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
Additional Tax Credits to Employers Who Extend FFCRA Benefits Through September 2021
The Bottom Line Employers should coordinate with counsel as they decide whether to offer FFCRA leave through September 30, 2021 given the expanded employee coverage available under the law.Employers should also ensure that they have updated their policies to reflect expanded FFCRA (if being Continue Reading
Taxing Digital Advertisements Face Stiff Legal Challenges
The Bottom Line Attempts to tax various forms of digital activity is widespread as states look for ways to raise revenue to offset state and local budgets caused by COVID-19. Companies that engage in digital advertising and industry groups should closely monitor these developments.If Maryland is Continue Reading
The Agency 100 | States Seek to Tax Digital Advertising Revenue
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
IRS Provides Cafeteria Plans with Flexibility Due To COVID-19
The Bottom Line The IRS is allowing employers to amend their cafeteria plans for the 2020 tax year to permit employees to make new employee benefit elections with respect to their healthcare coverage, health FSAs and dependent care FSAs. Employers should work closely with their ERISA counsel to Continue Reading
D+G Memorandum: Coronavirus Aid, Relief and Economic Security Act (the CARES Act)
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
Supreme Court Rules “Amazon” / “Nexus” Taxes Are Permissible
The Bottom Line The Supreme Court’s Wayfair decision confirmed that states may collect sales tax on internet sales between consumers and retailers who don’t have a physical presence in the state.In anticipation of a flurry of related legislation, online retailers, marketing affiliates and all Continue Reading