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

New York State Tax Department Switches Banks – Affecting Taxpayers with Debit Blocks on Their Accounts

The New York State Tax Department is switching banks – and that should make you sit up and take notice if you or your clients use debit block services to electronically pay one or more New York State taxes. You only have until June 25, 2015 to contact your bank and have them add…

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