The New Jersey Division of Taxation has provided technical guidance (TB-93) regarding its unitary business test that CPAs need to be aware of in order…
On September 2, 2019, the New York City Department of Finance released Finance Memorandum 18-9, New York City Tax Treatment of Foreign-Derived Intangible Income Deduction, Global…
Several northeastern states are finally in agreement with regard to the imposition of state and local taxes (SALT). To this end, Connecticut, New Jersey, and…
Since the United States Supreme Court's decision in South Dakota v. Wayfair, 585 U.S. ___ (2018), on June 21, 2018, state governments have been rapidly rewriting…
On June 26, Connecticut Governor Ned Lamont signed the biennial state budget for the 2020 and 2021 fiscal years; on July 8, he also signed…
CPAs need to be aware of current developments in key states in order to properly advise their clients that engage in business in multiple jurisdictions.…
California State and Local Tax Update
Economic Nexus and Marketplace Facilitators
The Supreme Court's decision in South Dakota v. Wayfair, Inc. [585 U.S. __, (2018)] has driven the most substantive changes to the state and local tax landscape…
Tax Changes in the 2019/2020 New York State Budget
Summary of Key Provisions
On April 12, Governor Andrew Cuomo signed New York's FY2019/2020 Budget Bill (S. 1509-C, A. 2009-C), allocating $175.5 billion and enacting numerous significant tax and…
Changing the State and Local Tax Nexus Playing Fields
An Update on the Impact of Wayfair
One of the major state and local tax developments that CPAs have been dealing with is the Supreme Court's decision on June 21, 2018, in South…
Changes Affecting Connecticut Personal Income Taxes
A Refresher of Key Revisions
The Tax Cuts and Jobs Act of 2017 made significant revisions to federal personal income taxation. In response, the Connecticut General Assembly enacted legislative changes…
A New York sales tax audit can be a grueling experience. The rules are complex, and it often comes down to the records, which are…
New York State Decouples from Certain Federal Personal Income Tax Changes
An Overview of Key Changes
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to personal income taxation. In response to the federal tax law changes made…
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
The IRS Shutdown of SALT Deduction Workarounds
A Comparison of States
The Tax Cuts and Jobs Act of 2017 (TCJA) included a $10,000 cap on state and local tax (SALT) deductions. That cap has led New…
New Jersey Enacts Sales Tax Reforms
Taxing Remote Sellers and Marketplace Facilitators
On October 5, New Jersey Governor Phil Murphy signed sales tax legislation that significantly expands who is required to collect and remit New Jersey sales…
ICYMI | First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
New Jersey’s 2019 State Budget
Significant Tax Changes and an Amnesty Program
On July 1, New Jersey Governor Phil Murphy (D) signed the state's fiscal year 2019 budget after long negotiations with the legislature. Below is a…
On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut…
New York City Commercial Rent Tax
Recent Developments and the Small Business Tax Credit
CPAs need to be aware of certain changes that affect the New York City Department of Finance's (DOF) administration of its commercial rent tax (CRT…
New York State Residency Update
Tax Tribunal Provides Clarity on “Permanent Place of Abode” Definition
The determination of who is taxable as a resident for New York State and City personal income tax purposes has challenged tax practitioners for years,…
State and Local Tax Roundup
Current Developments in New Jersey and Connecticut
CPAs need to be aware of current tax developments in key states to properly advise clients that are doing business in multiple jurisdictions. Below is…
On March 30, Governor Andrew Cuomo and New York State legislators reached an agreement on the state's 2018/19 budget, which the governor executed on April…
Tax-Exempt Leases of Tangible Personal Property
Sales and Use Tax Implications
The lease of tangible personal property with an operator, or a “fractional ownership” arrangement where the use of a tangible asset is collectively shared by…
Changes to the New York City Commercial Rent Tax
A Victory for Small Business Owners
A new law, passed by the New York City Council on November 30, 2017, made significant changes to the New York City Commercial Rent Tax…
First Look at the Tax Cuts and Jobs Act of 2017
Impact on State Taxation
On December 22, 2017, President Trump signed into law H.R.1, the Tax Cuts and Jobs Act (TCJA). This law represents significant and complex changes to…
Connecticut Legislative Update
Personal, Corporate, and Estate and Gift Tax Changes
CPAs need to be aware of recent legislative developments at the state level in order to properly advise taxpayers doing business in multiple jurisdictions. After…
New York State and City Prior Net Operating Loss Conversions
Common Errors and Important Highlights
At a recent state and local tax conference, the New York State Department of Taxation and Finance (DTF) and the New York City Department of…
Sourcing receipts for apportioning business income continues to be a challenge to CPAs, especially for providers of services. Financial service companies in particular have seen…
Washington State recently passed legislation extending its Business & Occupation (B&O) tax economic nexus provisions to retailers, expanding its sales/use tax nexus provisions to remote…
CPAs should be aware of current developments in various states with regard to sales and use taxes in order to properly advise companies doing business…