Taxes
Washington Sources Service Revenue to Location Where Customer Received Benefit
By: Aspen Fairchild, SALT Senior Associate At a glance The main takeaway: Determining how to source service revenue for state…
Virginia Disallows Credit for Pass-through Entity Taxes, While General Assembly Proposes SALT Cap Workaround
The Virginia Department of Taxation has issued a ruling addressing whether resident individuals can claim a credit for taxes paid…
Notice and Reporting Deadlines Approaching for Incentive Stock Option and Employee Stock Purchase Plans
Under Section 6039 of the Code, corporations are required to furnish statements to current and former employees who exercised an…
New FinCEN Beneficial Ownership Information Reporting Requirement under Corporate Transparency Act
The Corporate Transparency Act (“CTA”) is a new U.S. federal law that was enacted in 2020. The CTA provides certain…
New Calculation Method for Small Business Size Standards
The US Small Business Administration (SBA) announced that it is altering the method for calculating average annual receipts, which are…
The Good News About Build Back Better Act (BBBA) Not Moving Forward
The Full Story The BBBA eliminates a permitted exclusion in the Net Investment Income tax provisions by subjecting all trade…
The Bad News Not Being Reported on the Demise of the Build Back Better Act
At a glance The main takeaway: With the demise of the Build Back Better Act (BBBA), a clause from a 2017…
1031 Exchanges –Navigating Related Party Exchanges
At a glance: The main takeaway: With careful tax planning, 1031 exchanges offer taxpayers an opportunity for big savings on income…
Dissecting Maryland’s Taxation of Digital Products: Part 2 – The Treatment of Software as a Digital Product
Earlier this year, the Maryland General Assembly enacted House Bill 932, which amended the state’s sales tax laws to make…