The recently passed Budget Act was designed to benefit owners of eligible pass-through entities. This article highlights the key provisions of the Budget Act, workarounds enacted by other states, and general pass-through legislation considerations.
Summary. New York released bulletin TSB-M-14(5)c, (7)1,(17)S establishing guidelines for the treatment of convertible virtual currency (CVC) as it pertains to sales, corporation and personal income tax. Background.
Summary. "Economic Opportunity Act Of 2014" has been approved by the New Jersey Legislature and it includes new incentives requested by Governor Christie. Overview. In addition to expending the Garden State Growth Zones by adding Atlantic City (which now qualifies the area for maximum Economic Redevelopment and Growth grants), the 2014 EOA makes several revisions to the existing GROW NJ tax credit program.
Summary. Understanding the two sales tax sourcing rules is crucial in the effective management of your business's sales tax compliance system. Overview.
Summary. Last Summer California enacted a new law allowing a partial sales tax exemption for certain manufacturing and research and development purchases. California is trying to level the competitive playing field with many other states that have exemptions already in place.
Summary. As accountants begin to prepare corporate income tax extensions this month, many are realizing that clients with revenue from services or intangibles may be subject to California franchise (income) tax starting in 2013. This is a result of Prop 39, which was passed back in November 2012 by California voters.
Summary. New Jersey is offering two new voluntary disclosure initiatives for partnerships with New Jersey sourced income that has not remitted the taxes due and for companies that have received income from the use of intangible assets in New Jersey. Background.
Summary. New York State recently released an advisory opinion relating to the substitution of tangible personal property for real property between an individual and an irrevocable trust of which the petitioner retains non fiduciary control. The issue is whether the transfer constitutes a sale and if it is subject to sales and use tax.
Summary. The United States Supreme Court has denied certiorari in Overstock.com's and Amazon.com's appeal of their New York State legal losses on click-through nexus. Background.
Summary. On September 18, 2013, the New Jersey Opportunity Act of 2013 merged the state's five existing tax incentive programs into two and lowered the threshold to qualify. Background.
Summary. Overstock.com and Amazon.com's litigation against the State of New York over sales and use tax heats up as both firms file petitions in the United States Supreme Court to review the Court of Appeals of New York's decision against both firms. Background.
Summary. The State of New Jersey's Division of Taxation has issued guidance on when the retail sale of information services is subject to sales & use taxation. Background.
Summary. From September 16, 2013 through November 15, 2013, the Connecticut Department of Revenue Services will be conducting a wide-ranging tax amnesty program for pre-November 30, 2012 tax years for all types of Connecticut taxes except the motor carrier road tax. Background.
|Jack Brister, CMA
The enactment of the Small Business Job protection Act of 1996 expanded the differences in grantor trust rules for foreign and domestic trusts. At the same time, it narrowed the distributable net income (DNI) computation rules for foreign trusts. These changes leave little room for interpretation-with one major exception.