In this Q&A, experts discuss the challenges CPA firms face from these developments and the steps they can take to mitigate professional liability risk.
State and Local Tax
New $10,000 limit is attacked on constitutional and state sovereignty grounds.
States asserting nexus for sales taxes now have freer rein.
Here is what practitioners need to know about the IRS’s proposed rules that would curb the deductibility of charitable contributions that qualify for state and local tax credits.
The Service warns that a substance-over-form recharacterization may ensue.
Four states have sued in U.S. district court, asking to invalidate the $10,000 limit on the deduction for state and local taxes enacted as part of last year’s tax overhaul.
The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.
The U.S. Supreme Court on Thursday held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.
Annette Nellen, CPA, CGMA, Esq., chair of the AICPA Tax Executive Committee, outlines federal, state, and local tax obligations for clients involved in sharing economy activities.
The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.
The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.
CPAs around the country are still trying to figure out how the recent national tax reform will impact their clients at the federal level. But they’re also interested in how it will impact their clients at the state level.
In anticipation of the possible elimination or reduction of the state and local income tax deduction, some are suggesting that taxpayers should prepay their 2018 state taxes in 2017. Here’s why that probably won’t work.
A lack of state rulings on its constitutionality has not slowed the number of states adopting the factor presence nexus theory of asserting taxing authority.
Policies to curb consumption of sugary soft drinks spur wave of new excise taxes.
A business can avert potential disasters by engaging an external review of its sales and use tax management and compliance responsibilities.
The AICPA leads effort to promote state-level uniformity.
These tips will help practitioners manage the professional liability risks stemming from state and local tax issues.
Troy Lewis, chair of the AICPA’s Tax Executive Committee, testified in favor or the Mobile Workforce State Income Tax Simplification Act.
The court held that the law does not discriminate against out-of-state retailers.