
Tax Alert
Texas issues revised franchise tax sourcing rules
The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.
The Texas Comptroller of Public Accounts has finalized revised rules making significant changes to franchise tax apportionment.
States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.
Businesses with San Francisco activity should be prepared to understand a number of recent changes and updates to city tax law.
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.
Georgia has expanded the state jobs tax credit to apply to businesses hiring telecommuting employees in 2020 or 2021.
Four states have adopted or are considering budgets without significant tax increases even considering pandemic shortfalls.
New Hampshire files challenge over Massachusetts regulation taxing telecommuting nonresidents with U.S. Supreme Court.
Looming budget shortfalls coupled with tax-related ballot measures in many states could significantly affect 2021.
A business did not owe tax on service contract fees, finding the receipts were sourced out-of-state rather than to in-state customers.
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.
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.
Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.
The department found the business did not engage in qualifying research or submit proper documentation to substantiate the claim.
A judge found that taxpayers did not abandon their residency and were therefore still subject to Arkansas personal income tax.
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 state will decouple from CARES Act net operating loss, interest expense and excess business losses provisions.
Taxpayers that properly secured a first extension may file a request for a second extension on or before Aug. 17, 2020.