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State and Local Tax (SALT) Articles

 

Final Regulations Limit Federal Charitable Contribution Deductions in Connection With Receipt of State Tax Credits

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.

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Five Mid-Year Tax Planning Strategies for Individuals

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.

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IRS and Treasury Release Second Set of Opportunity Zone Guidance

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. 

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New York State Updates the STAR Program For 2019

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.

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Q1 2019 Updates for Economic Nexus Thresholds on Remote Sellers for Sales and Use Taxes

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.

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Personal Property Tax Compliance: Eight Frequently Missed Issues That Can Lead to Overpayments

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.

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