaluate the lesser-known hazards.
The TCJA's interest expense deduction limitation
rules in amended Sec. 163(j) create significant challenges and uncertainty for taxpayers at the state level.
This discussion provides a review of the federal filing requirements for amending partnership returns and focuses on three states that have taken varying approaches to address the corresponding state effects of the BBA.
This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.
New York’s and New Jersey’s different interpretations of situs could result in double taxation.
Federal tax reform has caused additional states to consider passthrough-entity-level taxes.
States have been showing a trend toward taxing
an increasing number of services.
Until now, shareholders had rarely invoked the Sec. 962 election to be taxed at corporate rates, and, as a result, most states have provided no specific guidance on how to treat a Sec. 962 election for state income tax purposes.
To promote nationwide consistency, the AICPA encourages states’ adoption of the MTC model statute that conforms to the new federal partnership audit regime.
