State and Local Tax (SALT) Articles
Teleworking Employees, COVID-19, and the Resulting SALT Effects
Posted by Mark Stack on May 14, 2020
Why should it matter for a business whether its employees work from home temporarily or if they work remotely in a state other than where the employer’s base of operations is located? In the discussion that follows, we explore three important state and local tax (SALT) effects that could result from teleworking employees.
Federal and NYS State Tax Filing and Payment Extensions Due To COVID-19
Posted by Mark Stack on April 13, 2020
Click through for a full chart with details of federal and NY state tax filing and payment extensions due to COVID-19.
Federal Opportunity Zones: Investment and Deferral Strategy
Posted by Brian Kern on January 06, 2020
With the passage of tax reform legislation knows as the Tax Cuts and Jobs Act (TCJA), a significant opportunity exists for investors to defer capital gains tax owed.
Final Regulations Limit Federal Charitable Contribution Deductions in Connection With Receipt of State Tax Credits
Posted by Mark Stack on August 12, 2019
On June 13, 2019, the IRS and Treasury Department issued final regulations under Section 170, limiting federal charitable contribution deductions when taxpayers receive or expect to receive state or local tax (SALT) credits in return for charitable donations.
Five Mid-Year Tax Planning Strategies for Individuals
Posted by Cheryl A. Jankowski on August 05, 2019
Whether you are looking for ideas to help cut your tax bill for the current year, or you are hoping to minimize future taxes, now is a good time to start thinking about your tax planning strategies.
IRS and Treasury Release Second Set of Opportunity Zone Guidance
Posted by Cory Van Deusen V on June 14, 2019
On April 17, 2019, the IRS and Treasury issued its much anticipated second set of proposed regulations under Internal Revenue Code, Section 1400Z-2, Special rules for capital gains invested in opportunity zones.
New York State Updates the STAR Program For 2019
Posted by Sara Dayton on June 07, 2019
Beginning this year, the NYS Department of Taxation and Finance released two updates to the STAR (School Tax Relief) program.
Q1 2019 Updates for Economic Nexus Thresholds on Remote Sellers for Sales and Use Taxes
Posted by Amanda Mooney on May 13, 2019
Virginia recently adopted economic nexus thresholds for sales and use tax collection purposes, while North Dakota and Washington amended their existing rules. Virginia adopted South Dakota’s thresholds of $100,000 or 200 transactions, which were the subject of the U.S. Supreme Court’s Wayfair decision. North Dakota and Washington amended their statutes to remove the 200-separate-transactions test. Other states simply codified their existing regulations or administrative guidance.
Personal Property Tax Compliance: Eight Frequently Missed Issues That Can Lead to Overpayments
Posted by Mark Stack on May 13, 2019
Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities in the jurisdictions in which its personal property is located. The following summarizes the most often overlooked items that result in overpayments of personal property taxes by any organization.