Posted in Nexus, SALT Strategies

A Company Jet Could Send Your State Taxes Soaring

Got a company jet ready to fly you anywhere at a moment’s notice? The benefits of such a perk are significant. But did you know that leasing or owning a company jet could increase your state taxes?  While there is plenty of guidance on the most tax efficient way to acquire or initiate…

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Posted in Corporate Income Tax, Nexus, SALT Strategies

New York State Tax “Climate Change” – Higher Taxes Forecast for Multistate Taxpayers

When Governor Cuomo signed New York State’s FY 2014-15 executive budget into law last month, he ushered in sweeping changes to New York’s tax provisions – including some which may increase taxes for Multistate taxpayers. The budget contains several provisions that may benefit multistate taxpayers, especially those who qualify as manufacturers. …

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Posted in Nexus, Sales and Use Tax, SALT Strategies

Data Mining and Multistate Taxpayers – Welcome to the 21st Century

As budget demands for more revenue intensifies, states are employing sophisticated technology to boost tax dollars –a move which has significant implications for multistate taxpayers. States are increasingly using data mining software to examine current taxpayers, discover new taxpayers, verify taxpayer data, and identify taxpayer inconsistencies.  Coupled with the states’ adoption of aggressive nexus…

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Posted in Nexus, Sales and Use Tax, SALT Strategies

Is Your Company Determining Its Sales Tax Rate Correctly? Origin vs. Destination Rate Sourcing –The Reason Why Your Company Has Nexus In A State Matters

Understanding the sales tax rate sourcing provisions for states in which you have sales tax nexus is critical in determining the correct sales tax on a transaction.  If you don’t, you could end up charging and collecting the wrong sales tax rate. In general, states employ two sourcing methods, origin and destination.  In states that…

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Posted in Nexus, Sales and Use Tax, SALT Strategies

The Marketplace Fairness Act Hearings Highlight Diverse Solutions. Is the MFA The Answer to The Wrong Question?

On Wednesday, March 12, 2014, the House Judiciary Committee held hearings on Exploring Alternative Solutions on the Internet Sales Tax Issue.  The Hearings shed new light on the breadth and diversity of the sales tax issues arising from the MFA’s attempt to remedy state tax revenue shortfalls from the retail e-commerce…

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Posted in Nexus, Sales and Use Tax, SALT Strategies

The Marketplace Fairness Act Hearings – Why They Should Be On Your Radar

Since the Marketplace Fairness Act may expand any business’ sales and use tax registration, collection and remittance requirements into many additional states, every business, not only e-commerce retailers, should keenly monitor the MFA Hearings scheduled for this week in the House. Recently the House Judiciary Committee rescheduled its hearings on Read More

Posted in Property and Other State/Local Tax Issues, Sales and Use Tax, SALT Strategies

State Income and Sales Tax Info Requests Get More Demanding – How Ready Are You For an Exam?

State tax exam information requests are increasingly becoming more comprehensive and demanding. We’ve noticed a disturbing trend with our clients who maintain  their records electronically.   States, in their information document requests, are requesting that those businesses supply all transaction data for the entire period covered by the exam; i.e. data regarding every transaction, every check…

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Posted in Property and Other State/Local Tax Issues, Sales and Use Tax, SALT Strategies

State Tax Coffers are Filling Up – How They’re Doing It

The U.S. economy is still in the doldrums, but states had a banner year in 2012. How did they do it? Simple answer? They leveraged everything in their power to bring new tax revenue into their coffers. How? By relying on new enhancements to existing tax collection procedures. By leveraging advanced technological approaches to identifying…

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