• Maryland Legislature Passes Tax on Digital Products, Codes
    by CCHTaxGroup on March 24, 2020 at 8:00 am

    The Maryland General Assembly has passed legislation (H.B. 932) that would impose sales tax on specified digital products and codes effective July 1, 2020.  The bill, which passed both houses of the Maryland General Assembly last week, has been sent to the governor.  Retail Sale Would Include Digital Products “Digital productsâ€� are delivered electronically and would include:  prerecorded/live music, book readings, and speeches;  audio/video greeting cards sent by The post Maryland Legislature Passes Tax on Digital Products, Codes appeared first on Tax & Accounting Blog.

  • Tax Implications of Worker Classification Under California A.B. 5
    by CCHTaxGroup on March 5, 2020 at 8:00 am

    A.B. 5 may impact employee or independent contractor status for California workers. Aimed to protect gig workers, it has tax applications. There are different tax reporting and filing requirements for employees or independent contractors. A.B. 5 may result in some inconsistent treatment of workers for federal and state purposes. What Does A.B. 5 Do? The The post Tax Implications of Worker Classification Under California A.B. 5 appeared first on Tax & Accounting Blog.

  • March Madness – When Brackets Are Won, Taxes Are Due
    by Wolters Kluwer Tax and Accounting on March 3, 2020 at 6:00 pm

    As states legalize sports betting, tax implications emerge March Madness is a popular time to fill out your National Collegiate Athletic Association (NCAA) basketball brackets and hope for a winner. Wolters Kluwer Tax & Accounting points out that, according to the Internal Revenue Service (IRS), betting activities could be considered gambling, business, or a hobby The post March Madness – When Brackets Are Won, Taxes Are Due appeared first on Tax & Accounting Blog.

  • Annual Review: How Do States Tax Retirement, Pension, and Social Security Income?
    by CCHTaxGroup on February 20, 2020 at 7:59 am

    States take different approaches to the tax treatment of retirement, pension, and Social Security income. Some states: impose no income tax on retirement, pension, and other income; exempt all or some retirement, pension, and Social Security income; provide credits for retirement and pension income; or tax all retirement and pension income. How does your state The post Annual Review: How Do States Tax Retirement, Pension, and Social Security Income? appeared first on Tax & Accounting Blog.

  • New Jersey Enacts Pass-Through Business Alternative Income Tax
    by CCHTaxGroup on February 12, 2020 at 8:00 am

    New Jersey has enacted legislation creating: an elective entity-level alternative income tax for pass-through businesses; and an offsetting credit for taxpayers who receive income from a pass-through business that pays the alternative tax. Pass-through entity taxes like this one are commonly considered a workaround to the federal state and local tax (SALT) deduction limitation. Elective The post New Jersey Enacts Pass-Through Business Alternative Income Tax appeared first on Tax & Accounting Blog.

  • Online Marketplace Did Not Have to Report Sales Tax on Items Sold by Third-Parties
    by CCHTaxGroup on February 6, 2020 at 5:11 pm

    A big box retailer with an online marketplace that sold items for third-party retailers was not a “dealerâ€�  and did not have to report Louisiana and parish sales tax. The retailer operated an online marketplace where customers could buy its products or products from third-party retailers. Tax was reported for online sales made for products The post Online Marketplace Did Not Have to Report Sales Tax on Items Sold by Third-Parties appeared first on Tax & Accounting Blog.

  • Pennsylvania Net Loss Carryover Flat Deduction Cap Severed
    by CCHTaxGroup on January 10, 2020 at 8:00 am

    Pennsylvania’s net loss carryover (NLC) flat deduction cap was severed from the Pennsylvania tax code for 2001 and 2006. There were two separate cases brought challenging the flat deduction cap. In each, the taxpayers argued that the Nextel decision clearly meant that the NLC flat deduction violated the Pennsylvania Uniformity Clause. Nextel Decision In Nextel the The post Pennsylvania Net Loss Carryover Flat Deduction Cap Severed appeared first on Tax & Accounting Blog.

  • North Carolina Adopts Market-Based Sourcing Rules
    by CCHTaxGroup on January 2, 2020 at 8:00 am

    Effective for tax years beginning after 2019, a corporation must use market-based sourcing rules to: apportion income from sales to North Carolina and other states where it is doing business; and determine its North Carolina corporate income tax liability. In general, a corporation must assign receipts to North Carolina if it determines the market for The post North Carolina Adopts Market-Based Sourcing Rules appeared first on Tax & Accounting Blog.

  • Change of Residence From New York to a Low-Tax State
    by CCHTaxGroup on December 18, 2019 at 8:00 am

    Since President Trump announced that he had changed his residence to Florida, there has been increased interest in the idea of switching from a high-tax state like New York to a low-tax state like Florida, which has no personal income tax. Although it appears to be an attractive option for avoiding high state income taxes, The post Change of Residence From New York to a Low-Tax State appeared first on Tax & Accounting Blog.

  • Cannabis Taxation in California
    by CCHTaxGroup on December 12, 2019 at 8:00 am

    What is the current state of cannabis taxation in California? State cannabis taxes contribute to California’s economy, the 5th largest in the world. So how is cannabis taxed? Who’s involved? What do cannabis distributors, retailers, cultivators, and manufacturers have to do to stay on the good side of the state? What Kind of Taxes Apply The post Cannabis Taxation in California appeared first on Tax & Accounting Blog.