State taxes

The outlook on state and local tax for the coming year

Bonus depreciation, Section 179, interest and loss limitations—what does it all mean?

The federal tax overhaul put in place by Republicans has produced an unusual show of bipartisanship now that tax season is here: We are a nation united in befuddlement.

Amazon has informed its third-party sellers whose products are stored in its facilities in Massachusetts that it will be providing information to the state tax authority in what is believed to be a first for the company.

New York state lawmakers could punch a $50.6 billion hole in the federal government’s budget by revamping their state income tax.

New York Governor Andrew Cuomo announced plans Thursday to target a tax break for investment fund managers in his state.

New York state would end income taxes on wage earners and make up the revenue with an employer payroll tax that’s federally deductible as part of a restructuring plan that Governor Andrew Cuomo is recommending to mitigate harmful effects of the new U.S. tax code.

Cherry Bekaert LLP, a Top 100 Firm, has expanded its state and local tax practice by acquiring Windward Tax LLC in Alpharetta, Ga., effective Dec. 31, 2017.

The U.S. Supreme Court will consider freeing state and local governments to collect billions of dollars in sales taxes from online retailers, agreeing to revisit a 26-year-old ruling that has made much of the internet a tax-free zone.

In liberal bastions like metro New York and California, the Trump tax overhaul has been criticized as economic warfare. But as elements of the plan come into focus, tax experts are concluding that some of the most dire predictions for high-tax blue states—particularly surrounding the treatment of state and local taxes—may not pan out as feared.

The New Jersey Society of CPAs is warning taxpayers in the Garden State that the New Jersey Division of Taxation isn’t letting them deduct the 2018 property taxes they prepaid last year on their 2017 state return after passage of the Tax Cuts and Jobs Act, though the move could still be helpful in terms of federal taxes.

New Jersey’s governor-elect joined a chorus of leaders in Democratic states who are proposing workarounds for their residents to avoid new caps on state and local tax deductions—even as a top Trump administration official suggested the federal government might act to limit such strategies.

The Trump administration may try to block potential plans by high-tax states including New York and California to shield residents from state and local tax break changes, according to White House economic adviser Gary Cohn.

Washington, D.C.’s city government collected more than $50 million in prepayments of 2018 property taxes from about 7,500 taxpayers, said David Umansky, a spokesman for the city’s Chief Financial Officer Jeffrey S. DeWitt.

Before the ink was dry on the Republican tax bill signed into law late last month, experts predicted that state governments would try to shield their residents from tax hikes they’ll suffer from a sharp reduction in state and local deductions.

State governments are worried about the potential loss of tax revenue after passage of the Tax Cuts and Jobs Act and may be forced to restructure their tax laws.

New York Governor Andrew Cuomo said his administration plans to sue the federal government over the new Republican tax law, on the grounds that it’s unconstitutional because it discriminates against New York and other states that voted against President Donald Trump.

Local jurisdictions in high-tax states are grappling with changes from the tax reform act.

The tax reform legislation that Congress approved Wednesday has a number of complexities that could prove problematic for tax professionals and their clients.

Senate Republicans passed the most extensive rewrite of the U.S. tax code in more than 30 years, a bill that delivers a deep, permanent tax cut for corporations and shorter-term relief for individuals.