Taxes
Virginia Residents: You May Pay Double State Tax on Pass-Through Entity Income
By: Jeff Glickman, SALT Partner At a glance The main takeaway: The decision of making a Pass-Through Entity Tax election…
Gain From the Sale of Federal Environmental Credits Treated as Apportionable Income in Wisconsin
By: Jess Johannesen, SALT Senior Manager At a glance The main takeaway: A ruling by the Wisconsin Tax Appeals Commission…
Washington Sources Service Revenue to Location Where Customer Received Benefit
By: Aspen Fairchild, SALT Senior Associate At a glance The main takeaway: Determining how to source service revenue for state…
Virginia Disallows Credit for Pass-through Entity Taxes, While General Assembly Proposes SALT Cap Workaround
The Virginia Department of Taxation has issued a ruling addressing whether resident individuals can claim a credit for taxes paid…
New FinCEN Beneficial Ownership Information Reporting Requirement under Corporate Transparency Act
The Corporate Transparency Act (“CTA”) is a new U.S. federal law that was enacted in 2020. The CTA provides certain…
New Calculation Method for Small Business Size Standards
The US Small Business Administration (SBA) announced that it is altering the method for calculating average annual receipts, which are…
The Good News About Build Back Better Act (BBBA) Not Moving Forward
The Full Story The BBBA eliminates a permitted exclusion in the Net Investment Income tax provisions by subjecting all trade…
The Bad News Not Being Reported on the Demise of the Build Back Better Act
At a glance The main takeaway: With the demise of the Build Back Better Act (BBBA), a clause from a 2017…
1031 Exchanges –Navigating Related Party Exchanges
At a glance: The main takeaway: With careful tax planning, 1031 exchanges offer taxpayers an opportunity for big savings on income…
Texas Court Rules That Excavation Equipment Qualifies for Sales Tax Exemption
By: Tina Chunn, SALT Senior Manager At a glance The main takeaway: Manufacturers who are paying sales tax on machinery…