STATE & LOCAL TAX

Five Overlooked Tax Breaks for Contractors and Manufacturers

2020 was full of changes for those in the manufacturing and construction sectors, but a few things held steady, even throughout the pandemic. The following five tax breaks are not new, but they can help manufacturers and contractors better manage fiscal uncertainties as they head further into the 2021 tax year. Cost Segregation Studies Cost [...]

U.S. Treasury and IRS Postpone Individual Income Tax Filing Deadline

Updated 3.17.2021 With the ever-changing environment surrounding the Coronavirus pandemic, the U.S. Treasury announced that the tax filing deadline for individuals of April 15, 2021, will be pushed back to May 17, 2021. This will allow taxpayers additional time to gather materials and file their taxes in the midst of the COVID-19 pandemic. It is [...]

COVID-19 Relief Package – Does it Impact State and Local Governments?

After months of negotiating, Congress has passed a new COVID relief package, which will provide approximately $900 billion of additional pandemic aid. Although first glance may lead one to assume that the new bill has no direct impact on states and local governments, several key items were included in the most recent legislation: Coronavirus Relief [...]

2020-12-28T14:26:58-06:00December 28th, 2020|COVID-19, GOVERNMENTS, STATE & LOCAL TAX|

Additional Reporting Required for All Florida Corporate Tax Return Filings

This summer, Florida passed new legislation requiring all Florida corporate income tax filers to provide certain additional information via the Florida Department of Revenue (FDOR) website. The new online information disclosure relates to how certain areas of the federal Tax Cuts and Jobs Act impact a company’s Florida income tax. Note that the state has [...]

2019-08-27T14:52:56-05:00August 23rd, 2019|STATE & LOCAL TAX|

How South Dakota v. Wayfair Affects Manufacturing and Distribution Companies

It’s been almost a year now since the Supreme Court’s South Dakota v. Wayfair decision affirmed the state’s law regarding the taxation of out-of-state sellers. There’s been a lot written in that time about how retailers need to better track sales and compliance with similar laws in an increasing number of states throughout the U.S. [...]

South Dakota vs. Wayfair: How Will You Manage Sales Tax Compliance?

Additional Articles in Series One Taxing Situation: South Dakota vs. Wayfair, Inc The initial dust raised by the Supreme Court’s recent ruling in South Dakota vs. Wayfair has started to settle, and businesses are now faced with the task of reviewing the people, processes, and software that they rely on for [...]

2018-11-12T15:42:35-06:00August 7th, 2018|STATE & LOCAL TAX|

One Taxing Situation: South Dakota vs. Wayfair, Inc

Additional Articles in Series South Dakota vs. Wayfair: How Will You Manage Sales Tax Compliance? The United States Supreme Court delivered its ruling on the much talked about “South Dakota vs. Wayfair” case that will change how interstate sales are taxed. As a result of this ruling, states can now enforce [...]

2018-11-12T15:42:39-06:00June 22nd, 2018|STATE & LOCAL TAX|

How the TCJA Can Help You Choose Your Debt Payoff Strategy

Randomly picking which debt to pay off first is not the ideal strategy—especially considering the magnitude of the average American’s debt, as well as rising interest rates. In 2017, the average American household had more than $130,000 of debt, made up of home mortgages, credit card debt, student loans, and auto loans. It’s no wonder [...]

2018-11-12T15:42:40-06:00June 20th, 2018|INDIVIDUAL TAX, STATE & LOCAL TAX|

8 Common Questions & Answers About SALT Transactions

Given the complexity of state and local tax (SALT) transactions, we’ve answered eight of the most frequently asked questions about the topic. Q: When acquiring a company, what should a CFO be concerned about from a SALT perspective? A: The first priority is conducting due diligence on potential SALT exposures. Due diligence is particularly important [...]

2018-11-12T15:46:49-06:00December 12th, 2016|STATE & LOCAL TAX|