Freed Maxick Tax Team
Freed Maxick’s latest SALT Update newsletter will have you turning pages at your desk almost as fast as the leaves turn outside your window.
With 50 states, 1 district, and assorted territories, it’s a constant challenge to stay on top of new developments in all of the states, much less the countless counties, cities, boroughs and other taxing authorities within those states. That’s why we prepare the SALT Update--to boil recent developments down to a quick highlight list of tax changes you may want to learn more about. Here’s a look at a few of the topics covered in our latest update:
Income & Franchise Taxes Update
- California and Massachusetts have both changed some filing dates that affect businesses.
- Taxpayers in New Hampshire may not quite be able to “live free” of its business profits tax or business enterprise tax, but they can live a little less expensively. The rates are scheduled to decrease in several steps, starting with tax periods that end on or after December 31, 2018, with the last reduction going into effect for tax periods beginning on or after December 31, 2021.
- Ohio will offer a tax amnesty program from January 1, 2018, to February 15, 2018. All qualifying unreported and underreported taxes due and payable as of May 1, 2017 can be settled by paying the full amount of tax due and half of the interest due. The state will waive penalties and the other half of the interest for taxpayers who come forward voluntarily during the program.
Sales & Use Taxes Update
- From August 17, 2017, until October 17, 2017, the Multistate Tax Commission (MTC) will offer a limited-time voluntary disclosure initiative in 19 states. The program provides relief from sales and use tax, income/franchise tax, or both. The details on eligibility and available states are in the alert. The key things to remember are that the program ends as of October 17, 2017, and the filing must be done through the MTC.
- New York authorities took several actions recently, including an advisory opinion on the applicability of sales and use tax to the sale of fractional aircraft shares, guidance for applying sales and use tax to certain sales between related parties, and a use tax exclusion for nonresident businesses in New York.
We hope that you’ll find that this Freed Maxick SALT Update delivers information to help you focus your state and local tax planning. You can also follow us on Twitter or LinkedIn to receive announcements when new alerts are posted, or subscribe to receive notices by e-mail.
Freed Maxick CPAs, P.C. is Western and Upstate New York’s largest public accounting firm and a Top 100 firm in the United States. Freed Maxick’s reputation and experience with cross-border business and tax issues has made us a go-to firm for businesses and individuals from all over the U.S. and Canada and around the world.