Ideas & Insights

The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.

New Jersey Gov. Phil Murphy has approved a bill that authorizes over $14 billion in business tax credits and incentives.

Taxpayers should plan accordingly as the states are aware of the increase in accounting methods changes due to recent federal changes.

The program, scheduled to expire on Dec. 31, 2020, received a five-year extension under the recent federal spending bill.

In line with decades of case law and rulings, IRS ruling looks to benefits and burdens of ownership to determine tax ownership.

New Hampshire files challenge over Massachusetts regulation taxing telecommuting nonresidents with U.S. Supreme Court.

Annual license renewals will be required for certain taxes, including the sales tax, sellers use tax and the simplified sellers use tax.

General Motors will refund Ohio $28 million in tax benefits after closing an assembly factory before the end of an incentives agreement.

Extension of corporate surtax and expanded millionaire’s tax assists New Jersey with significant budget deficit caused by the coronavirus.

Delaware letters advise companies to either participate in the state’s unclaimed property VDA Program or be subject to an audit.

Legislation adopts several new credit and incentives programs as well as creates a new property tax incentive.

The Tennessee Department of Revenue issued guidance on the state’s conformity to section 163(j) of the Internal Revenue Code.

Taxpayers have until Sept. 15, 2020 to participate in the program that may reduce transfer pricing disputes and provide penalty waiver.

An executive order was issued directing the deferral of payroll tax payments. Follow up guidance from the Treasury Department is expected.

Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.

New legislation allows nonprofit employers to pay 50% of their unemployment reimbursing payment obligations to states.

The department found the business did not engage in qualifying research or submit proper documentation to substantiate the claim.

Finalized legislation will evolve but the proposal is a starting point for bipartisan negotiations for a new round of economic relief.

Seattle payroll expense tax to be imposed on employee compensation of at least $150,000 for businesses with $7 million or more in payroll.

The Community Development Financial Institutions Fund announces over $3.5 Billion in New Markets Tax Credit allocation.