Featured
February 22, 2019
By Paul Graney, State & Local Tax Leader
Connecticut Governor Ned Lamont has proposed a new budget for the 2020 fiscal year, beginning July 1, 2019 and ending June 30, 2020, that includes a number of tax changes impacting both businesses and individual taxpayers.
February 20, 2019
Tax Flash
Maryland Taxes Single Member Limited Liability Company
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.
February 18, 2019
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.
February 18, 2019
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.
February 11, 2019
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.
February 04, 2019
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.
January 16, 2019
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.
January 14, 2019
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.
January 04, 2019
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.
January 03, 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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