As the COVID-19 pandemic continues, many businesses have seen their open receivables accounts swell. As you make tough decisions around writing off receivables, it is important to also consider the state sales tax and gross receipts tax implications.Many state taxing authorities allow for a bad...
Read MoreOver the past several weeks, there has been a significant shift from working in the office to working from home as businesses and employees comply with "stay at home" orders across the country. However, businesses that have employees teleworking outside the office could be creating a...
Read MoreAs always, there is a lot going on in the tax world that impacts businesses and their owners, this year in particular due to the Tax Cuts and Jobs Act. It was my privilege to again serve as editor of the AICPA’s Tax Adviser August Tax Clinic, a special section in the professional journal...
Read MoreOn Thursday, July 18, 2019, Governor Mike DeWine signed Am. Sub. House Bill 166 into law, which brought to close a longer than expected budgeting process. Below is a summary of the more significant changes that will impact Ohio taxpayers.1. Individual Income Tax ReductionsOhio income tax has been...
Read MoreH.B. 7424, signed by Governor Lamont on June 26, 2019, has made numerous tax law changes for those doing business in Connecticut. Key changes relate to the:Reduction of the pass-through entity tax credit,Extension of the 10% corporate surcharge and phase out of the capital stock tax,Expansion of...
Read MoreWith the passage of House Bill 3427 on May 16, 2019, Oregon is expected to implement a corporate gross receipts tax — or commercial activity tax (CAT) — that will apply to all individuals doing business in Oregon. Set up to fund education, the program will not affect exempt entities...
Read MorePublic Act 101-0009 and several corresponding bills have made numerous tax law changes for individuals and businesses doing business in Illinois. Some of the most impactful changes include:The creation of a tax amnesty programPhase-out of the replacement taxTax Cuts and Jobs Act (TCJA) conformity...
Read MoreNew Jersey has made a number of significant changes to their tax law. Importantly, upon passing Assembly Bill A4202 last July, the state of New Jersey will soon require a combined taxpayer group to file one singular state return. The new filing requirement begins for tax years ending on or after...
Read MoreThere have been many changes in Ohio tax law that may affect your 2018-2019 Ohio and local business and personal taxes. Below is a brief summary of the items taxpayers should consider.1. Ohio Municipal CentralizationCentralized filing started in 2018. Business taxpayers filing multiple local...
Read MoreThe Supreme Court’s landmark decision in South Dakota v. Wayfair, et al. on June 21, 2018, spoke for the states when it overruled the “physical presence” standard long held in Quill Corp. v. North Dakota — changing the game for sales tax collection. ...
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