Tax Blog

Our tax blog is dedicated to CFOs, Tax Directors and Business Owners looking to improve profitability, grow their business or implement a succession plan. At Armanino, we see the tax function as a key strategic tool—as nothing less than a vital means of moving you and your company forward. While we excel in making sure our clients meet regulatory requirements—both domestic and global—that just scratches the surface of what we do.

Tax Blog

July 30, 2020

Surprise, Altera Case has State Tax Implications!

The Supreme Court’s denial of cert. in Altera creates potential state tax opportunities.

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July 20, 2020

Portland Has A New Tax, Oregon Issues More CAT Guidance and Washington Expands Its Voluntary Disclosure Program

Here are the latest OR and WA state and local tax laws and expanded guidance.

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India Passes 2% Equalization Levy and 6% Advertising Levy on Non-India-Based Sellers

Part of the Finance Act 2020 and effective April 1, this is a direct tax on non-India-based sellers.

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July 15, 2020

Seattle City Council Passes JumpStart Seattle, Implementing New Employee Payroll Expense Tax

The bill, which seeks to raise over $200 million a year for the homeless, puts a new tax on companies with Seattle-based payroll expenses of $7 million or more.

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June 10, 2020

IRS Releases Proposed Regulations on Excess Tax-Exempt Organization Executive Compensation

On June 5, 2020, the IRS and Treasury Department released the much-anticipated Proposed Treasury Regulations under Internal Revenue Code (IRC) Section 4960, Tax on Excess Tax-Exempt Organization Executive Compensation.  These proposed regulations generally follow the interim guidance in IRS Notice 2019-09 that provided an explanation of the excise tax that was enacted as part of …

June 1, 2020

State and Local Tax Update on San Francisco

Below you’ll find an overview of some local tax issues and relief opportunities for companies doing business inside the city of San Francisco (SF). Based on our more than 20 years as state and local tax (SALT) professionals, we believe the SF Business Tax remains one of the most difficult returns for companies to file …

May 26, 2020

Forgiven PPP Loans and the Deductibility of Expenses Paid

Summary While most states have yet to comment on whether taxpayers can deduct ordinary business expenses paid with Paycheck Protection Program (PPP) loan proceeds that are forgiven by the IRS, taxpayers should monitor state conformity to the CARES Act (P.L. 116-136) and the Internal Revenue Code. Rolling conformity states that conform to the CARES Act …

CA Revised Budget Proposal Includes Suspension of NOLs and Limits on Business Tax Incentive Credits

Summary Prior to COVID-19, California was projecting a budget surplus of $5.6 billion for the 2020-2021 fiscal year, with March actual revenues coming in $1.35 billion above projections. COVID-19 changed all that as businesses were forced to temporarily close and lay off or furlough employees, and the entire US economy came to an abrupt halt. …

May 20, 2020

State Tax Implications of Remote Employees Due to COVID-19

Summary With the rapid adoption of city and county shelter-in-place rules and state lockdowns (i.e. Hawaii) many employees found themselves working from locations that they never expected to be working from and for much longer than expected. Now employers have begun to ask, “Where are my employees working from? And what do I need to …

May 17, 2020

House Passes HEROES Act, Steep Challenges Expected in Senate

On May 15 the House passed, with some Democratic dissent, the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. The HEROES Act returns certain elements taken away by the 2017 Tax Cuts and Jobs Act (TCJA) and adjusts for elements within the CARES Act. Highlights include $1 trillion in state and local …

 
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