Posted in Nexus, Sales and Use Tax, State & Local Strategies

Income Tax & Sales and Use Tax Compliance Big Concerns For Next 12 Months

Based on a poll of attendees at a recent Margolin, Winer & Evens LLP webinar on sales and use tax, it’s clear that income tax compliance, sales/use tax compliance and financial reporting are the biggest concerns facing accounting departments over the next 12 months. More than 500 professionals attended the webinar (2016 SalesTaxPerspective 8.1.16). These…

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

Living in one state – earning income in another: Avoiding double taxation

by: Richard L. Feldman, CPA, Senior Manager Once upon a time living in one state and earning revenue in another would have been very complicated. With the advent of modern technology and the ease of travel, however, such scenarios are commonplace. What remains complicated are the draconian tax implications that individual taxpayers and employers must…

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Posted in Nexus, Sales and Use Tax, State & Local Strategies

Unclaimed Property and Escheat Responsibilities Should Prompt Multistate Tax Spring Clean Up

What is a business’ responsibility regarding unclaimed property reporting? With tax busy season over, now is an excellent time to prepare and prioritize your multistate tax 2016 Spring Clean Up. If you let this slide, you may be opening yourself up to harsh penalties from the states where you do business. While not technically a…

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Posted in Individual Tax Brief

3 income-tax-smart gifting strategies

If your 2015 tax liability is higher than you’d hoped and you’re ready to transfer some assets to your loved ones, now may be the time to get started. Giving away assets will, of course, help reduce the size of your taxable estate. But with income-tax-smart gifting strategies, it also can reduce your income tax…

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Posted in Individual Tax Brief

What’s your charitable donation deduction?

When it comes to deducting charitable gifts, all donations are not created equal. As you file your 2015 return and plan your charitable giving for 2016, it’s important to keep in mind the available deduction: Cash. This includes not just actual cash but gifts made by check, credit card or payroll deduction. You may deduct…

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Posted in Individual Tax Brief

How to max out education-related tax breaks

If there was a college student in your family last year, you may be eligible for some valuable tax breaks on your 2015 return. To max out your education-related breaks, you need to see which ones you’re eligible for and then claim the one(s) that will provide the greatest benefit. In most cases you can…

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Posted in Individual Tax Brief

File early to avoid tax identity theft

If you’re like many Americans, you may not start thinking about filing your tax return until the April 15 deadline (this year, April 18) is just a few weeks — or perhaps even just a few days — away. But there’s another date you should keep in mind: January 19. That’s the date the IRS…

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

Market Based Sourcing – No Time To Hibernate

It is always fascinating to watch trends develop and revisit whether the prognosticators were correct – we even enlist Punxsutawney Phil at this time of year – more on him later. One trend we’ve been watching has been the state tax authorities’ modifications in the sourcing of revenue in order to increase the receipts from…

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Posted in Individual Tax Brief

No changes to retirement plan contributions for 2016

Retirement plan contribution limits are indexed for inflation, but with inflation remaining low, the limits remain unchanged for 2016:  Type of limit  2016 limit  Elective deferrals to 401(k), 403(b), 457(b)(2) and 457(c)(1)plans $18,000  Contributions to defined contribution plans $53,000  Contributions to SIMPLEs $12,500  Contributions to IRAs $5,500  Catch-up contributions to 401(k), 403(b), 457(b)(2) and 457…

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Posted in Corporate Income Tax, State & Local Strategies

Nevada’s New Commerce Tax – If $ Happens In Vegas, It (May) Stay In Vegas

If you have Gross Receipts from Nevada sources, the new Commerce Tax may keep a portion of those Gross Receipts in the state. Last June, Nevada Governor signed into law Senate Bill No. 483 to introduce the Commerce Tax. Effectively July 1, 2015, Nevada joins Texas, Ohio and Washington in imposing tax based on the total gross revenue,…

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

Got Unpaid State and Local Tax Liabilities? Voluntary Disclosure May Be Your “Get out of Jail Free” Card

by: Richard L. Feldman, CPA, Senior Manager Voluntary disclosure is not exactly a “get out of jail free” card when it comes to unpaid taxes, but it may be the next best thing. Voluntary disclosure programs allow taxpayers with unreported tax liabilities to come forward and settle their tax liabilities, usually under very favorable terms…

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

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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