Archive for April 2019
Maryland Comptroller Clarifies GILTI Treatment
On April 17, 2019, the Comptroller of Maryland issued a Tax Alert to provide guidance to taxpayers on the state’s taxation of global intangible low-taxed income (GILTI), a new category of foreign earnings subject to federal income tax as a result of provision enacted by The Tax Cuts and Jobs Act (TCJA). The Tax Alert…
Read MoreArtificial Intelligence to Help Resource-Strapped IRS More Efficiently Identify Tax Crimes
Tax criminals, beware: like the hosts in Westworld, the Internal Revenue Service (IRS) is becoming sentient! The IRS is now using artificial intelligence (AI) technology to more efficiently detect tax fraud, hidden assets, money laundering, identity theft and other noncompliance. In the past, instances of tax-related criminal activity had to be manually discovered by revenue…
Read MoreIRS Issues Guidance Explaining Inclusion in Federal Gross Income of State and Local Tax Refunds
With new rules under federal tax reform, such as the $10,000 itemized deduction limitation for state and local taxes, the IRS responded to requests for guidance regarding the taxability of state and local tax refunds. By Jeff Glickman, SALT Partner We are now in the second tax year of tax reform enacted pursuant to the Tax…
Read MoreWayfair and Nexus: The Aftermath – Part 3
Indiana issued much-needed guidance to address which sales are used to calculate the economic nexus revenue threshold (other states need to as well), and the City of Philadelphia has joined the party with an economic nexus rule for its local income tax. In previous editions of our SALT Newsletter, we wrote about the flurry of…
Read MoreNew York Rules that Marketplace Facilitator is Required to Collect Sales Tax
Despite not having a marketplace facilitator statute at the time of the ruling, the state ruled that a marketplace facilitator’s participation in the transaction was enough for the state to classify it as a “vendor” that is obligated to collect sales tax. By Tina M. Chunn, SALT Senior Manager As we seek to keep up with…
Read MoreIndiana DOR: Out-of-State Pharmacy Benefit Management Company’s Revenue is Sourced to Indiana
Whether a taxpayer is a service provider or a seller of goods has significant state tax consequences, and taxpayers that want their state tax position upheld should make sure that their documentation and transaction reporting methods are consistent with that position. By Jeff Glickman, SALT Partner One of the well-documented trends in the state income tax…
Read MoreDonations of Food Inventory Equals Sizeable Charitable Deductions for Restaurants
Restaurants that donate food inventory to charitable organizations could have the opportunity to claim tax deductions for charitable contributions, which are given special and advantageous treatment by the Internal Revenue Service (IRC). According to IRC Section 170(e)(3), a taxpayer is eligible for a charitable deduction for donated “apparently wholesome food,” if the food given to…
Read MoreTechnology Newsletter, April 2019
https://www.aprio.com/media/newsletters/tb-insights-04-19.html
Read MoreAprio Expands R&D Tax Credit Services Internationally
Aprio’s R&D Tax Credit Services team continues to expand, this time offering comprehensive international R&D tax credits for companies in the UK and Canada’s Scientific Research & Experimental Development (SR&ED) tax incentive program. Aprio launched its UK R&D Tax Credit Services practice in November 2018 and the firm expects to conduct over 100 R&D Tax…
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