News & Analysis as of

State Taxes CARES Act

Eversheds Sutherland (US) LLP

A dash of SALT on the deal: Key takeaways from TEI's 2023 M&A Seminar

State and local tax (SALT) issues may arise from mergers, acquisitions, or dispositions. Eversheds Sutherland Partner Todd Betor presented on Unique State Tax Issues at Tax Executives Institute’s 2023 Mergers & Acquisitions...more

Parker Poe Adams & Bernstein LLP

North Carolina's New Budget Conforms to Federal Tax Treatment of Paycheck Protection Program Expenses

Governor Roy Cooper signed the state budget on November 18 that the North Carolina General Assembly passed this week. There are a variety of important tax changes in the budget, including one that affects all North Carolina...more

Bowditch & Dewey

Massachusetts Employers Face Hike In Q1 Unemployment Tax Rates

Bowditch & Dewey on

The Massachusetts Department of Unemployment Assistance (“DUA”) has announced a significant raise in the solvency rate, which distributes the costs of benefits across employers, from 0.58% in 2020 to 9.23% in 2021. This...more

Kilpatrick

4 Key Takeaways - Practical Insights on New Tax Issues

Kilpatrick on

On March 23rd, Kilpatrick Townsend Tax Partners Lynn Fowler, Heather Preston, and Jeff Reed participated in a webinar hosted by the firm called Practical Insights on New Tax Issues. The webinar discussed recent issues arising...more

Williams Mullen

Are PPP Loan Proceeds Gross Receipts for the Purposes of BPOL?

Williams Mullen on

The Virginia Department of Taxation has issued a ruling that addresses the question “does the receipt of a PPP loan and its possible forgiveness constitute gross receipts for purposes of the Business, Professional, and...more

BakerHostetler

[Podcast] How Will States Tax Forgiven PPP Loans?

BakerHostetler on

The CARES Act created the Paycheck Protection Program. The PPP allowed businesses to secure forgivable SBA loans. Federal taxation of forgiven loans and related expenses are quite favorable - will states follow suit? Matt...more

Morgan Lewis

State and Local Tax Responses to Covid-19 (UPDATED)

Morgan Lewis on

Alabama: The Alabama Commissioner of Revenue has issued a series of orders. On March 18, 2020, the commissioner ordered that late payment penalties are waived for small retail businesses whose monthly retail sales during the...more

Pierce Atwood LLP

Maine Governor Announces COVID-19 Tax Guidance

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On October 16, 2020, Maine Governor Janet Mills issued a press release addressing several COVID-19-related tax issues, and Maine Revenue Services today issued guidance providing further details....more

Farrell Fritz, P.C.

Continuing Economic Distress: Withholding Taxes And The Risk Of “Self-Help”

Farrell Fritz, P.C. on

Stimulus Legislation Limbo- In has been 192 days since the President declared a national emergency concerning the COVID-19 outbreak. Across the country, businesses and communities were immediately placed on lockdown[ii] in...more

Pierce Atwood LLP

COVID-19: Maine Income Tax Does Not Conform to FFCRA and the CARES Act

Pierce Atwood LLP on

Maine Revenue Services (MRS) has informed taxpayers that Maine does not conform to the federal tax changes enacted in the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security...more

Eversheds Sutherland (US) LLP

Georgia General Assembly adjourns with new tax legislation

In the last days of the legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, a new rideshare fee, changes to interest payments on direct pay permit holder’s...more

Burr & Forman

Remember that You Must Pay South Carolina (and Federal) Income Taxes on Unemployment Benefits Received by the State

Burr & Forman on

Many South Carolinians who have been furloughed or laid-off from work have received unemployment benefits from the South Carolina Department of Workforce. These benefits have been increased under the federal Coronavirus Aid,...more

Farrell Fritz, P.C.

Business Resources and Recovery (UPDATED)

Farrell Fritz, P.C. on

Businesses grappling with the economic impact of the ongoing COVID-19 crisis have the opportunity to apply for financial assistance through a variety of Federal, State and Local programs. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

State and Local Tax Considerations in Light of COVID-19

The first order of business for many state tax authorities in response to COVID-19 was deciding whether to extend their respective income tax filing and payment deadlines for the 2019 tax year, either automatically by...more

McDermott Will & Emery

CARES Act Could Result in Taxation of More GILTI in New Jersey

The federal stimulus bill (the CARES Act), HR 748, which was signed into law by President Trump on March 27, includes certain corporate income tax provisions designed to provide relief to corporate taxpayers. One such...more

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