On April 9, 2020, the IRS extended certain additional key tax deadlines affecting payments from both individuals and businesses due to the impact of the COVID-19 pandemic. Notice 2020-23 expanded upon prior IRS guidance that extended the dates for taxpayers to file Federal tax returns and render tax payments by creating a general extension to
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Helpful IRS Proposed Regulations Issued on Qualified Opportunity Zone Funds
Posted in Tax
On April 17, the IRS issued a second round of proposed regulations addressing qualification as a Qualified Opportunity Zone (QOZ) Fund and related issues. This latest guidance addresses several unanswered questions and creates added flexibility, which should expand the ability to form QOZ Funds.
The regulations clarified that a QOZ Fund can be an operating…
Post-Wayfair New York Gearing Up to Enforce Once Dormant Economic Nexus Statute to Collect Sales Tax from Out-of-State Businesses
Since the U.S. Supreme Court issued its decision in South Dakota v. Wayfair, 138 S.Ct. 2080 (2018), this past summer reversing its long-standing “physical presence” nexus test under Quill Corp. v. North Dakota, 504 U.S. 298 (1992), businesses with contacts in New York have not had guidance on New York’s sales tax requirements…
Governor Murphy’s 2019 Budget: What You Need To Know About The Latest Round Of Tax Hikes
By Reuben Muller & Jeffrey H. Schechter on
This past weekend, as part of passing New Jersey’s 2019 budget, Governor Murphy signed into law a series of changes to the state tax laws. These changes have will have a disproportionate effect on the state’s highest earners and corporations. These affected taxpayers will undoubtedly look for alternative structures to mitigate the impact of the…
Economic Nexus is Constitutional: Supreme Court Overturns the Quill Physical Presence Test
With the continued proliferation of online sales projected to reach $414 billion by the end of 2018, the states, eager to capture their share of this online revenue, have reached for businesses that have no physical contact with the state.
Until the U.S. Supreme Court’s ruling last week in South Dakota v. Wayfair, 2018…