Eileen Sherr, CPA, CGMA, describes her work with state CPA societies as they advocate with state tax authorities for coronavirus-related taxpayer relief at the state and local level, and resources for keeping track of each jurisdiction’s response.
State and Local Tax
The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.
The rules have changed for IRS examinations and adjustments of partnership returns at the federal level, but are the states following suit? We’ll find out how model legislation issued by the Multistate Tax Commission, developed in collaboration with the AICPA and other stakeholders, is being adopted across the U.S.
The IRS issued additional rules on the treatment of deductions for charitable contributions in lieu of state and local taxes, an area in which it has already issued final regulations and other guidance.
As states impose sales tax collection obligations on more companies, individual taxpayers face a greater risk of personal liability if their organization fails to comply.
The tax violated due process where the only connection to the state was beneficiaries' residence there, the Court states.
The U.S. Supreme Court’s decision last year in South Dakota v. Wayfair prompted many states to enact new sales tax legislation or promulgate new regulations based on economic nexus. Find out how to help your clients comply.
CPAs should educate themselves and their clients on the current nexus standard for sales taxes.
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Accountants aren’t necessarily being singled out, but rather legislative and city leaders are trying to find ways to spread tax liabilities around a broader base or meet their budget needs.
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.
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.
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.