A new state e-filing requirement will affect the upcoming tax filing season in Ohio. Under the “10 Business Day Rule,” users and customers of software tax preparation products will be required to download and apply software updates if they e-file 10 or more days after the product release.
The IRS has issued its long-awaited proposed regulations addressing the issue of whether taxpayers can make charitable deductions in exchange for a tax credit.
As part of the Tax Cuts and Jobs Act (the Act), a limitation was imposed on the state and local tax (SALT) deduction. According to four states – Connecticut, New Jersey, New York and Maryland – that limitation is unconstitutional.
At a time when many new, complex federal tax laws are still being digested by businesses and individuals alike, it’s nice to know that some things remain the same—all of the states that offered sales tax holidays last year will again offer them in 2018, with the addition of Wisconsin.
In its highly anticipated South Dakota v. Wayfair decision issued June 21, 2018, the U.S. Supreme Court overturned a physical nexus standard that has existed for over 50 years and has prevented states from requiring out-of-state businesses to collect sales tax for transactions originating from their states.
By the end of June, the U.S. Supreme Court will render its decision in the South Dakota v. Wayfair, Inc. case. This decision could completely change the state sales tax landscape—is your company prepared for the potential outcome?
The IRS will be issuing regulations and guidance to clarify the treatment of state income taxes recharacterized by states as a charitable deduction to work around new state and local tax (SALT) limitations.
Now that the state of Ohio is catching up on InvestOhio applications from the first round of funding, agency officials are issuing letters to applicants, notifying them that their application for credit has been denied. Skoda Minotti can help if you receive a “final denial.”
Recent federal reform changes have already had many effects on state income taxation. As states scramble to measure the impact on their bottom line, we can expect many states to begin making changes accordingly.
It has been a busy time in the state and local tax arena. See what’s new at the Skoda Minotti Blog