The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
State & Local Tax
Businesses can follow this six-step analysis to make sure they cover their bases in complying with new remote-seller sales-and-use-tax responsibilities.
This discussion summarizes both versions of the CalEITC and how the 2019 amendments affect the calculation and the credit’s desired effects.
Not-for-profits that sell goods or services may find themselves needing to register for sales tax accounts in other states to remain in compliance.
This item summarizes the complexities of a digitalized economy for MNCs and considers the multifaceted implications to U.S. MNCs with respect to financial statements and tax reporting.
The U.S. Supreme Court recently addressed the circumstances in which a state may levy income tax on a trust that has only minimal connection to the state.
Raising revenue is increasingly taking primacy over reuniting owners with their property in states’ enforcement of unclaimed property laws.
The new Oregon corporate activity tax requires quarterly estimated tax payments beginning in April 2020.
Buyers and sellers must now consider how Wayfair affects M&A tax due-diligence efforts, purchase agreement indemnities, and navigating remediation plans between the parties around prior-period exposures.
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.
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.
Review the various approaches states use to account for the GILTI and FDII regimes introduced by the TCJA.
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.