State Mandatory Combined Reporting: Complex Formula or ‘Loophole’ Closer?
State Mandatory Combined Reporting! You’re probably wondering what this obscure state tax concept means and whether it impacts your company’s state corporate taxes. Before jumping into today’s discussion, here are a few questions to consider. Is your company a subsidiary or affiliate within a “controlled group” of corporations? Do any of the “controlled group” corporations do business in multiple […]
News Flash: Illinois Enacts Significant Tax Rate Increases
Legislative Update: As states continue to grapple with revenue shortfalls, at least one state has taken radical, and not so taxpayer friendly, steps to help repair its ailing fiscal situation. On January, 13, 2011, Illinois Governor Patrick Quinn approved legislation that contains several provisions that aim to stop the budget shortfall gap from widening […]
Federal Bonus Depreciation – A Potential Drain on State Revenues, States Expected to “Decouple”
On September 27, 2010, President Obama signed the Small Business Jobs and Credit Act of 2010 (“Jobs and Credit Act”) into law. (See my AllBusiness.com October 4, 2010 post, “Small Business Jobs and Credit Act of 2010 Includes Beneficial Tax Provisions to Fuel Business Growth”, in which I explained several of the tax provisions that […]
Navigating Nexus, Published in the November 2010 Issue of the Journal of Accountancy
Nexus, nexus, nexus, aahhhh, NEXUS! The mere word can send a chill down the spine of a taxpayer who suspects its activities in a state may have created that sufficient “connection” or “tie” to subject him to a state’s income or other business tax, or to be subject to a state’s sales tax collection requirement. […]
Florida Amnesty Begins July 1st: Another State Jumps on the Amnesty Bandwagon
SALT Alert: As the trend in State Tax Amnesties continues, we have yet another state that has instituted a tax amnesty program. In response to Florida H.B. 5301, the Florida Department of Revenue (“the Department”) has developed and implemented a one-time tax amnesty program which runs from July 1 through September 30, 2010. Florida’s amnesty […]