Tag Archive for San Jose

The New Tax Code: Consider Savvy Restructuring

We won’t say we were barraged with questions of concern after the announcement of the most sweeping U.S. tax legislation in more than 30 years, but pretty darn close. At least we’re starting to have “Strategic” conversation about Taxes now instead of it being an afterthought.

The 2017 Tax Cuts Jobs Act And Opportunities

While the new legislation includes many pro-growth features, including a deep reduction in the corporate tax rate, a scaled-back state, and the local tax deduction, full-expensing for five years, and lower individual tax rates, discipline is essential. Read More

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This Year’s Omnibus Bill: What About Internet Sales Tax?

Last week Congress passed the 2018 omnibus spending bill after finalizing the language at the last minute. Lawmakers on both sides of the aisle, specifically Rep. Kristi Noem, were pushing to include online sales tax legislation, but ultimately the House’s chief deputy whip, Rep. Patrick McHenry, “Signaled…that Noem’s measure won’t be included in the omnibus and hasn’t had enough vetting.”

About The Online Sales Tax Provision

Rep. Noem made an aggressive push to add the online sales tax legislation to the bill last minute. As The Hill explains: Read More

Written by | Posted in Omnibus Bill • Online Sales Tax

California’s Border Wall And Participation With State Tax Credits

The Federal Government’s proposed border wall with Mexico has been getting a lot of attention lately, particularly since the president recently visited the Golden State. One California legislator has an interesting take on the ongoing disagreement between California and the White House. Assemblyman Phil Ting, of CA, recently announced his bill, A.B. 2355, as a way to incentivize companies not to participate in the building of the wall.

The Logistics

As recently reported by Bloomberg BNA, companies that participate in the building of the Federal government’s proposed wall with Mexico, on the California border, would not be able to participate in several state tax credits. Read More

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Tax Counsel M&A – Santa Clara/San Jose, California

TaxConnections has been retained by a corporation to conduct a search for a Tax Counsel in the Santa Clara/San Jose, California area. We would genuinely appreciate your taking the time to review this opportunity and kindly refer this to anyone you know who may be interested in learning more. Our internationally recognized client is searching for a tax lawyer whose primary responsibilities center around M&A transactions.

The Tax Counsel will advise on corporate business operations regarding U.S. tax consequences of domestic and international business operations including: international business restructurings, reorganizations and acquisitions and the integration of these transactions. Read More

Written by | Posted in Tax Jobs • TaxConnections

Wayfair Vs. South Dakota: What Are The Possible Outcomes Of The Online Sales Tax Case?

Earlier this year we shared the U.S. Supreme Court would hear a case related to online sales tax: Wayfair v. South Dakota. This ruling could settle how online purchases are taxed, potentially overturning the 1992 Quill Corp v. North Dakota ruling currently preventing states from collecting sales tax from sellers without a physical presence (or nexus) in the state.

Why is it worth it for the Supreme Court to consider this case rather than fall back on the previous Quill ruling? The world has changed a lot since 1992. As The Wall Street Journal reports, “In 1992, the justices ‘did not and could not anticipate the development of modern e-commerce,’ Solicitor General Noel Francisco wrote in a friend-of the-court brief.” Read More

Written by | Posted in Online Sales Tax • South Dakota Tax

The Crypto Battlefield: Financial Visionaries Vs. The Regulators

Mark Twain has been credited with expressing that “History doesn’t repeat itself but it often rhymes,” Regardless of who crafted the sentiment; it is clearly consistent with my experience associated with some disruptive technologies that are showing up in today’s financial markets.

Philosopher Arthur Schopenhauer once stated, “All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident.”

Distributed Ledger Technologies (DLT), the underlying software system that is simply and commonly referred to as Blockchain is an example of this “Truth”. This DLT system uses the collective computing power of many autonomous systems all agreeing on factual transactions covered by a specific ledger (e.g. Bitcoin, Litecoin, Dash, etc.). Read More

Written by | Posted in Cryptocurrency • Currency

Iowa Tax Climate And Incentives

This month we travel to the Midwestern state of Iowa, the Hawkeye State. Sitting between the Missouri and Mississippi Rivers, the state is known for its rolling plains and cornfields.

Iowa has a humid continental climate throughout the state with extremes of both heat and cold. The average annual temperature at Des Moines is 50 degrees Fahrenheit. Winters are often harsh and snowfall is common. Iowa summers are known for heat and humidity, with daytime temperatures reaching 90 degrees.

Spring ushers in the beginning of severe weather season. Iowa averages about 50 days of thunderstorm activity per year. Iowa averages about 47 tornadoes per year. However, 2008 had the most tornadoes ever in a year: 105! Read More

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New Tax Code Just Made Sexual Harassment More Expensive

Tax incentives still matter. While “follow the money” is an excellent concept for seeking greater information about “what has happened,” by identifying and following the incentives is far superior for determining what “will” happen.” In economic terms, the differences are substantial. One is a lagging indicator (where we have been) and the other is the leading indicator (where we are going).

The new law states, no deduction is allowed for any settlement, payout, or attorney fees related to sexual harassment or sexual abuse if such payments are subject to a nondisclosure agreement. Read More

Written by | Posted in 2018 Tax Law • New Tax Code • Sexual Harassment

Rhode Island Online Sales Tax: What Should You Know?

As you know, the online sales tax debate continues across the country as states look for ways to collect fees from internet shoppers to increase their revenue. Rhode Island’s reporting law similar to Colorado’s, which makes customers responsible for paying the taxes, is now in effect.

About Rhode Island’s Online Sales Tax Law

Non-collecting retailers making in excess of $100,000 in sales or more than 200 sales (number of transactions) within the immediately preceding calendar year, are responsible for registering, collecting and remitting sales tax, or must do all of the following: Read More

Written by | Posted in Online Sales Tax • Rhode Island • Rhode Island Tax

Upcoming Texas Amnesty Program

There always seems to be an amnesty program going on somewhere, particularly if you know where to look.

States are aggressively pursuing delinquent taxpayers, while still making it relatively easy for them to come forward themselves. Last year, we wrote an article about some interesting amnesty programs in Connecticut (CT), Ohio (OH), and Rhode Island (RI).

Most amnesty programs allow for a waiver of penalties and a limitation on interest if businesses come forward under the terms of the program as specified by the state legislature. Most of the programs are limited in time (often only a two to three month window) and only cover certain taxes.  Yet, with the right fact pattern, a company might benefit from engaging in such a program. But not always.  As with most things related to multi-state tax issues, the answer may require a little more research and analysis. Read More

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Focus On New Hampshire Tax

This month, we travel to the New England region of United States to New Hampshire. Known as the Granite State, it is defined by its quaint towns and large expanses of wilderness.

New Hampshire is a state with some mighty history. In January 1776, it became the first of the British North American Colonies to establish a government independent of the Kingdom of Great Britain’s authority, and it was the first to establish its own constitution. Six months later, it became one of the original 13 states that founded the United States of America, and in June 1788 it was the ninth state to ratify the Constitution, bringing that document into effect. Read More

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The Good & Bad Of The New Tax Reform: How California’s Affected

The beginning of the year marks the start of many new things: a new year, new business goals and new federal tax reform. What do the changes in tax law mean for California companies – especially in Silicon Valley?

In The Daily Journal, Carl Guardino (CEO of the Silicon Valley Leadership Group) likened the latest tax reform to the 1960s western, “The Good, the Bad and the Ugly” – and for good reason. While there are some changes that will benefit corporations, others will likely make it difficult for businesses in the area. Read More

Written by | Posted in Tax Reform
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