Posts by Jeff Glickman
Texas Rules that Net Proceeds from Inventory Hedging Transactions are Included in Apportionment
By: Aspen Fairchild, SALT Senior Associate At a glance The main takeaway: In Texas, taxpayers are required to include the net proceeds from their inventory hedging transactions in the denominator of their gross receipts factor, since inventory hedging is not treated the same as physical inventory. Assess the impact: It’s important to apply the appropriate…
Read MoreAnother California Case Addresses an LLC’s Liability for the State’s Annual LLC Tax
By: Betsy Goldstein, SALT Manager At a glance The main takeaway: If your LLC owns a non-managing, minority interest in a pass-through entity doing business in California, you may be subject to the state’s LLC tax. Assess the impact: When determining if your LLC is required to pay California’s LLC tax, you must consider your…
Read MoreNew York City Enacts Economic Nexus for Corporate Income Tax and Moves Up PTE Effective Date
By: Jeff Glickman, SALT Partner At a glance The main takeaway: Recent legislation amended New York City’s tax code to establish an economic nexus threshold for its income tax on corporations and moved up the applicable year for pass-through entity elections to 2022. Assess the impact: The amendments to the New York City Business Corporation…
Read MoreOregon Rules that Taxpayer’s Activity Exceeded Protection of Public Law 86-272
By Jess Johannesen, SALT Senior Manager At a glance The main takeaway: An Oregon Tax Court case addresses certain activities that create income tax nexus because they fall outside the scope of “sales solicitation” under Public Law 86-272. Assess the impact: Each state may interpret Public Law 86-272 differently, which illustrates the complexity for businesses…
Read MoreState & Local (SALT) Newsletter August 2022
Texas Issues Sales Tax Guidance on Taxpayer’s Online Learning Platform
By: Betsy Goldstein, SALT Manager At a glance The main takeaway: Texas joins other states that have provided sales tax guidance in response to a ruling request regarding the taxability of online learning platforms. Assess the impact: Thus far, the most complicated aspect of taxing online learning platforms is each state has different sales tax…
Read MoreKentucky Joins States Taxing SaaS and Pennsylvania Codified Income Tax Economic Nexus
By: Aspen Fairchild, SALT Senior Associate At a glance The main takeaway: Kentucky enacted legislation that imposes sales tax on over 35 new services, including SaaS, and recent Pennsylvania legislation made several changes to its corporate income tax. Assess the impact: If not properly planned for, your business could be negatively affected by these new…
Read MoreGeorgia Tax Tribunal Addresses Legal Domicile of Overseas Worker
By Jeff Glickman, SALT Partner At a glance The main takeaway: Activities like registering to vote or obtaining a driver’s license in Georgia may not be enough to help you establish domicile in the state. Impact on your tax obligations: Some states may take the position that you established domicile in a state before the…
Read MoreState & Local Tax (SALT) Newsletter July 2022
Pennsylvania and Washington Address Sales Tax on Non-Fungible Tokens (NFTs)
By: Jess Johannesen, SALT Senior Manager Mitchell Kopelman, Partner-in-Charge, Technology & Blockchain At a glance The main takeaway: Pennsylvania and Washington are the first states to specifically issue guidance on the sales tax treatment for NFTs. Assess the impact: It’s unclear how other states will address sales tax regarding NFTs and whether Pennsylvania and Washington…
Read More