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State and Local Tax (SALT) Articles

 

Identifying Refund Opportunities through Reverse Sales and Use Tax Audits for Manufacturers

Identifying Refund Opportunities through Reverse Sales and Use Tax Audits for Manufacturers

Posted by Mark Stack on April 23, 2024

There are different sales and use tax exemptions for some purchases by manufacturers in most states, but the specifics can differ depending on the state. Manufacturers sometimes miss out on exemptions that they qualify for, which results in paying too much tax.

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2023 Year-End Tax Planning Guide - State and Local Tax

2023 Year-End Tax Planning Guide - State and Local Tax

Posted by Mark Stack on March 06, 2024

With thousands of taxing jurisdictions, from school boards to counties and states, and many different types of taxes, state and local taxation is complex. Each tax type comes with its own set of rules — by jurisdiction — all of which require a different level of attention.

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The Benefits of a Sales and Use Tax Review

The Benefits of a Sales and Use Tax Review

Posted by Mark Stack on October 10, 2022

Is your business remitting the proper amount of sales and use taxes to the appropriate state and local jurisdictions? A comprehensive review of your organization’s sales and use tax practices, along with improving and automating the necessary processes, may ultimately save your business time and money.

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Nexus for Manufacturers: Taxation in Multiple States

Nexus for Manufacturers: Taxation in Multiple States

Posted by Mark Stack on July 22, 2022

Could your manufacturing company owe tax in another state? One way to learn the answer is to conduct a nexus study.

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Florida Enacts Economic Nexus and Marketplace Legislation

Florida Enacts Economic Nexus and Marketplace Legislation

Posted by Mark Stack on May 13, 2021

On April 19, 2021, Florida’s governor signed S.B. 50 into law, making Florida one of the last states to adopt economic nexus and marketplace facilitator rules for sales tax purposes since the landmark U.S. Supreme Court decision in South Dakota v. Wayfair.

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New York State Enacts Pass-Through Entity Tax Election

New York State Enacts Pass-Through Entity Tax Election

Posted by Mark Stack on April 26, 2021

As part of New York state’s (NYS) budget bill passed by the Assembly on April 7, a pass-through entity (PTE) tax election has been provided for partnerships, limited liability companies treated as partnerships for federal income tax purposes, and New York S corporations.

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NY Budget Deal Includes Pass-Through Entity SALT Cap Workaround

NY Budget Deal Includes Pass-Through Entity SALT Cap Workaround

Posted by Mark Stack on April 07, 2021

An outcome of the 2022 FY New York State budget, passed on April 7, 2021, includes a circumvention of the federal limit on State and Local Tax (SALT) deductions.

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Tax Increases and SALT Relief Come Out of New York Budget Finalization

Tax Increases and SALT Relief Come Out of New York Budget Finalization

Posted by Cory Van Deusen V on April 07, 2021

In the early morning hours of Tuesday, April 7, 20201, New York state leaders agreed on a $212 billion budget that includes increased tax rates for both large businesses and the wealthy in New York State.

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SALT Effect of Federal Stimulus Package

SALT Effect of Federal Stimulus Package

Posted by Mark Stack on February 01, 2021

The Consolidated Appropriations Act earmarks an additional $284 billion for a new round of forgivable small-business loans under the Paycheck Protection Program (PPP) and makes a number of important changes to the program. On January 6, 2021, the IRS followed up by issuing Rev. Rul. 2021-2, which revokes its prior position on the disallowance of deductions for PPP-related expenses.

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Teleworking Employees, COVID-19, and the Resulting SALT Effects

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. 

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