News & Analysis as of September 25, 2024

Income Taxes › North American Industry Classification System

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

New Treasury Regulations Address Income Aggregation Rules for Tax-Exempt Organizations

Kramer Levin Naftalis & Frankel LLP on 5/6/2020

On April 24, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) issued proposed regulations (REG-106864-18) addressing the manner in which tax-exempt organizations calculate their...more

Addition of UBTI Siloing Rules Creates New Challenges for Tax-Exempt Organizations - Tax Update Volume 2019, Issue 2

Troutman Pepper on 3/11/2019

Tax-exempt organizations that have unrelated business taxable income (UBTI) may need to calculate their UBTI differently as a result of a change in the tax law made by the Tax Cuts and Jobs Act of 2017 (TCJA). ...more

Taxpayer Victory in Utah Income Tax Single Sales Factor Case

Holland & Hart LLP on 10/15/2018

The Utah Tax Commission recently ruled in favor of a taxpayer in Case No. 16-155 by authorizing the taxpayer to use a single sales factor for Utah corporate franchise tax... Under Utah law, taxpayers in certain NAICS Codes...more

Tax-Exempts May Limit Fund Investments Pursuant to New IRS Guidance on UBTI

Proskauer - Not for Profit/Exempt... on 9/5/2018

On August 21, 2018, the Internal Revenue Service (“IRS”) released Notice 2018-67 (the “Notice”), addressing issues relevant to tax-exempt organizations arising under new Section 512(a)(6) of the Internal Revenue Code (the...more

PA Senators Pushing to Replace School Property Taxes with Expanded Personal Income and Sales Taxes

McNees Wallace & Nurick LLC on 4/22/2014

A number of Pennsylvania State Senators continue to push for legislation to eliminate school district property taxes in Pennsylvania. They would replace the lost revenues by increasing the statewide Personal Income Tax rate...more

A Pinch of SALT: State Tax Treatment of a 'Manufacturer'

Eversheds Sutherland (US) LLP on 2/15/2013

Originally published in State Tax Notes. Many states have created special treatment for manufacturers, including tax exemptions, credits, and special income tax apportionment rules. In this edition of A Pinch of SALT, we...more

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