On April 25, 2019, the United States Court of Appeals for the Federal Circuit decided that refundable state tax brownfield credits are taxable income for federal purposes. The court held
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Offshore Online Retailers Can’t Hide From Sales Tax Collection
By Glenn Newman on
Posted in Sales Tax
Glenn Newman authored a Tax Notes International article titled “Offshore Online Retailers Can’t Hide From Sales Tax Collection.”
To read the full article, click here.
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New Jersey Tax Amnesty
Just in time for the holidays, the New Jersey Division of Taxation announced a tax amnesty program. Taking a “carrot and stick” approach, the Division of Taxation said that it…
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Limitations for Charitable Deductions and SALT Credits
The Tax Cuts and Jobs Act (TCJA) placed a $10,000 annual limit on the deductibility of state and local taxes (SALT). In response to and attempting to work around that…
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Supreme Court Internet Sales Tax Case Will Require Many Companies to File State Corporate Income Tax Returns – Even If They Are Not Subject to Sales Tax
By Greenberg Traurig on
Posted in Income Tax, State Tax
Although the sales tax collection obligation of online retailers was the focus of last month’s momentous U.S. Supreme Court case South Dakota v. Wayfair, it will also impact state…
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South Dakota v. Wayfair: Supreme Court Holds No Physical Presence Required for Online Retailer to be Required to Collect Sales Tax
Posted in State Tax
On June 21, 2018, the U.S. Supreme Court in South Dakota v. Wayfair, Inc., et al., decided (5-4 although not the usual liberal/conservative split) that an online retailer does…
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Imposing a Tax Collection Obligation on Internet Sellers–South Dakota v. Wayfair
Posted in State Tax
This week the U.S. Supreme Court heard oral arguments for South Dakota v. Wayfair, regarding whether physical presence is required within a state for sales and use tax purposes,…
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NY Enacts Payroll Tax Law in Response to Federal SALT Deduction Limitation
By Glenn Newman & Marvin A. Kirsner on
Posted in State Tax, Tax Cuts and Jobs Act
The Tax Cuts and Jobs Act (TCJA) limited the deduction for state and local taxes (SALT) to $10,000 for federal tax purposes. For those living in states that impose a…
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Token Issuers and Purchasers, Beware: The IRS May Tax Each Time Tokens are Used
Posted in Blockchain, IRS
Many blockchain companies are using a largely unregulated means of raising funds, commonly known as an initial coin offering (ICO).[1] An ICO consists of the issuance of a newly…
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Taxpayers Bear Risk of State’s Proposals to Counter Elimination of SALT Deduction
Several states are considering proposals in an attempt to reduce the impact of federal tax reform’s $10,000 limit on state and local tax (SALT) deductions. In New York, the Governor’s…
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