Dealing with creditors is never a fun experience. However, some creditors are more severe than others, especially in the cannabis industry. One of those is the California Department of Tax and Fee Administration (CDTFA),...more
The Virginia Department of Taxation (Department) recently published Virginia Pass-Through Entity Tax Frequently Asked Questions for Taxable Years 2022 and After (FAQs). As summarized below, the FAQs provide helpful guidance...more
It wouldn’t be far-fetched to say that, as a species, we humans have a propensity – rooted in our instinctive tendency for self-preservation – toward denying anything we believe may cause us harm. It should come as no...more
On October 31, 2022, the Virginia Department of Taxation (the “Department”) released draft guidance (the “Draft Guidelines”) on Virginia’s elective pass-through entity (PTE) tax, addressing how to make a PTE tax election for...more
Following New York City’s recent victory in a case regarding the apportionment of income earned by an out-of-state corporation from its sale of a non-unitary investment, the New York State Department of Taxation and...more
A recent change in Virginia law may impact many individual taxpayers. Effective for taxable years beginning on or after January 1, 2022, individual taxpayers who make estimated income tax payments must submit all payments...more
New Jersey, in advance of examining the facts and the issues, has said it refuses to do its job of auditing and resolving tax disputes involving transfer pricing without imposing penalties unless you do the job for them, do...more
Since the enactment of New York State corporate tax reform beginning in 2015, the New York State Department of Taxation and Finance (the “Department”) has been periodically posting for comment draft regulation sections...more
During the 2022 General Assembly Session, legislation was enacted that allows a qualifying pass-through entity (PTE) to make an annual election for Taxable Years 2021 through 2025 to pay income tax at a rate of 5.75% at the...more
The New York State Department of Taxation and Finance recently revised its Nonresident Audit Guidelines for the first time in seven years. This updated version, issued in December 2021, replaces the guidelines that were...more
The Nevada Legislature has enacted a one-time tax amnesty program for qualified businesses or individuals doing business in Nevada. Benefits Of Amnesty - The program allows for penalty and interest to be waived on...more
Something Is Rotten- There’s a gray pall hanging over New York that has clouded the judgement of many politicians, and has left many of its residents feeling anxious and off-balance. No, it’s not the smoke from all the...more
In the wake of Virginia voting in Democratic majorities in both houses of the state legislature last year, the Virginia legislature has passed, and Virginia Governor Ralph Northam has signed into law, a slew of new measures...more
The report highlights the recent changes to Ohio law requiring out-of-state sellers and marketplace facilitators to collect tax on sales into the state, as well as recent cases decided by the Ohio Board of Tax Appeals....more
Recently, the Ohio Board of Tax Appeals (BTA) denied a taxpayer’s sales tax refund in part because it could not consider the taxpayer’s improperly submitted evidence. In Environmental Quality Management Inc. v. McClain, BTA...more
The Virginia Department of Taxation issued guidelines for the new laws requiring remote sellers, marketplace sellers, and marketplace facilitators to register and collect Virginia sales and use taxes. (See Guidelines for...more
The Ohio Supreme Court (“Court”) in a May 31st opinion addressed the application of Ohio’s use tax to an Ohio facility processing slag. See Lafarge North America, Inc., v. Testa, Tax Commr., 2018 WL 2440300. Lafarge North...more
A new state rule requires joint economic development districts (JEDDs) to report and file certain information with the Ohio Tax Commissioner by February 12, 2018. Communities that have used JEDDs to support economic...more
On June 21st, 2017, after considering 118 amendments, the House passed sweeping legislation (H.3768) by a vote of 126 to 28 refining the laws governing the legalization of adult-use cannabis....more
The Basics: Question 2 is an indirect initiated state statute (the “Act”). Question 2 legalizes the possession, purchase, transportation and consumption of one ounce or less of marijuana (and one-eighth of an ounce or less of...more