Posts Tagged ‘Tax Reform’
Congress is on the Verge of Passing an Omnibus Funding Bill, but Tax Relief from Expiring Business-Friendly Provisions Remains Elusive
By: Jason Bierly, Senior Tax Manager At a glance Schedule a consultation with an Aprio Tax Adviser today. The full story: Through late December 2022, House and Senate negotiators from both parties worked to craft bipartisan legislation intended to fund the federal government through most of 2023. The legislation, structured as an “Omnibus,” or complete…
Read MoreFinal Ruling on Beneficial Ownership Information Reporting – What You Need to Know
At a glance The main takeaway: The Financial Crimes Enforcement Network (FinCEN) issued a final ruling that will require certain domestic and foreign entities to provide reports identifying beneficial ownership information and company applicants. Impact on your business: This rule is intended to protect the US financial system from money laundering and other types of…
Read MoreThe Inflation Reduction Act – What US Companies and Individual Taxpayers Need to Know
At a glance The main takeaway: On August 16, 2022, President Biden signed the Inflation Reduction Act into law. The $750 billion bill, passed through the Budget Reconciliation Process, contains a number of provisions that address healthcare, climate change and energy efficiency. Impact on your business: The act includes several tax increase provisions largely aimed at…
Read MoreNew CHIPS Tax Credit Provides Opportunities and Complexity for Companies and Investors in Superconductor Manufacturing
At a glance The main takeaway: The recently passed CHIPS Act creates a new Advanced Manufacturing Tax Credit to provide incentives for US companies to invest in domestic semiconductor manufacturing. The Act allows a credit of up to 25% of qualified investment amounts in facilities or equipment used to manufacture semiconductors in the US. There are…
Read MoreWashington Rules that Sales Tax Applies to Online Account Access Services
By: Tina Chunn, SALT Senior Manager At a glance Schedule a free consultation today to learn more! The full story: Washington recently published a ruling that a company providing online account access services to credit unions was providing taxable digital automated services (DAS) and not data processing services, which is specifically excluded from taxable DAS.[1]…
Read MoreLegislative Tax Updates that New York and Georgia Taxpayers Should Know
By: Jeff Glickman, SALT Partner At a glance Schedule a free consultation today to learn more! The full story: Below is a summary of recent legislation that was enacted in New York and Georgia. New York gives PTEs another bite at the apple for 2022 Did your pass-through entity not make an election – which…
Read MoreCalifornia Court Upholds Taxpayers’ $12 Million Assessment for San Francisco Transfer Taxes
By: Jess Johannesen, SALT Senior Manager At a glance Schedule a consultation today The full story: With 50 states and thousands of local jurisdictions, it is very difficult to monitor the potential local tax consequences of your transactions. However, local taxes can give rise to significant tax assessments, as illustrated by a recent California Appellate…
Read MoreCalifornia Issues New Ruling on Sourcing Service Revenue, Revokes Prior Guidance
By: Aspen Fairchild, SALT Senior Associate At a glance: Key takeaway: In March, the California Franchise Tax Board issued a legal ruling that revises its interpretation for sourcing service revenue for California apportionment and revokes prior guidance. Impact on your business: The ruling impacts prior apportionment positions as well as nexus, since California imposes an…
Read MoreU.S. Tax Planning Opportunities for Bona Fide Residents of Puerto Rico
At a glance: Schedule a consultation today! The full story: Over the years, the Puerto Rican government has created several tax incentives and credits to make Puerto Rico a destination for economic development and investment. In this article, we’ll explore the tax planning opportunities available to taxpayers who become “bona fide residents” of Puerto Rico,…
Read MoreGeorgia Pass Through Entity Tax
At a glance Schedule a consultation with Aprio to learn more about the Georgia pass-through entity tax and more. The full story behind the Georgia pass-through entity tax: The passage of the 2017 Tax Cuts and Jobs Act (TCJA) included a limitation on the deductibility of state and local taxes. Under the law, individual taxpayers are…
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