TODAY, August 27, 2018, is the last day to make contributions to charitable funds that reduce state and local tax liabilities. New regulations will take affect that will limit the charitable deduction. The IRS just released the proposed regulations (REG-112176-18) pertaining to the deductibility of state and local tax (SALT) payments for federal income tax…

On June 21, 2018, the U.S. Supreme Court issued an opinion in South Dakota v. Wayfair, overturning its earlier precedents in National Bellas Hess and Quill, and eradicating the decades-old “physical presence” requirement for sales and use tax nexus. The case centered on a South Dakota law that imposes sales tax collection obligations on certain…

In what is sure to be regarded as a landmark decision for state and local taxation, the United States Supreme Court ruled today that states can levy sales taxes on purchases made through out-of-state online retailers, dealing a heavy blow to online retailers throughout the United States as well as foreign based internet retailers. Thursday’s…

Tax season is in full swing and returns are being submitted every day. That means tax refund checks have started to be issued by the IRS. Before you cash that check though you may want to check with your accountant to make sure everything is correct. It may help avoid penalties incurred. If a taxpayer…