News & Analysis as of October 12, 2024

Franchise Taxes

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

Franchise Tax Refund Opportunity

Smith Anderson on 9/23/2024

Corporations subject to North Carolina’s franchise tax have an opportunity to seek refunds of their 2021 and 2022 franchise taxes but should act promptly to preserve their rights....more

SALT Scoreboard - Quarter 2, 2024

Eversheds Sutherland (US) LLP on 8/14/2024

This is the second edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...more

SALT Scoreboard - Quarter 1, 2024

Eversheds Sutherland (US) LLP on 5/20/2024

This is the first edition of the Eversheds Sutherland SALT Scoreboard for 2024. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT...more

Laying Out the Basics of the Illinois Franchise Tax

Kilpatrick on 5/6/2024

Understanding the Franchise Tax requires an understanding of four critical terms used throughout its computing and filing process. These terms are: Paid-In Capital, Taxable Year, Fiscal Year, and Allocation Factor. While some...more

Calculating Allocation Factor for Illinois Franchise Tax Purposes

Kilpatrick on 5/6/2024

The importance of calculating your Franchise Tax Allocation Factor cannot be understated. Improper calculation of this factor can lead to over and underpayment of Franchise Tax, triggering penalties, interest accrual, and the...more

Commons Problems and Simple Solutions

Kilpatrick on 5/6/2024

This series of articles is intended to provide a deep dive into the Illinois State Franchise Tax (the “Franchise Tax”) and should be read sequentially to be best understood. The first article covered the businesses and...more

New York adopts final business corporation franchise tax regulations

Eversheds Sutherland (US) LLP on 12/28/2023

On December 27, 2023, the New York State Department of Taxation and Finance (Department) officially adopted the business corporation franchise tax regulations it submitted to the State Register on August 9, 2023 – marking the...more

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers

Nossaman LLP on 1/23/2023

Federal and California tax agencies have announced several relief measures for taxpayers affected by the storms that started shortly before New Year’s Eve and ended (for the time being) on Martin Luther King Jr. Day. Natural...more

North Carolina Tax Legislation Enacted in the 2022 Short Session

Smith Anderson on 7/8/2022

The North Carolina General Assembly ended its 2022 short session on July 1. While the legislature is scheduled to reconvene on July 26, no additional tax legislation is expected to be considered....more

Texas Tax Roundup | March 2022

Freeman Law on 4/15/2022

Huh whuh? . . . Well . . . Well, howdy! Nice, erm, um well . . . Nice to see ya’ll again at or near this nebulous home home on the range of Texas taxability! Welcome back to another tax-packed installment of all things Texas...more

[Podcast] Phasing Out Corporate Income Taxes - North Carolina Edition

BakerHostetler on 12/2/2021

Matt Hunsaker discusses recent North Carolina tax legislation, including phase-out/phase-down of corporate and individual income tax rates, an elective passthrough entity SALT cap workaround, and simplification of the...more

Pending Changes to Illinois Tax Laws Include SALT Workaround

Gould + Ratner LLP on 6/11/2021

Illinois lawmakers have approved legislation that is both good news and bad news for Illinois taxpayers. The good news is that, if approved by Gov. Pritzker, Illinois taxpayers will be able to take advantage of a workaround...more

New York Budget Raises Tax Rates, Provides Relief to Address Pandemic

Pillsbury Winthrop Shaw Pittman LLP on 4/16/2021

New York’s Fiscal Year 2022 budget increases taxes on corporations and high earners and provides relief to pandemic-hit industries. Temporary increases to tax rates on corporations, individuals, and tax credits for...more

New York State Budget Agreement Includes a Pass-Through Entity Tax as a SALT Workaround

Kramer Levin Naftalis & Frankel LLP on 4/12/2021

On Wednesday, April 7, 2021, the New York Legislature reached an agreement with Governor Andrew Cuomo for the fiscal year 2021-2022 state budget. The agreed-upon budget package includes a number of revenue raisers ...more

Remote Work Force and State Tax Implications

Freeman Law on 11/24/2020

The Covid-19 pandemic has had an impact on our workforce. Companies were forced to quickly respond to a work-from-home model for its employees. Many employees began working from states other than the states in which their...more

New York’s Post-Election Tax Environment For Business Owners

Farrell Fritz, P.C. on 11/16/2020

Something Is Rotten- There’s a gray pall hanging over New York that has clouded the judgement of many politicians, and has left many of its residents feeling anxious and off-balance. No, it’s not the smoke from all the...more

Delaware Franchise Tax

Manatt, Phelps & Phillips, LLP on 10/23/2020

What is a franchise tax? A franchise tax is an annual tax a business entity is required to pay in a given jurisdiction as a result of being formed or organized, or for doing business, in that jurisdiction. In Delaware, the...more

Snapshot: Corporate Income and Franchise Taxes in the USA

Bradley Arant Boult Cummings LLP on 10/12/2020

How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C”...more

Remote Working Implicates State Payroll Tax, Corporate Income/Franchise Tax Nexus Concerns

Morgan Lewis on 5/3/2020

Employers should be aware that remote working arrangements during the coronavirus (COVID-19) pandemic may inadvertently trigger state payroll tax registration and filing requirements for their businesses, and possibly trigger...more

2019 North Carolina Tax Legislation

Smith Anderson on 11/12/2019

This Alert summarizes the more significant tax provisions enacted by the North Carolina General Assembly in 2019. The most important tax changes were originally included in House Bill 966, the 2019 Appropriations Act (the...more

MoFo New York Tax Insights - Volume 10, Issue 8

Morrison & Foerster LLP on 8/6/2019

Welcome to the latest issue of New York Tax Insights. In this issue we cover: ..The New York State Department of Taxation and Finance’s release of revisions to its draft business corporate franchise tax regulations for...more

New Illinois Law Eliminates Franchise Tax, Offers Tax Amnesty

Seyfarth Shaw LLP on 7/31/2019

Illinois recently enacted legislation that offers significant benefits to delinquent taxpayers and corporations doing business in Illinois. The new legislation phases out the Illinois franchise tax over a four year period...more

Taxpayer Victory in Utah Income Tax Single Sales Factor Case

Holland & Hart LLP on 10/15/2018

The Utah Tax Commission recently ruled in favor of a taxpayer in Case No. 16-155 by authorizing the taxpayer to use a single sales factor for Utah corporate franchise tax... Under Utah law, taxpayers in certain NAICS Codes...more

Draft North Carolina Tax Legislation Released

Smith Anderson on 4/18/2018

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

Taxes in Florida

Foodman CPAs & Advisors on 3/19/2018

The Sunshine State is one of the lowest tax burden states in the US. Florida has no state individual income tax. At the state level, there is NO tax on social security benefits, retirement income, IRAs, 401(k) accounts,...more

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