North Carolina’s legislature recently changed state tax laws governing employers’ ability to deduct the employee retention credit from state taxable wages and significantly expanded eligibility for a business grant program with an application deadline of June 1, 2022.
There are many tax changes proposed in the Build Back Better Act. PBMares has detailed a dozen tax changes (including an update October 28th) that would change the tax landscape and would require many taxpayers to re-evaluate their tax positions.
Exposure to state tax has been steadily increasing in recent months. From the Wayfair Supreme Court case in 2018 to mounting financial pressures from COVID-19, states are looking at all options to collect revenue they are entitled to.
One of the little-known provisions of the House of Representatives’ HEROES Act could have big impacts for high-income taxpayers and small businesses later on as tax policies continue to be reevaluated.
What happens when an entity derives income from doing business in multiple states?
Several state tax authorities have announced various relief provisions for businesses and individuals impacted by the Coronavirus. In many cases, the provisions are an emphasis of relief provisions already available such as extensions to file
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