State PTE elections: A big picture perspective
Practitioners may face a difficult analysis in helping their clients understand their possible PTE election opportunities.
State & Local Tax (SALT)
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.
Cryptoasset transactions: State corporate income tax implications
This item focuses on income classification and revenue-sourcing issues, with California law used to illustrate how states may address such issues.
State tax considerations around the sale of a partnership interest
This item discusses how owners selling partnership interests should address which states may attempt to tax the entire gain, how taxation of the gain may be divided among the states where the partnership does business, compliance considerations, and technical developments and trends that may affect the transaction.
SALT cap challenge is denied Supreme Court review
The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
Sales tax considerations for exempt organizations
Exempt organizations often dedicate resources to complying with federal tax laws but may not recognize the complexity of state and local sales and use taxes.
North Carolina’s recent tax reform through S.B. 105
Many of the changes provide a reduction of overall state taxes beginning in 2022 and forward.
Maryland breaks new ground in taxing digital realm
Maryland’s new sales tax regime expansively taxes digital products, and its digital advertising tax is the first of its kind.
Recent developments involving limitations to state NOL usage
taxable income with recognized losses. This item focuses on legislative developments in California, Illinois, and Kansas, as well as judicial decisions in Pennsylvania and New Jersey, that highlight imposed limitations on NOL usage.
A review of Multistate Tax Commission’s statement on how P.L. 86-272 applies to internet sales
The MTC approved a revision to its “Statement of Information Concerning Practices of the Multistate Tax Commission and Supporting States Under Public Law 86-272,” which added a section on activities conducted over the internet.
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.
Decoding the Senate Finance Committee’s Build Back Better text
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.
Senate Finance Committee releases tax provisions of Build Back Better Act
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.
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.
The state of economic nexus
Wayfair's reverberating effects have resulted in a complex web of state tax rules that create dangerous pitfalls for the unwary.
Illinois PTE tax would provide SALT cap workaround
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.
Business property taxes: COVID-19’s effect on valuation
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.
Three years after Wayfair: Future impact and lingering issues
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.
