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
Legislation
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…
Should I be a C Corp? Choice of Entity after Tax Reform
By Steven M. Saraisky & Philip Hirschfeld on
The recently enacted 2017 Tax Act (originally called the Tax Cuts and Jobs Act – “Tax Reform”) made major changes to the US tax system. Because C corporations (“C corps”) are now taxed at a flat 21% federal income tax rate, many business owners are asking whether they should structure their businesses as C corps. …
New Tax Law – What to Consider Before December 31st
The new tax bill passed by Congress is expected to be signed into law by President Trump in the next few days. Based on the changes that will take place as of January 1, 2018, there are several items that taxpayers should consider implementing prior to December 31, 2017.
Please note that each taxpayer’s situation…