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State and Local Tax (SALT) Articles

 

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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Federal and NYS State Tax Filing and Payment Extensions Due To COVID-19

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.

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Federal Opportunity Zones: Investment and Deferral Strategy

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.

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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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