Posts Tagged ‘SALT’
Will Recent Changes to the Virginia Legislation Impact Your R&D Tax Credit Benefits?
At a glance The Full Story On April 11, 2024, Virginia Governor Glenn Youngkin signed a law modifying the state’s R&D tax credits, which allow taxpayers that engage in qualified R&D activities to offset income or bank franchise tax. Specifically, this new legislation decreases the credit cap and provides a new credit calculation and per-taxpayer…
Read MoreState and Local Tax News February 2024
Californians Affected by Severe Weather Receive Extended Tax Relief from the IRS
At a glance Schedule a consultation with an Aprio Tax Advisor today. The full story: To alleviate the hardships brought on by the disastrous storms that swept through California, the IRS has extended the tax return deadline for impacted taxpayers. California residents and businesses affected by severe winter storms, flooding, landslides and mudslides will now have…
Read MoreHow State Tax Laws Could Impact the Changes to R&D Deductions
At a glance The full story: The 2022 tax year marked significant changes for companies investing in R&D as long-anticipated tax law changes from the 2017 Tax Cuts and Jobs Act (TCJA) went into effect, requiring these previously deductible expenditures to be capitalized and amortized. Many taxpayers and practitioners held their breath, waiting for Congress…
Read MoreCalifornia Rules That Nonresident S Corporation Shareholders Owe Tax on Sale of Goodwill
By: Jeff Glickman, SALT Partner At a glance Schedule a free consultation today to learn more! The full story: State income tax rules governing the taxation of pass-through entities (PTEs) and their nonresident owners are complicated and often lack sufficient and/or clear guidance. That complexity may cause PTE owners and their tax advisors to miscalculate…
Read MoreOhio and California Address Income Tax Treatment for Sales of Equity Interests in a Business
By: Jeff Glickman, SALT Partner At a glance The main takeaway: Ohio enacted a new law and California issued guidance that could create income tax obligations in those states for nonresidents that sell their partnership interests. Impact on your business: For individuals who are selling their businesses, these updates could potentially create multistate tax issues…
Read MoreSouth Carolina Issues Helpful Guidance for Determining Domicile
By: Jess Johannesen, SALT Senior Manager At a glance The main takeaway: Changing the state that you call “home” for income tax purposes isn’t as easy as getting a new driver’s license or updating your mailing address. Impact on your business: In states with limited guidance, taxpayers can use the South Carolina Department of Revenue’s…
Read MoreState and Local Tax (SALT) Newsletter August 2021
https://info.aprio.com/aprio-salt-newsletter-new-tax-perks-for-crypto-miners
Read MoreCryptocurrency Miners are Now Eligible for Kentucky Tax Incentives
By: Jeff Glickman, SALT Partner At a glance The main takeaway: Kentucky recently enacted tax incentives focused specifically on cryptocurrency mining facilities. Impact on your business: Other states are offering similar types of incentives to attract large data centers, which may apply to crypto miners. Next steps: Aprio’s State and Local Tax (SALT) team can…
Read MoreCalifornia Enacts a Pass-Through Entity Tax as a SALT Cap Workaround
By: Jeff Glickman, SALT Partner At a glance The main takeaway: With the signing of AB 150, California is the latest of several states to establish an elective pass-through entity (PTE) tax. Impact on your business: The PTE tax is intended to be a workaround to the federal $10,000 cap on the deduction for state…
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