Archive for September 2019
When Your Estate Includes an IRA
Several times each year, an executor will ask us, “What do I do with the IRA in the estate?” Often the IRA is one of the most substantial assets of the estate, but the decedent may have assumed his or her estate plan was complete once they signed the will and trust documents. Many well-intentioned…
Read MoreMassachusetts Will Allow Residents to Claim Tax Credit for the Connecticut Pass-Through Entity Tax
Massachusetts issued a draft directive that will permit resident members of pass-through entities that pay the new Connecticut Pass-Through Entity Tax to claim a tax credit for their share of the tax paid. By Jess Johannesen, SALT Manager In our May 2018 SALT Newsletter, we wrote about the Connecticut Pass-Through Entity Tax (“PTE Tax”) that had…
Read MoreTexas Rules That Online Game is Subject to Sales Tax
A recent Texas decision imposing sales tax on charges for online games highlights the difficulty of applying old sales tax provisions to new services as well as the importance of responding to requests for information issued by a state taxing authority. By Kristen Davis, SALT Associate The growth in online gaming has exploded over the…
Read MoreGeorgia Department of Revenue Issues a Potpourri of Income Tax Guidance
The Georgia Department of Revenue issued guidance on GILTI and FDII as well as the impact of the United States Supreme Court’s decision in Kaestner regarding trust nexus, and it has published amendments to the Rural Hospital Tax Credit regulations. By Jeff Glickman, SALT Partner Over the last couple of months, the Georgia Department of Revenue…
Read MoreTennessee Provides Sales and Use Tax Guidance on Internet Database Services
Tennessee issued a private letter ruling concluding that the taxpayer’s web-based database access service was not taxable as either a telecommunications services or remote access software, and that certain add-on services were not taxable as they were incidental to the main service. By Betsy Tuck, SALT Manager As the service economy becomes more and more…
Read MoreVirginia R&D Overview
New York R&D Overview
Business Consulting Services Overview
Should I Change My Grantor Trust to a Nongrantor Trust?
In recent years, grantor trusts have been a popular method used by taxpayers in an effort to protect some of their property from estate taxes. This strategy was especially popular in 2012, as Congress had not yet acted to extend the sunsetting $5M lifetime exemption, which was then slated to return to $1M. Recently, some…
Read MoreEstate Tax vs. Inheritance Tax: What’s the Difference?
Many taxpayers understand that when they die, assets belonging to their estate could be subject to a federal estate tax. Some states also impose an estate tax at death, while other states impose an inheritance tax. Maryland is currently the only state in the United States that imposes both an estate tax and an inheritance…
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