The Consolidated Appropriations Act of 2021 made a temporary, but significant change to the deductibility of business meals provided by a restaurant. The Act increased the deduction from 50 percent to 100 percent for restaurant food and beverage … [Read More...] about Restaurant Meals Fully Deductible Again in 2022
Tax Compliance
Filing state and local tax returns can be a complicated and burdensome process. With constant deadlines (monthly, quarterly or annual) and changes in forms and calculations, it can be difficult for many businesses to keep up with filing timely, accurate returns. Let our SALT team take on this process for your business, so your employees can focus on other critical tasks.
We have experience preparing and filing state and local tax returns for businesses across the U.S. and can assist your business with the following taxes:
Income/Franchise Tax
Our Tax Services Team has considerable experience preparing and filing income/franchise tax, as well as gross receipts tax returns for multistate businesses and individuals.
Sales/Use Tax
Our SALT team prepares and files a considerable number of sales and use tax returns for clients in every state that imposes sales taxes. We also have experience filing returns for localities in the “home-rule” states of Alabama, Alaska, Colorado and Louisiana.
The sales and use tax compliance process can differ for businesses depending on their industry. Our team has experience providing compliance services for manufacturers, service providers and traditional retailers and internet retailers.
We also have experience working with various sales tax automation service providers to prepare returns for clients with a large volume of sales transactions in multiple states. Our team strives to utilize available technology to streamline the compliance process to prepare returns more efficiently.
Other Taxes
Our team also has experience providing state and local tax compliance services for motor fuel, diesel motor fuel and other excise taxes in New York and other states.
Research and Experimental Expenses: Major Changes in 2022
A provision of the Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2022, requiring taxpayers to change the way they treat research and experimental (R&E) expenses. Taxpayers may no longer elect to currently deduct R&E expenses, but now … [Read More...] about Research and Experimental Expenses: Major Changes in 2022
Affordable Care Act Reporting Deadline
Employers should be planning now to ensure they will be ready to distribute 2021 Affordable Care Act (ACA) Forms 1095-C to employees by the January 31, 2022 deadline. Last year, the IRS announced an extension for the 2020 forms deadline in early … [Read More...] about Affordable Care Act Reporting Deadline
Above-the-Line Deductions for Contributions Made in 2021
As a reminder, taxpayers are eligible to take a deduction for monetary contributions made by cash, check or credit card to qualifying charities in 2021, regardless of whether you itemize your deductions. The maximum allowed deduction is $300 for … [Read More...] about Above-the-Line Deductions for Contributions Made in 2021
Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
As a result of the Covid-19 pandemic, the U.S. government has implemented a number of programs to provide economic support to businesses. The most notable has been the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided $2.2 … [Read More...] about Single Audit: Covid-19 Relief Funds Received May Trigger Federal Single Audit
Selling your real estate investment or vacation home in the U.S.? Beware of FIRPTA
As the calendar flips from 2020 to 2021, we are seeing an uptick in real estate transactions, specifically in the area of vacation homes or cottages. The travel restrictions that have been in place since early 2020 may play a part in this decision as … [Read More...] about Selling your real estate investment or vacation home in the U.S.? Beware of FIRPTA
IRS Changes Key Taxpayer-Friendly Catch-up Procedures
In November 2020, the IRS quietly made subtle changes to the Delinquent International Information Return Submission Procedures. This popular taxpayer-friendly process allows taxpayers that are behind on foreign reporting to come forward and become … [Read More...] about IRS Changes Key Taxpayer-Friendly Catch-up Procedures
New Form 1099-NEC for Reporting Non-employee Compensation
By June Callari, CPA, MBA and Vedha Krishnamoorthy, CPA Beginning with tax year 2020 (Form 1099s filed in January 2021), the new Form 1099-NEC, non-employee compensation, must be used to report payments of non-employee compensation (NEC). These … [Read More...] about New Form 1099-NEC for Reporting Non-employee Compensation
New York Tax Relief for Sales Tax Vendors Affected by COVID-19
March 23, 2020 Update The New York State Department of Taxation and Finance has issued a Notice (N-20-1) on the abatement of interest, as well as late filing and payment penalties, for sales tax vendors who were unable to timely file and pay on … [Read More...] about New York Tax Relief for Sales Tax Vendors Affected by COVID-19
More States to Enforce Remote Seller Filing Requirements Starting This Fall
A number of states will begin enforcing their new sales tax filing requirements for remote sellers in the coming weeks. Since the U.S. Supreme Court's decision in South Dakota v. Wayfair Inc. in June of last year, that eliminated Quill's physical … [Read More...] about More States to Enforce Remote Seller Filing Requirements Starting This Fall
Illinois Amnesty Available
The Illinois Department of Revenue is offering an amnesty program between October 1, 2019 and November 15, 2019. If eligible tax liabilities are paid in full during this period, applicable interest and penalties will be waived. Eligible liabilities … [Read More...] about Illinois Amnesty Available
Supreme Court Overturns Quill
On June 21, 2018, the U.S. Supreme Court issued a pivotal decision in South Dakota v. Wayfair, Inc., overturning the physical presence standard previously established in Quill Corp. v. North Dakota (1992). This requirement prevented state and local … [Read More...] about Supreme Court Overturns Quill
Resale & Exemption Certificates
Does your company have a policy for maintaining exempt sale documentation? When is the last time anyone has reviewed your company’s resale and exempt sale documentation? Most taxpayers look at their exempt sale documentation the week before the sales … [Read More...] about Resale & Exemption Certificates
Amazon to Collect Sales Tax in All States
The days of tax free shopping on Amazon.com have come to an end for U.S. shoppers. The leading internet retailer started collecting sales tax in Iowa, Louisiana, Nebraska and Utah on January 1, 2017 then subsequently began collecting tax in … [Read More...] about Amazon to Collect Sales Tax in All States