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The impact of California Senate Bill 951 on taxable wages includes a flat 1.1% California tax and is prompting organizations to consider alternatives like Voluntary Program State Disability Insurance amidst potential federal tax changes. 

The Washington 7% excise tax on long-term capital gains has faced a tremendous amount of opposition from Washingtonians. This post offers a brief history and discussion of the efforts to overturn the tax, up until January 16, 2024, when the U.S. Supreme Court declined to review the Washington State Supreme Court’s decision that the excise tax on long-term capital gains is constitutional. 

Taxpayers should be mindful of the potential impact of their internet activities on P.L. 86-272 protections and should follow developments in other states closely.  

Employee stock ownership plans are increasingly popular, as they offer many benefits to corporations and their employees.  

A brief discussion of the impact of the decision in The Matter of the Appeal of Microsoft Corporation and Subsidiaries, OTA Case No. 210373336, in which the Office of Tax Appeals decided that the taxpayer, Microsoft Corporation. The decision could have far-reaching impact for many taxpayers.  

ESOPs continue to grow in popularity. This article offers insight into their flexible tax benefits for both participants and companies.  

 This article offers information regarding recent changes to Form W-9 -- the first update to the form since 2018. Of particular note is the addition of new line 3b that requires flow-through entities to indicate if they have foreign partners, owners, or beneficiaries.  

The DEA’s announced proposal to reclassify marijuana (or cannabis) from a Schedule I substance will have an oversized impact on the cannabis industry and taxation, as companies in the industry are currently disallowed by the IRC from taking most business deductions.

Use our Tax Guide as a year-round, step-by-step guide to examine financial opportunities and identify planning strategies to minimize tax exposure and maximize your family’s wealth. The Guide features coverage of current hot topics like pass-through entity tax credits, international taxation, and the tax treatment of digital assets.

Court rules Corporate Transparency Act unconstitutional; implications and what comes next explored in this post. 

The IRS announces tax deadline extensions for California taxpayers affected by the San Diego storms and floods. Learn if you qualify for these tax filing and payment deadline extensions and have the ability to claim disaster-related casualty losses.  

Get insights on the implications of the recent US Tax Court decision in Soroban Capital Partners, L.P. v. Commissioner, revealing the complexities surrounding the IRC Sec. 1402(a)(13) exclusion for limited partners in state law limited partnerships. This article addresses the uncertainties and offers practical steps for taxpayers in asset management.  

Despite remaining questions and a lack of guidance from the IRS or FinCEN, the requirement to treat digital assets as cash in transactions with a fair market value over $10,000 under IRC Sec. 6050I will still be effective for returns required to be filed after December 31, 2023.

The IRS announced it is providing an estimated $1 billion in automatic penalty relief to approximately 4.7 million taxpayers who failed to pay balances due for tax years 2020 and 2021. The agency also announced that it is restarting normal automatic collection notices in January of 2024, after a nearly two-year pause during the COVID-19 pandemic. 

In a recently issued Private Letter Ruling related to IRC Sec. 1202, the IRS provided new insight into the definition of consulting services under IRC Sec. 1202 -- an important tax determination with the potential of significant federal income tax savings for eligible stockholders.  

Users of apps like Venmo and PayPal are breathing a sigh of relief after the IRS announced further delays in the full implementation of a new law that requires reporting at much lower thresholds.

In recent years, the IRS has undergone a technological transformation aimed at making the tax-filing and information process more efficient and user-friendly. Taxpayers can take advantage of these enhancements to save an invaluable amount of time, money, and headaches. 

Most returns must be filed electronically beginning January 1, 2024, if the total number of forms to be filed is ten or more.

On October 4, 2023, Massachusetts Governor Maura Healey signed into law Bill H.4104, which provides $1 billion in tax cuts creating savings for businesses, renters, and seniors, among others. Some notable changes impacting business entities and individual taxpayers are summarized herein.  

The Inflation Reduction Act incentivized companies to invest in clean and renewable energy. Among the expanded credits is the IRC Sec. 45Q Carbon Credit, which allows companies that are involved in carbon capture efforts to claim certain credits.