Posts Tagged ‘taxes’
New York Disallows Residents a Tax Credit on Intangible Income
By: Tina M. Chunnm, SALT Senior Manager At a glance The main takeaway: Your state of residence may provide a credit for income tax you pay to another state, but that isn’t always the case. Impact on your tax obligations: A recent story out of New York sheds light on this issue, after taxpayers were…
Read MoreMultistate Law Firms Could Have a State Tax Nexus Filing Obligation: 3 Big Questions Answered
By: Julie Chesebro, CPA; Ella Corry, CPA At a glance The main takeaway: Whether your law firm has a multistate presence due to physical office locations, remote employees, or both, you may be required to file a state tax nexus. Impact on your business: Hiring remote employees in new states will likely create state income…
Read MoreHow Changes to R&D Deductions will Impact your Tax Burden
At a glance The main takeaway: Changes to Section 174 require taxpayers to capitalize and amortize all R&D costs, which could significantly increase companies’ tax burdens. Impact on your business: Companies that have been consistently investing in R&D can expect to pay more in taxes, while companies previously in losses could be at risk of…
Read MoreBrace for Impact: Changes to R&D Deductions Begin This Year
At a glance The full story: The Tax Cuts and Jobs Act (TCJA) of 2017 may seem like ancient history, but some portions of the legislation are just beginning to come to fruition, including unfavorable changes to how taxpayers should treat their R&D costs (also referred to as research and experimentation (R&E) costs in the…
Read MoreWashington Rules that Sales Tax Applies to Online Account Access Services
By: Tina Chunn, SALT Senior Manager At a glance The main takeaway: A taxpayer’s services provided through an online banking platform were classified as digital automated services by the state of Washington and thus deemed taxable. Assess the impact: Accurately classifying services provided via online platforms for sales tax purposes can be complicated due to…
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 MoreNew York Expands Federal Income Tax Benefits for Certain Pass-Through Entity Owners
By: Jeff Glickman, SALT Partner At a glance The main takeaway: New York State enacted legislation amending the state’s pass-through entity tax and establishing a pass-through entity tax for New York City to expand federal income tax benefits available to its residents. Assess the impact: Pass-through entity tax legislation consistently evolves from state-to-state, making it…
Read MoreOhio Court Rules that Charges for Accounting Software are Subject to Sales Tax
By: Jess Johannesen, SALT Senior Manager At a glance The main takeaway: A recent Ohio court opinion analyzed why a taxpayer’s use of an accounting software is classified as a taxable automatic data processing service rather than a nontaxable professional service. Assess the impact: These types of analyses can be subjective, making it complicated for…
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