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State Taxation

  • The Incredible Growing Sales Tax

    By:
    Melanie Lee, JD, and Marc Simonetti, JD
    |
    Jun 1, 2022

    The state and local sales tax landscape is constantly shifting as the marketplace of goods and services evolves. Recently, there has been a series of changes related to states expanding their sales tax. First, states are expanding their jurisdiction to impose sales tax, i.e., increasing the number of people subject to tax through nexus. Second, states have attempted to expand the sales tax base by subjecting new transactions and services to tax.

  • International Tax Implications for Digital Assets

    By:
    Mark DiMichael, CPA, CFE
    |
    Jun 1, 2022
    Digital asset businesses and investors are quickly recognizing that the legal and regulatory framework of the United States is highly burdensome for their business activities. The various rules can result in added legal and accounting costs related to filings with the Securities & Exchange Commission, compliance with the Bank Secrecy Act, and understanding and complying with the patchwork of money transmitter laws and state tax nexus laws in 50 different states. 
  • Cannabis Taxes in New York State: How High Is Too High

    By:
    Jason Klimek, Esq., and Kara Cline, CPA
    |
    Apr 1, 2022

    New York State legalized adult-use cannabis on March 31, 2021, under the Marijuana Regulation and Taxation Act (MRTA). Along with legalization came Article 20-C of the New York State Tax Law. Article 20-C, effective April 1, 2022, imposes the first U.S. THC potency excise tax. The excise tax is in addition to a 13% sales tax, which replaces the standard state and local sales tax rates

  • Preparing for a Successful New York State Audit Defense

    By:
    Karen J. Tenenbaum, Esq., LLM (Taxation)
    |
    Mar 1, 2022

    A client walks into your office with an audit notice from New York State. If you are not familiar with state audits, you may be wondering how similar they are to an IRS audit. Although the strategies are alike in many ways, there are also significant differences, particularly with residency and sales tax audits. At the 2021 NYSSCPA, New York and Tri-State Taxation Conference in December, our panel discussion on New York State Audit Defense and Alternative Strategies outlined the essential steps tax professionals should take to prepare for and resolve state tax audits as effectively as possible.

  • The “Last Call” for Medicaid Homecare Without a Look-Back Period for Transfers has Perhaps Arrived!

    By:
    Anthony J. Enea, Esq.
    |
    Jan 1, 2022
    For more than a decade, New Yorkers had been able to receive Medicaid home care services without worrying about the five-year look back period for non-exempt asset transfers (gifts), which is imposed for Medicaid nursing home eligibility. One could transfer all of their savings and home without incurring any period of ineligibility for Medicaid Home Care Services. Unfortunately, this advantage came to an end in 2020.
  • Pass-Through Entity Taxes: What to know

    By:
    Arvinder Kaur, CPA
    |
    Dec 1, 2021

    In 2018, the Tax Cuts and Jobs Act (TCJA) was enacted. As part of the revised provisions, the IRS limited the deductibility of state and local tax (SALT) payments as an itemized deduction for federal income tax purposes to $10,000 in a calendar year. This limitation has generally increased taxes due to the federal government for many individuals.

  • New Jersey Teleworking Tax Implications: During and After COVID-19

    By:
    Open Weaver Banks and Emma M. Savino
    |
    Nov 1, 2021
    As of October 1, 2021, the New Jersey Division of Taxation ended its taxpayer-friendly policies for businesses impacted by employees working remotely as a result of COVID-19.  In this article, we discuss both the regular and temporary rules in New Jersey for the three areas of taxation impacted by the Division’s COVID teleworking policy: (1) Corporation Business Tax (“CBT”); (2) sales and use tax; and (3) employer withholding.

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.