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On January 17, 2019, the Maryland Tax Court ruled that multiple single member LLCs were subject to the 8.25% nonresident tax on income allocable to Maryland.

Fiduciary Income Tax Planning Utilizing the § 645 Election


Trusts & Estates

Fiduciary Income Tax Planning Utilizing the § 645 Election

Given the possibility of having to file an income tax return for both the estate and the trust, a unique opportunity presents itself to utilize the Internal Revenue Code 645 election to combine the trust and estate into one entity for tax purposes.

 
A New Tax Credit Based on an Old Law


Tax Compliance

A New Tax Credit Based on an Old Law

Since the Family and Medical Leave Act was enacted in 1993, employers have been required to provide employees with temporary leave, up to 12 weeks, for either family or medical reasons.

 
Sales of Publicly Traded Partnerships Are No Easy Task to Report on Your Taxes


Tax Compliance

Sales of Publicly Traded Partnerships Are No Easy Task to Report on Your Taxes

Sales reporting of publicly traded partnerships, also known as master limited partnerships, is governed by the IRS rules and regulations on partnerships.

 
Pennsylvania Treatment of GILTI and FDII: Corporation Tax Bulletin 2019-02


Tax Flash - International Taxation

Pennsylvania Treatment of GILTI and FDII: Corporation Tax Bulletin 2019-02

On January 24, Pennsylvania’s Department of Revenue released Corporate Tax Bulletin 2019-02, addressing the Pennsylvania tax treatment of GILTI and FDII.

 
New York Issues Guidance in Response to the United States Supreme Court decision in South Dakota v. Wayfair, Inc.


Tax Flash - State & Local Taxation

New York Issues Guidance in Response to the United States Supreme Court decision in South Dakota v. Wayfair, Inc.

New York State today published a notice announcing that the State intends to immediately enforce existing rules requiring the collection and remitting of New York State sales tax by remote retailers transacting business in New York.

 
State of Connecticut Pass-Through Entity Re-characterization


Tax Flash - State & Local Taxation

State of Connecticut Pass-Through Entity Re-characterization

The State of Connecticut's Department of Revenue Services (DRS) has issued notices informing many taxpayers that their elections to re-characterize personal estimated tax payments as payments against the pass-through entity tax for 2018 have been rejected.

 
Connecticut LLC Entities: Beware of Tax Scam in Mail


Tax Flash

Connecticut LLC Entities: Beware of Tax Scam in Mail

The Connecticut CPA Society (CTCPA) has issued a notice informing business owners organized as Limited Liability Companies (LLCs) of a fraudulent request for payment being received via the U.S. mail.

 
Form 1099 Filings for Year-End 2018 Due January 2019


Tax Flash

Form 1099 Filings for Year-End 2018 Due January 2019

Happy New Year to our readers! Now that 2019 is upon us, businesses are gearing up for reporting season.

 
 
 
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