CPA Practice

NOVEMBER 6, 2023

State CPA Society News & Updates is a round-up of recent announcements and initiatives by CPA associations in the United States and its territories. Best Individual Tax Update 2023 , which takes place December 14 from 8:00 AM – 3:45 PM. Best Business Tax Update 2023 , which takes place December 15 from 8:00 AM – 3:45 PM.

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CPA Practice

AUGUST 21, 2023

They’re bucking the federal laws and decoupling from federal tax code Section 280E, meaning that legal marijuana firms located in these states can deduct expenses for state tax purposes, even if they can’t do so on their federal income tax returns. Look for more states to follow suit. _

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Withum

AUGUST 3, 2023

On July 3, 2023, New Jersey enacted comprehensive tax legislation (A5323) that will likely impact every business in one shape or another. This includes investment management companies, such as investment advisors, hedge fund managers, mutual fund service providers, broker-dealers, and similar financial service businesses.

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ThomsonReuters

JANUARY 30, 2023

Both New Jersey ( Assembly Bill 5084 ) and Oregon ( Senate Bill 481 ) are looking to add bereavement as a qualifying reason for their PFMLI programs. Tax credits State legislators are looking to offer businesses tax incentives for certain benefits to employees.

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inDinero Accounting

DECEMBER 5, 2023

However, the IRS rules surrounding this tax break are complicated and go beyond what we’ve covered in this article. If you want to dive deeper into this topic, you can connect with one of the experts on our business tax services team. How much capital gains tax an investor is safe from depends on when the stock was purchased.

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Withum

MAY 4, 2022

For context, in January 2022, New Jersey revised its PTET, resulting in it being more uniform with New York’s PTET. Now, with the recent New York legislative changes, with careful consideration, the state’s PTET could potentially be more advantageous for certain businesses. PTET Income Tax Addback.

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Withum

JULY 12, 2023

New Jersey Gov. Phil Murphy signed into law A5323 on July 3, 2023, which includes wide-ranging provisions that will considerably impact businesses. This new bright-line test adopts a Wayfair nexus rule, subjecting a corporation to tax if it derives receipts in excess of $100,000 or has more than 200 separate transactions.

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inDinero Tax Tips

APRIL 11, 2023

County-level real estate property tax can exist, but it’s typically very low in comparison to property taxes in other states. In addition, the state has no value-added taxes (VATs), use taxes, or an inheritance tax. Nevada companies don’t have to pay a franchise tax, but they do in Delaware.

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CPA Practice

FEBRUARY 6, 2024

Maine and Massachusetts both enacted income tax nexus standards with $500,000 sales thresholds after Wayfair was decided. Most recently, New Jersey enacted a bright-line economic nexus standard for purposes of the Corporation Business Tax (CBT) for taxable years ending on and after July 31, 2023.

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South Dakota Tax Maryland income tax 124

xendoo

JANUARY 16, 2023

Filing taxes as a small business owner can be complex, with numerous factors to consider. From tax law revisions to the overwhelming number of forms, understanding your small business tax rate and how to file can be difficult. Your business entity type and preferred filing status will also affect your tax rate.

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Shay CPA

MAY 1, 2024

All the way back in 2012, a remote worker/taxable nexus case went before the New Jersey Superior Court. Director, New Jersey Division of Taxation , the decision validated that an out-of-state employer could be subject to New Jersey’s corporation business tax because just one remote worker resided and worked within state lines.

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inDinero Tax Tips

APRIL 20, 2021

The Delaware Division of Corporations offers electronic (in-person is suspended during the COVID-19 emergency) submission of business entity documents between the hours of 7:45 a.m. Delaware does tax companies. Compare that with Delaware, which collects corporate income tax on Delaware businesses if they conduct business in the state.

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ThomsonReuters

OCTOBER 20, 2020

In response to the fluid and uncertain situation that many businesses are facing, Checkpoint Catalyst conducted a comprehensive survey of state tax agencies to find out how individual states are managing tax issues related to COVID-19 worker displacement.

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South Dakota Sales Tax Rhode Island 40

CPA Practice

JANUARY 16, 2024

Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan. Wyden, D-Ore., and Smith, R-Mo.,

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tax planning Tax New Jersey Ohio 116

CPA Practice

JANUARY 16, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) Senate Finance Chairman Ron Wyden and House Ways and Means Chairman Jason Smith unveiled a roughly $78 billion tax deal Tuesday that would revive a trio of business tax credits, expand the child tax credit and boost low-income housing. aim to pass the tax package before Jan.

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CPA Practice

JULY 20, 2023

There have been New York, New Jersey and California Republicans who’ve rebelled against the GOP-created SALT cap from its 2017 inception, but they secured needed leverage in a narrowly divided House this year to force their party to confront the issue. New York Rep. Anthony D’Esposito and New Jersey Rep.

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CPA Practice

MAY 23, 2023

Meanwhile, state Senate President Nick Scutari , D-Union, said he is also working on that proposal — and left open the possibility of paying for it by extending a corporate business tax surcharge that Gov. New Jersey is home to the nation’s highest property taxes, with the average bill hitting a record $9,490 in 2022.

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CPA Practice

JANUARY 13, 2023

The Democratic governor also says he wants to renew a property tax relief program installed last year and will let a surcharge on the state’s corporate business tax expire. During an interview with Bloomberg TV on Thursday, Murphy was asked if he can pledge no new taxes in New Jersey, the same way New York Gov.

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CPA Practice

JANUARY 12, 2024

By Caitlin Reilly, CQ-Roll Call (TNS) A bipartisan, bicameral $70 billion tax agreement taking shape on the Hill is drawing mixed reviews, pointing to potential challenges ahead for Senate Finance Chair Ron Wyden and Ways and Means Chairman Jason Smith. said he wouldn’t support a tax deal that doesn’t address the “SALT” limit. “As

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ThomsonReuters

DECEMBER 14, 2020

The New Year Brings Fresh Uncertainty for U.S. Business Tax Professionals. The tax rules and regulations U.S. Colorado lowered its income tax rate, Arizona passed a high-income surcharge, and Illinois rejected a progressive income tax proposal. The post The New Year Brings Fresh Uncertainty for U.S.

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business tax Tax Montana New Hampshire 94

CPA Practice

FEBRUARY 16, 2024

Five of the bill’s backers are from New York, two are from California and one each hail from Maryland and New Jersey. Among the bill’s sponsors, three—Lawler, Anthony D’Esposito of New York and Mike Garcia of California—are in races that Inside Elections with Nathan L. Two others—Marc Molinaro of New York and Thomas H.

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CPA Practice

JUNE 9, 2023

If included in the tax package, the proposal would align a larger standard deduction with the 2025 cliff when much of the 2017 tax law is set to expire, teeing it up to be part of that broader debate on the tax code. That law lost backing from some blue state Republicans because it limited the SALT deduction.

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