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More States Enact Pass-Through Entity Tax: What Does It Mean?
Posted by Tarra Curran on Tue, Jul 20, 2021 @ 05:12 PM

The Tax Cuts and Jobs Act (TCJA) of 2017 caught many states off guard. The speed at which the federal legislation moved did not allow much time for states to react before the calendar year 2017 ended and the 2018 calendar year began, particularly related to the creation of the "so-called" SALT cap.

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Topics: Tarra Curran, pass-through, pass-through entities, PTE

New York Gov. Cuomo Signs 2021/2022 Budget Bill
Posted by Tarra Curran on Fri, Apr 23, 2021 @ 11:38 AM

On April 19, 2021, New York Governor Andrew Cuomo signed the FY2022 New York State (NYS) budget bill (“the Bill”)(S.2509-C/A.3009-C). which among other items, includes various temporary tax increases and provisions affecting certain individuals, pass-through entities, and corporations operating in the state. Below is a recap of the most significant tax provisions included in the comprehensive budget legislation.

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Topics: Tarra Curran, Cuomo’s Budget Proposal, New York Tax Reform, New York, Cuomo's Budget Bill

New Corporate Tax Reporting Requirements for Virginia Announced
Posted by Tarra Curran on Thu, Apr 22, 2021 @ 03:27 PM

On April 7, the Virginia Department of Taxation announced that certain corporations subject to Virginia state income tax must file a one-time report by July 1, 2021. Corporate taxpayers that fail to file the report timely, or make a material misstatement or omission, may be subject to a $10,000 penalty. The purpose of the report is to show the difference between the amount of tax the corporation would pay if it filed as part of a unitary combined group and the amount of the corporation’s tax based on the current filing requirements.

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Topics: Tarra Curran, reporting requirements, Virginia, Virginia Department of Taxation

Mass. Governor signs bill that ends state tax on PPP grants for individuals and business owners
Posted by Tarra Curran on Wed, Apr 7, 2021 @ 01:28 PM

The Paycheck Protection Program (PPP) created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act and extended by the December 2020 year-end appropriations bill provides a direct incentive for small businesses to keep their workers on payroll. It is backed by the Small Business Administration (SBA) and provides potentially forgivable, low-interest loans for small to medium-sized organizations who can demonstrate expenses were used toward retaining their headcount.

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Topics: Tarra Curran, Independent Contractor, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, PPP Loan, Small Business Administration, PPP Loan Forgiveness, Payment Protection Program

Business Impacts to New England Private Companies: Follow-Up Survey Results
Posted by Tarra Curran and Larry Kaplan on Thu, Mar 11, 2021 @ 12:59 PM

The coronavirus pandemic has continued to create unparalleled levels of uncertainty across the U.S. economy and business community. In response, we conducted a follow-up survey of some of the top private companies in the Greater Boston area to determine how the impact of COVID-19 has shifted since June, and gauge how local financial leaders across various industries are currently responding to the pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act, American Rescue Plan (ARP) Act, ARP Act

7 Ways COVID-19 May Affect State & Local Filing Requirements
Posted by Tarra Curran and Ann Brown on Mon, Aug 3, 2020 @ 08:00 AM

The state and local tax implications for your business will require careful attention in the COVID-19 pandemic environment. Remote work during shutdown orders led to many workers finding themselves working for an organization from a different state. Some may even opt to change locations now that working virtually has become a more permanent option.

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Topics: Tarra Curran, state and local tax (SALT), new england state and local tax, Ann Brown, COVID19, Coronavirus, COVID-19, remote work

COVID-19’s Impact on New England Private Companies: Survey Results
Posted by Tarra Curran and Larry Kaplan on Tue, Jul 21, 2020 @ 11:59 AM

Over the last few months, we have seen unparalleled uncertainty in the economy and for companies across the world. In response, we conducted a survey to measure the pulse of financial leaders of private companies in New England as they react to the COVID-19 pandemic.

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Topics: Tarra Curran, Larry Kaplan, private companies, private company, survey, COVID19, Coronavirus, Coronavirus Aid, Relief, and Economic Security Act

The Latest Development in Sales Tax Policy: Marketplace Facilitator Laws
Posted by Tarra Curran and Ann Brown on Thu, Nov 7, 2019 @ 05:54 PM

It is a well-known fact that states and local governments have been grappling with falling sales tax revenues in recent years. The decline in sales tax revenue is a result of a shift in consumer habits trending towards more frequent online shopping and purchases of personal services. These shifts in purchasing habits directly affect sales tax collections because historically online vendors lacking physical presence were not subject to state sales tax requirements. Furthermore, services are typically not subject to sales tax.

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Topics: Tarra Curran, State tax, Sales Tax, sales and use tax, state and local tax (SALT), new england state and local tax, SALT cap tax, Ann Brown

Understanding the Post-Wayfair Tax Landscape
Posted by Tarra Curran on Fri, May 24, 2019 @ 11:43 AM

On June 21, 2018, the U.S. Supreme Court ruled in favor of South Dakota in the widely-watched South Dakota v. Wayfair case. This ruling overturned the long-held precedent of Quill Corp. v. North Dakota, which stood for the proposition that a state could not impose a collection requirement on a retailer unless that retailer had a physical presence in the state.

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Topics: Tarra Curran, economic nexus, Sales Tax, The Massachusetts Department of Revenue, sales and use tax, tax nexus, new england state and local tax, Wayfair, South Dakota vs Wayfair, Rhode Island Department of Revenue

How Wayfair Changed Sales Tax Collection in New England
Posted by Tarra Curran on Thu, Dec 6, 2018 @ 02:55 PM

In June, the Supreme Court ruled that a taxpayer’s economic activity could be used as the standard for whether a taxpayer owes state and local taxes. The decision in Wayfair v. South Dakota opened the door for states to collect sales taxes on remote retailers with substantial in-state activity. Prior to the decision, states followed the physical presence standard to determine whether a taxpayer would be subject to state and local taxes.

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Topics: Tarra Curran, economic nexus, Sales Tax, The Massachusetts Department of Revenue, sales and use tax, tax nexus, new england state and local tax, Wayfair, South Dakota vs Wayfair, Rhode Island Department of Revenue

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