Tax News
California Limits NOLs and Business Tax Credits
California's new laws, Senate Bill 167 and S.B. 175, suspend net operating loss (NOL) deductions -- which is bad for business -- and limits business tax credits for high-income businesses and individuals. By Meredith Smith California has signed into law Senate Bill...
Latest Form 6765 Revised Draft for Research Activities
In response to commenter concerns over reporting burden, the IRS has again revised Form 6765 to streamline the optional Section G, reducing the reporting scope and simplifying information requirements. By Mark Dunning On June 21, the IRS issued a press release...
Battle Against State Overreach: Diving into New York’s PL 86-272 Adjustments
New York’s new regulation challenging PL 86-272 protections has the potential to significantly impact corporate taxpayers and may be a model other states follow. Here's the SALTovation team's summary in our continuing review of state tax regulations. By the...
Evolving Sales Tax Education and Compliance: Nexus, Audits and Automation
Sales tax compliance could be made easier with standard nexus laws, audit preparedness, and the right sales tax automation solution, but only the last two of these concepts are reasonably doable with sales tax education and the right tools. By Stacey Roberts Key...
Research Credit Form 6765: IRS New Revised Draft
The IRS released a revised draft of Form 6765 (2024 year), Credit for Increasing Research Activities, for public comment. This update introduces and seeks comment on the new Business Component Detail section, which remains incredibly detailed for all taxpayers who...
Overturning Chevron: What it means to taxpayers at the federal and state levels
The U.S. Supreme Court ruling that overturned the Chevron doctrine has wide implications on both federal, and potentially state, court rulings going forward. Here's what to watch for. By Judy Vorndran The United States Supreme Court on June 28 released its opinion in...
Stacey Roberts Returns to State Income Tax School CPE
Join Stacey Roberts at TaxOps and Dwayne Dobson at Ryan LLC as they present on filing methods and provisions in two separate sessions at the upcoming 2024 IPT State Income Tax School. 2024 IPT STATE INCOME TAX SCHOOL July 22-25, 2024 | Atlanta, Georgia Two Sessions...
Meet Jay Hynek, Senior Manager at TaxOps
Meet Senior Manager Jay Hynek, one of our newest team members, who helps businesses navigate the complex landscape of state income tax and more. At TaxOps, we’re fortunate to have incredible people driving our mission of making sense of tax for businesses worldwide....
Significance of Inadequate Transfer Pricing Documentation on ASC 740
Adequate transfer pricing documentation is critical for compliance with tax regulations and financial reporting standards. Learn the key components of and best practices for maintaining adequate transfer pricing documentation. By Lindsay Haskell and Daniel DeLau...