Legislation in North Carolina made several tax changes. One change allows eligible taxpayers to amend their 2020 tax returns in order to claim a deduction for PPP expenses.
As the new year approaches, consider these state and local tax resolutions to ensure your business will be in better “tax shape” by minimizing risks and saving money.
Selling professional services? Pay special attention to sales tax obligations
Businesses that provide professional services and sell tangible personal property must be mindful of their tax obligations. Learn how these differ from other types of businesses.
Texas court rules that excavation equipment qualifies for sales tax exemption
Are you a manufacturer who is paying sales tax on machinery, equipment or other inputs related to your manufacturing process? If so, you could potentially be entitled to a sales tax refund.
Buying a business’s assets? Don’t ignore tax successor liability
Even when buying assets of a company, it’s important to conduct thorough state tax due diligence or you could find yourself being assessed for preclosing taxes due by the seller under state successor liability provisions.
Apportionment requests: lessons from a significant Virginia ruling
Requesting alternative apportionment can be a valuable option for taxpayers who believe that the state’s formula does not produce a fair income tax liability. However, obtaining a successful result requires careful attention.
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