September 8, 2020
CA Legislative Session Concludes for 2020; Prop 15 on Ballot
CA passed tax bills SB 972 and AB 3372, impacting corporate disclosure, water’s edge and more. And watch for Prop 15.
August 18, 2020
Foreign Derived Deduction Eligible Income – Summarized Documentation Roadmap
Treasury released final FDII and GILTI regulations under Section 250, which simplified documentation requirements proposed in March 2019.
July 30, 2020
Surprise, Altera Case has State Tax Implications!
The Supreme Court’s denial of cert. in Altera creates potential state tax opportunities.
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.
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.
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.
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. …