New Workarounds for $10,000 SALT Cap for Pass-Through Entities
The SALT cap has been a contentious issue ever since it was passed as part of 2017’s Tax Cuts and Jobs Act.
$10,000 SALT Cap Continues to Receive Attention
One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.
Final Regs. Address Payments to Charities in Return for SALT Credits
Amendments to section 162, 164, and 170 regs. formalize safe harbors for payments to charitable organizations in exchange for SALT credits.
Supreme Court Ruling Fundamentally Alters Sales Tax
The U.S. Supreme Court has fundamentally altered Wayfair, Inc., and other online retailers’ ability to offer items at a lower cost than their brick and mortar counterparts. States can now require online retailers to collect sales tax from every customer no matter if they have a physical location in the shopper’s state, leaving online consumers to pay more for the items they buy.
State and Local Tax Compliance for Government Contractors
The federal government is, by law, exempt from paying state and local taxes. However, this exemption does not apply to organizations with federal or state government contracts, [...]
Virginia Enterprise Zones: Are You in the Zone?
Were you aware that the Commonwealth of Virginia appropriates grant funding for companies that invest in certain areas in the state? The Commonwealth of Virginia wants to encourage rejuvenation of certain towns and cities and is willing to award funding for the rehabilitation, expansion or new construction of real estate and/or creation of higher wage jobs.
Watch Your SALT!
While technology has made it much easier to provide services to customers all over the country or the world, it is also easy for business owners to find themselves in a tax quagmire. SALT in tax circles refers to State and Local Taxation and includes all taxes legislated and administered by state and local tax authorities including income, franchise, sales and use, property, real estate, payroll, business licenses, among others.
Top 10 Tax Opportunities for Virginia Businesses
Sean O’Connell, a PBMares Tax Service Line Leader, is presenting “Top 10 Tax Opportunities for Virginia Businesses” at the Virginia Society of CPAs Business and [...]