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Business Income and Sales/Use Taxes: What Constitutes a Manufacturer for Certain Tax Incentives

Manufacturing, as often noted, is the backbone of the American economy. Manufacturers not only innovate and create products that contribute to the betterment of our way of life but are also critically fundamental to our...more

SALT Select Developments - August 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - July 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - May 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Final Regulations on Tax Credits for Electric Vehicles: No Time to Relax

The Treasury finalized regulations for the Clean Vehicle Credit under I.R.C. Section 30D. These regulations are effective July 5, 2024. The Section 30D credit, up to $7,500, applies to new electric or fuel cell vehicles...more

Tax Refund Process and Related Points Resulting from Constitutional Issue with Franchise Tax

A compromise version of House Bill 1893/Senate Bill 2103 was passed by both Legislative Chambers on April 25, 2024 (the Bill). Subject to Governor Lee signing the Bill into law (which is expected to occur), the following is...more

SALT Select Developments - April 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - March 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Potential Tax Refunds Resulting from Constitutional Issue with Franchise Tax

Commissioner of the Tennessee Department of Revenue (Department), David Gerregano, recently testified before the Revenue Subcommittee of the Senate Finance, Ways and Means Committee, regarding the Department's proposed...more

Summaries Released of Select Informal Conference Decisions

The Tennessee Department of Revenue (Department) recently posted certain selected informal conference summaries which provides taxpayers with insight into how the Hearing Office will address various issues arising under...more

SALT Select Developments - February 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

Legislation Filed Addressing Potential Constitutional Issue with Franchise Tax

On January 22, 2024, Tennessee Governor Bill Lee's administration filed House Bill 1893 in the 2024 Session of the 113th General Assembly. The apparent purpose of House Bill 1893 is to address the potential constitutional...more

Legislation To Be Filed Addressing Potential Constitutional Issue with Franchise Tax

On January 4, 2024, Tennessee Governor Bill Lee announced plans to amend the Tennessee franchise tax to simplify the calculation of the franchise tax to "in effect give tax relief to businesses that are invested in our...more

SALT Select Developments - January 2024

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - November 2023

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - October 2023

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - September 2023

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

ACA Affordability Test Will Be More Difficult to Pass in 2024

As employers are preparing for 2024 open enrollment, they should be aware that the Affordable Care Act (ACA) affordability safe harbors are going DOWN for 2024. The IRS has just released Revenue Procedure 2023-29, which...more

IRS Issues Catch-Up Contribution Transition Relief

SECURE Act 2.0 made sweeping changes to retirement plans, including changes to the additional "catch-up" contributions. These catch-up contributions for participants age 50+ have long provided the opportunity for needed...more

SALT Select Developments - August 2023

State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. ln this newsletter edition, we will briefly summarize selected state and local tax (SALT)...more

SALT Select Developments - July 2023

This month's SALT Select is dedicated to the memory of our colleague and friend, Robert L. Wollfarth, Jr. and the many contributions he made to our Firm. State and local taxes impact almost every taxpayer, and developments...more

Low-Income Community and Energy Community Bonus Tax Credits for Clean Energy Projects

The following is an overview of guidance regarding the Inflation Reduction Act's (IRA) Low-Income Communities Bonus Credit Allocation Program (LIC Bonus) and the Energy Community Tax Credit Bonus....more

Treasury Provides Key Guidance for Monetizing Clean Energy Tax Credits

The Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued guidance on June 14, 2023, regarding the Inflation Reduction Act's (IRA) two new clean energy tax credit delivery mechanisms – one on...more

Tennessee Works Tax Act: Senate Bill No. 275/House Bill No. 323

Governor Lee's "Tennessee Works Tax Act" passed in the Senate on April 19, 2023, and thereafter was concurred with by the House on April 20, 2023. The Governor is expected to sign this legislation (the Act) into law. The Act...more

Spotlight on Tennessee: Summaries Released of Select Informal Conference Decisions

On April 5, 2023, the Tennessee Department of Revenue (Department) posted to its website certain selected informal conference summaries. As noted in this posting, the Department chose several topics of interest for this...more

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