United States
The newly enacted optional tax may provide significant opportunity to taxpayers, and in particular, owners of financial service firms.
Budget bill increases personal and corporate tax rates, enacts a SALT deduction workaround and makes other changes to the tax code.
The Iowa Department of Revenue advises taxpayers that Employee Retention Credit-related wage deduction reductions apply at the state level.
The New Jersey Tax Court highlights the importance of understanding and complying with state tax appeal procedural responsibilities.
The Pennsylvania Department of Revenue has issued complex guidance for employees claiming home office expense during the pandemic.
Governor Ned Lamont has signed legislation retroactively providing COVID-related business nexus and personal income tax relief for 2020.
The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.
Updated emergency regulations and revised guidance explains the duration of COVID-19 nexus and withholding policies.
New Hampshire files challenge over Massachusetts regulation taxing telecommuting nonresidents with U.S. Supreme Court.
Tax planning opportunities for consideration in light of COVID-19, the resulting economic crisis, and evolving tax laws and regulations.
Taxpayers that properly secured a first extension may file a request for a second extension on or before Aug. 17, 2020.
Services performed in Detroit for clients located outside the city should be sourced to Detroit for purposes of the city’s income tax.
The elective tax is intended as a state and local tax deduction limitation workaround, joining six other states with similar provisions.
Ten-year net deferred tax liability deduction may be claimed beginning in 2023 as long as Form DT-1 is timely filed by July 1, 2020.
When determining whether an S corp distribution is a dividend, Arkansas taxpayers must use state-specific AAA rather than federal AAA.
Taxpayer-friendly measures provide interest waivers, extension of limitations periods and assistance to impacted businesses.
The federal five-year NOL carryback may have substantial ramifications on state income tax returns beyond simple conformity.
The COVID-19 pandemic may relieve recipients of tax incentives from the recapture provisions under the Nebraska Advantage Act.
Emergency regulations and technical guidance provide clarifications for telecommuter withholding and nexus safe harbors.
The decision may impact sourcing positions taken by the financial service industry for New York State and New York City tax purposes.