Taxes
Governor Signs Two Significant Bills Affecting Businesses
At a glance Main takeaway: Earlier this week, Governor Newsom signed two significant bills that business should understand, SB 113 and SB 114….
IRS Provides Procedural Guidance for Employment Tax Determinations Under IRC Section 7436
Last month, we published the blog post, “Worker Classification and the Gig Economy,” which discussed the growing expansion of the…
Tennessee Rules that Online Cloud-Based Platform is Not Subject to Sales Tax
By: Tina Chunn, SALT Senior Manager At a glance The main takeaway: As more companies offer products and services through…
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…
Notice and Reporting Deadlines Approaching for Incentive Stock Option and Employee Stock Purchase Plans
Under Section 6039 of the Code, corporations are required to furnish statements to current and former employees who exercised an…
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…