Business Tax Quarterly Executive Summary - Fall 2018
With all the attention paid this year to federal tax reform, it would be easy to forget about state tax matters. That would be a mistake. Recent developments illustrate the complexities of state tax issues and why businesses must be prepared to address them. This edition highlights two of the most pressing: the Supreme Court’s June ruling in South Dakota v. Wayfair and state conformity with the Tax Cuts and Jobs Act.
States are responding at varying levels to each. While the new tax law offers favorable tax treatment at the federal level, states are moving to decouple from provisions they deem too generous. By contrast, states are decisively moving to act upon the court’s Wayfair ruling, which eliminated the previous physical presence requirement for states to collect sales tax from out-of-state vendors. The application of this historic ruling goes far beyond sales taxes and internet retailers.
Learn how businesses could be affected by these developments, and how to effectively navigate new state tax compliance standards ahead.
Business Tax Quarterly - Fall 2018