Although most states have income and franchise taxes, some states have recently enacted variations of gross receipts taxes, changed the apportionment formula or tax base, and limited net operating loss carryovers. Maintaining current knowledge on these changes for all of the states in which a company does business can be burdensome and reduce the company’s focus on other areas of tax.
Our professionals specialize in state income and franchise tax issues covering many different industries such as manufacturing, construction, retail, oil and gas, real estate and other services. We understand state tax law and how it applies to the corresponding state tax return.
These state programs were created for companies to remedy income and franchise tax deficiencies. We can initiate the discussion with the state tax authority and assist with completing the applications, as well as other required documentation and tax returns associated with these programs. This is typically done on an anonymous basis.
The program begins on November 15, 2018 and ends January 15, 2019.
The Supreme Court's decision in South Dakota v. Wayfair will impact the way all companies will handle sales and use tax. In case you missed it, UHY Advisors hosted a webinar on how the Supreme Court's decision has significantly altered the standard to determine whether a company is required to collect and remit sales and use tax.
On Aug. 23, 2018, the Internal Revenue Service issued proposed regulations governing the availability of charitable contribution deductions when a taxpayer expects to receive a corresponding state or local tax credit.
Pursuant to the South Dakota v. Wayfair ruling, the Michigan Department of Treasury has announced that beginning Oct. 1, 2018, remote sellers, regardless of in-state presence, who meet certain requirements, must pay sales tax on transactions of taxable sales in the state. The Supreme Court decision in June has led to several states enacting new legislation pertaining to the collection of sales tax based on "economic presence".
As Michigan corporations work through the intricacies of the Tax Cuts and Jobs Act (TCJA) for their