The Bottom Line Pass-through entities with New York income should examine whether to elect into the PTE Tax to potentially reduce the taxes of their owners.Those considering the election should consider whether the taxes are creditable against state taxes for non-residents. S corporations and Continue Reading
Maryland Passes Digital Advertising Tax
The Bottom Line Businesses that may have revenue “derived from” digital advertising should consult with their tax advisors concerning forthcoming changes in the law, regulations, and legal challenges to see how Maryland’s digital advertising tax and potential imitators may affect them.Because of Continue Reading
Tax Provisions Contained in the CARES Act
The Bottom Line The CARES Act offers a number of tax benefits for both individuals and businesses with the aim to enhance taxpayer cash flow for 2020.Both classes of taxpayers need to pay close attention to these tax provisions as a number of them will have an immediate impact on both personal and Continue Reading
IRS Defers Tax Payment and Filing Obligations Due to the Coronavirus Pandemic
The Bottom Line The IRS has deferred income tax payments and income tax filings from the original deadline of April 15, 2020 to July 15, 2020.The deferral applies to income tax payments for 2019 and the first quarter estimated income tax payment for 2020, which for individuals, includes taxes on Continue Reading