The 2021-22 New York State budget legislation includes a Passthrough Entity (PTE) tax as a workaround for the $10,000 state and local tax (SALT) cap, which was enacted as part of the 2017 Tax Cuts and Jobs Act (TCJA), to limit the amount of state and local tax an individual could deduct on their … [Read more...] about New – NYS Passthrough Entity Tax, a Workaround for the SALT Cap: Is it Right For Your Business?
It’s been just over three years since the US Supreme Court issued its landmark decision in South Dakota vs. Wayfair, Inc.; and now is a perfect time to provide an update as almost every state has new laws on sales tax and have defined their economic thresholds for remote sellers. Recently, two of … [Read more...] about Doing Business in the U.S.: Sales Tax Update and Other Tax Matters
The Maryland Legislature overrode the Governor’s veto of House Bill 932 on February 12, 2021. The override will allow for sales tax to be imposed on digital products and streaming services. Under Maryland law, the legislation takes effect 30 days after the override, so this new sales tax will be … [Read more...] about Two breaking Maryland tax updates: Maryland Sales Tax on Digital Products
The Maryland Legislature overrode a Governor’s veto last month of House Bill 732. The override of this bill will allow for a new tax to be imposed on digital advertising, effective for tax year 2021. This is a tax on gross receipts derived from digital advertising. The tax could apply to taxpayers … [Read more...] about Maryland Digital Advertising Tax
If you are selling products and/or services into the U.S., are you confident that you are collecting and remitting the correct sales tax on those sales? The U.S. Supreme Court landmark S. Dakota v. Wayfair, Inc. ruling nearly two years ago has caused 48 out of the 50 states to enact economic nexus … [Read more...] about Doing Business in the U.S. – Sales Tax Update and State Mandates
The Nevada Department of Taxation has announced the tax amnesty program established by law in July 2020 will begin February 1, 2021, and run through May 1, 2021. The program is open to individuals and businesses and will waive penalties and interest upon full payment of eligible unpaid taxes, fees … [Read more...] about Nevada Tax Amnesty Program Starts February 1, 2021