Searching Content indexed under Income Tax by Reed Smith ordered by Published Date Descending.
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Good And Bad News For NJ Combined Filers
TB-86 follows last year's sweeping changes to the CBTincluding a switch from separate-company to combined reporting.
United States
17 Jan 2019
Supreme Court To Consider Due Process Nexus
On January 11, 2019, the United States Supreme Court granted certiorari in North Carolina Department of Revenue v. The Kimberly Rice Kaestner 1992 Family Trust ("Kaestner").
United States
16 Jan 2019
The Illinois Department Of Revenue Proposes Combined Return Regulations Implementing The Repeal Of The "Non-Combination Rule"
In November, the Illinois Department of Revenue issued proposed regulations implementing the Illinois Legislature's repeal of the unitary business group "non-combination rule" as part of the state's FY 2017-18 budget.
United States
16 Jan 2019
NJ Tax Bulletin Released: Combination And Tax Reform
The New Jersey Division of Taxation (the "Division") has released long-awaited guidance concerning the recent statutory amendments to the Corporation Business Tax ("CBT").
United States
16 Jan 2019
The Illinois Department Of Revenue To Abate Late Filing Penalties For Certain Income Tax Returns Due October 15
Recognizing that many business taxpayers are struggling to file their federal and state income tax returns on or before the extended filing deadline of October 15 because of the complexities
United States
16 Oct 2018
New Jersey Amends Combined Reporting, Adopts Marketplace Facilitator Law
As part of Governor Murphy's efforts to "modernize" business taxes, New Jersey enacted sweeping changes to its corporation business tax, including combined reporting and market sourcing for services.
United States
9 Oct 2018
An Overview Of The California State Tax Implications Facing The Cannabis Industry
On November 8, 2016, California voters approved the Control, Regulate and Tax Adult Use of Marijuana Act (Prop 64), which legalized the recreational use of cannabis by adults who are 21 years and older.
United States
20 Aug 2018
California Accidentally Posts Draft Tax Collection Rules For Online Retailers -- Legal Challenges Possible If Draft Rules Are Adopted
California briefly posted online a draft notice containing new use tax collection rules for retailers, indicating that it may imminently adopt use tax nexus thresholds similar to South Dakota's.
United States
10 Aug 2018
North Carolina Legislature Enacts Omnibus Budget Over Governor's Veto
The omnibus bill includes a number of corporate income tax provisions in response to federal changes in the Tax Cuts and Jobs Act ("TCJA").
United States
11 Jul 2018
NJ Adopts Combined Reporting, Market Sourcing, And New Amnesty Program
New Jersey Governor Phil Murphy and legislative leaders avoided a government shutdown by reaching a compromise on various tax measures.
United States
10 Jul 2018
Pennsylvania "Fixes" 100% Bonus Depreciation Decoupling Computation
Pennsylvania enacted legislation addressing the mechanics of its statutory "decoupling" from federal 100% bonus depreciation.
United States
9 Jul 2018
Fifty Ways To Win Your Audit!
Three Felonies a Day, a book by Harvey Silverglate, argues that state and federal laws are so ubiquitous and ambiguous that the average citizen commits three felonies a day.
United States
5 Jul 2018
An Overview Of The State Tax Implications Facing The Cannabis Industry
For state income tax purposes, most states use federal taxable income as a starting point to determine state taxable income.
United States
27 Jun 2018
NJ Court: Consolidated Rules Apply To Separate-Company Return
The taxpayer at issue ("Taxpayer") was a corporate subsidiary of MCI, Inc. ("MCI"). For federal income tax purposes, Taxpayer filed as part of the MCI consolidated group.
United States
20 Jun 2018
Why Wayfair Won't Matter
Supreme Court case raises ‘substantial nexus' controversy in internet age, capturing attention of tax specialists—and the public.
United States
31 May 2018
Nextel Update: Pennsylvania DOR Will Not Assess Pre-2017 Tax Years
The Pennsylvania Supreme Court did not address McKesson or due process at all in its opinion, which leaves that as an open question.
United States
25 May 2018
California Taxpayers Should Fight Imposition Of The LCUP And Other Penalties In The Wake Of Gillette.
In October 2012, a California Court of Appeal held that taxpayers could, under the Multistate Tax Compact, elect to apportion income using an equally weighted, three-factor method ...
United States
17 May 2018
Over $620 Million Of California Competes Tax Credits Awarded To Businesses
Over the past four years, GO-Biz has awarded over $620 million in California Competes Tax Credits, a tax credit that may be used to offset the awardee's California income ...
United States
14 May 2018
NJ Tax Court Clarifies Scope Of Income Tax Addback
In a decision released today in Rockland Electric,1 the Tax Court of New Jersey ruled that taxpayers must add back the New Jersey Transitional Energy Facility Assessment when computing taxable income for corporation business tax purposes.
United States
2 May 2018
Maryland Becomes The Latest State To Adopt Single Sales Factor Apportionment
On April 24, 2018, Governor Larry Hogan signed legislation that phases in single sales factor apportionment over a five year period.
United States
27 Apr 2018
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