Posted in State & Local Strategies, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues

There’s No “Hot Stove” Off Season for Multistate Taxpayers

What used to be called the “off-season” in  Major League Baseball, now enthusiastically referred to as the “Hot Stove”  offers fans some of the most interesting and potentially impactful activity related to the sport.  To a baseball fan there is no longer an “off-season.” And as we all have experienced,…

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Posted in State & Local Strategies, Corporate Income Tax, Income and Franchise, Property and Other State/Local Tax Issues, Sales and Use Tax

Fall Clean Up – SALT Considerations When Merging or Liquidating Entities – Beware of Hidden State Tax Dangers in Those Leaves

Wow, October is almost gone! One of my favorite but perhaps most frustrating chores this month is raking the leaves. There are several huge Pin Oaks around my home that provide great shade in the summer and a blanket of leaves in the fall. I always rake the leaves into one or two huge piles…

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Posted in State & Local Strategies, Corporate Income Tax

State Tax Incentives – Dig Deep to Make Sure the Benefit is Worth the Effort

States are trying to outdo each other these days in trumpeting tax incentives to boost economic development in their areas. Although the benefits can potentially be vast, the hidden costs to applying for, and then complying with these incentives, can (and should) make business owners question whether the benefit is worth the effort. How do…

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Posted in State & Local Strategies, Corporate Income Tax, Nexus

Fall Clean Up – SALT Considerations When Merging or Liquidating Entities – Take Time To Step Back To See The Potential

Here in the Northeast, this Fall season has been filled with tranquil weather that invites us to get out for that last round of golf, long bike ride or outdoor exercise without being concerned about bundling up. However, Northeasterners know that this Fall’s tranquility should not lull anyone into complacency about how demanding the…

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Posted in State & Local Strategies, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues

Tax Havens – “Water’s Edge” Combined Reporting is Moving Further Abroad

The initial principle of “Water’s Edge” combined reporting was to require combined reporting for affiliated domestic companies that are engaged in a unitary business. Some states have added foreign companies to the Water’s Edge group. These are companies that have a limited United States presence (20% or more) as long as they are part…

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Posted in State & Local Strategies, Corporate Income Tax, Personal Income Tax, Sales and Use Tax

Connecticut Law Boosts Tax Revenue from Multistate Corporations

Connecticut is known as the “Nutmeg State” because its early settlers were considered ingenious and shrewd for recognizing the value of nutmeg and selling it to travelers. Early this summer, the state lived up to its shrewd reputation when its General Assembly passed a budget bill containing provisions that would (among other provisions) increase…

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Posted in Individual Tax Brief

Teens in Your Family With Summer Jobs? Set up IRAs for Them!

Teenagers’ retirement may seem too far off to warrant saving now, but IRAs can be perfect for teens precisely because they’ll likely have many years to let their accounts grow tax-deferred or tax-free. The 2015 contribution limit is the lesser of $5,500 or 100% of earned income. A teen’s traditional IRA contributions typically are deductible,…

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Posted in State & Local Strategies, Corporate Income Tax, Personal Income Tax, Property and Other State/Local Tax Issues

Is the U.S. Supreme Court Wynne Decision A Winner For You – Not Just For Maryland Residents?

In a recent decision, the U.S. Supreme Court held that Maryland’s failure to allow a credit against the local portion of Maryland personal income tax for taxes paid to another state was unconstitutional. The decision, Comptroller of the Treasury of Maryland v. Wynne, May 18, 2015, lay the groundwork for potential refund opportunities…

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