SCOTUS Clears Way for States to Impose Sales Tax on Online Purchases
In a 5-4 decision, in the case of South Dakota v. Wayfair, the Supreme Court has ruled to overturn a previous decision that had barred states from forcing online retailers from collecting state sales tax, unless the retailer had an actual physical presence in the state. In light of the Court’s decision it is likely that all states will now enact some kind of legislation to impose sales taxes on online retailers.
NYC’s Commuter Benefits Law Can Create Unintended Tax Consequences
Under NYC’s Commuter Benefits Law, both for-profit and non-profit employers with 20 or more full-time, non-union employees in NYC must offer their full-time employees the opportunity to use pre-tax income to purchase qualified transportation fringe benefits. However, the federal Tax Cut and Jobs Act of 2017 made changes that could impact firms subject to the Commuter Benefits Law.
IRS has Raised Interest Rates for Second Quarter 2018
Some taxpayers may not be aware that the IRS has raised its interest rates for the calendar quarter which began April 1, 2018. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. These new interest rates represent a 1% increase across the board, and is the first increase in interest rates issued by the IRS since 2016.
As Hurricane Season Heats Up, IRS Warns of Tax Scams
As Hurricane Season continues, the IRS has released a hurricane warning of another kind. In a recent tax tip, the agency warned taxpayers to be aware of thieves and scammers who look to take advantage during natural disasters. This article sheds light on different scams to be on the lookout for and provides tips on how to not fall prey to these scams.
What Is the Current State of the AMT Under Tax Reform?
Prior to the passage of the Tax Cuts and Jobs Act, Congress had made several attempts to minimize the impact of the Alternative Minimum Tax (AMT) on the average taxpayer. However, increases in real estate taxes, combined with state and local government tax increases, and miscellaneous itemized deductions led many average Americans to become unintentionally subject to the AMT.
What are the Pros and Cons of a Self-Canceling Installment Note?
Many estate planning techniques are intended to minimize or even eliminate gift and estate taxes when transferring assets to family members. Sometimes, the most powerful techniques have significant drawbacks, mortality risk being one. A self-canceling installment note (SCIN) eliminates that risk but may have potential downsides. This article explains how a SCIN works and what to beware of.