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
Tax Controversies
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…
IRS to Close Offshore Voluntary Disclosure Program this September
By Steven M. Saraisky & Reuben Muller on
On March 13, 2018, the IRS announced that the Offshore Voluntary Disclosure Program (OVDP) will be closing on September 28, 2018. This program has been in place since 2009.
In general, US persons, that is, citizens and residents of the US, must report their worldwide income on their US income tax returns. They also must…
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…