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 in Ginsburg v. United States, “The excess amount of the brownfield redevelopment tax credit received by the Ginsburgs in 2013 is taxable gross income because it … Continue Reading
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.… Continue Reading
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 would take amnesty applications from Nov. 15, 2018, through Jan. 15, 2019, for outstanding liabilities for taxes administered and collected by the New Jersey Division … Continue Reading
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 limitation, several states enacted programs that create charitable entities, contributions to which would entitle the donor to a credit reducing their property tax. This would … Continue Reading
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 corporate and income tax obligations. Companies may now be exposed to state income tax as a result of the Wayfair case and should examine their activities … Continue Reading
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 not have to maintain a physical presence in a state in order to be required to collect the state’s sales and use tax. This opinion overturns … Continue Reading
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, specifically addressing internet sellers. The case is challenging the Court’s 1992 decision in Quill v. North Dakota, 504 US 298, which upheld a decision from 1967 … Continue Reading
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 personal income tax, this limitation may result in an increase in federal tax if their deductions for property taxes and income taxes paid to states … Continue Reading
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 generated cryptocurrency (generally referred to as a token) that runs on blockchain technology, in exchange for fiat currency (such as U.S. dollars) or other cryptocurrencies like … Continue Reading
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 budget proposal includes establishing two charitable organizations (one for health care and one for education) that will enable taxpayers to make a contribution to those … Continue Reading
Recently proposed legislation would require sellers to collect sales and use tax on the sales price of certain services to California businesses. On Feb. 5, 2018, California Senator Robert Hertzberg introduced a bill, which if enacted, would impose sales and use tax on purchases of services by businesses for benefit and use in California, effective … Continue Reading
He may be dead but his troubles are not over. In a unique Qui Tam case under the New York False Claims Act, the failure to file a New York estate tax return and pay estate tax was claimed to be fraudulent because the decedent, as of the date of his death, had not actually … Continue Reading
U.S. Supreme Court grants certiorari in South Dakota v. Wayfair, et al. The U.S. Supreme Court will review the validity of a South Dakota law which requires remote retailers to collect the state’s sales and use tax even if the retailer does not have a physical presence there. If this state law is upheld by … Continue Reading
