Tax Warrior Chronicles

States Seek Revenue via Business Activity Questionnaires. Be on the Lookout!

Posted on Mon, Nov 04, 2019

By: Brandon Caine, CPA

 

The reach of state taxation greatly broadened on June 21, 2018. On that day, the Supreme Court upheld South Dakota’s “economic nexus” standard in South Dakota v. Wayfair. The court gave the green light for South Dakota’s imposition of a sales tax on an out-of-state seller, even though the seller did not have a physical presence in the state. Today’s post outlines some basics of nexus and Business Activity (Nexus) Questionnaires that states send out to potential taxpayers.

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Changes to Uniform LLC Act May Have Unexpected Impact

Posted on Fri, Jan 11, 2019

From time to time, The Tax Warriors® at Drucker & Scaccetti call on highly skilled friends of the firm in the areas of law and wealth management to share knowledge that can help you better understand your own tax situation. Today, attorney Herbert Fineburg, of the law firm Offit Kurman discusses the changes to the PA Uniform LLC Act and how these changes may have an adverse impact on members.

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State & Local Tax Deduction Workarounds in IRS Crosshairs

Posted on Thu, May 24, 2018

Daniel Marques, CPA, MT

Chris Catarino, CPA, MT

 

State and local governments and taxpayers beware - the IRS has its eyes on recent proposals designed to circumvent the new $10,000 limit on state and local tax deductions imposed by the Tax Cuts and Jobs Act (TCJA).  For the time being, you may want to hold off on making contributions to these newly established state and local tax credit funds if you expect to receive a federal charitable contribution deduction in return. Here's why...

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Hurricanes Harvey & Irma and their Impact on NY, PA and NJ Residency

Posted on Thu, Sep 14, 2017

By: Elizabeth Pascal, Esq.

 

Over the last three weeks, we witnessed the images of damage caused by Hurricanes Harvey and Irma. Record winds, flooding and power outages will cause many with multiple residences to spend more time at residences outside of Texas and Florida, two states that happen to have no income taxes. Today, our guest author, Elizabeth Pascal, Esq. of Hodgson Russ, spells out the potential impact for NY residents domiciled in Texas and Florida. Later in the post, The Tax Warriors® discuss how those who have homes in Pennsylvania and New Jersey may be similarly affected.

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What Happens When KOZ Tax Breaks Are Not Extended?

Posted on Fri, May 12, 2017

 

By: Nashwat Hussein-Sagaff, CPA

 

Since 1999, many businesses have benefited from the Keystone Opportunity Zone (KOZ) Program.  KOZ reduces or eliminates taxes to drive investment and economic development where little or none has taken place.  In 2018, many KOZ designated properties are due to expire, along with their zero-tax status.  Without an extension, these companies must prepare for normal business taxation. Here’s what they need to know…

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Law Makes Dying Less Expensive for NJ Residents

Posted on Thu, Mar 09, 2017

By: Nastassja Markham Coletta, JD, LLM

 

New Jersey has long been considered one of the worst states to die in because of its dual death taxes. New Jersey is one of only two states that levies both an inheritance tax and an estate tax. With the enactment of the P.L. 2016, c.57 and subsequent phased repeal of its estate tax, New Jersey is trying to rebrand itself and stop wealthy families and individuals from retiring in more tax-friendly states.

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PA Tax Payers Get An Extra Day To File State Returns

Posted on Tue, Apr 16, 2013

 

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