North Carolina Issues Refund Claim Guidance Related to the U.S. Supreme Court’s Kaestner Trust Decision Alert | Jul 12, 2019 More About | Tax | State & Local Tax | Risk & Regulatory On June 21, 2019, the U.S. Supreme Court (Court) issued their unanimous decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (Kaestner) upholding a North Carolina Supreme Court ruling that declared a statute automatically subjecting a trust to income tax solely on the basis of the beneficiary’s in-state residency invalid on the grounds the statute violates the Due Process Clause of the Fourteenth Amendment under the U.S. Constitution. The Court noted their decision was limited to the specific facts presented in Kaestner, did not automatically imply approval or disapproval of state trust taxes premised on in-state resident beneficiaries without understanding the beneficiaries’ relationship to the trust assets. DHG has previously issued an alert on the Court’s decision. Read More
Supreme Court Blocks North Carolina’s Taxation of Trust Income on the Basis of In-state Residency Alert | Jun 26, 2019 More About | Tax | State & Local Tax | Risk & Regulatory On June 21, 2019, the U.S. Supreme Court (Court) issued their unanimous decision in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust (Kaestner) upholding a North Carolina Supreme Court ruling that declared a statute automatically subjecting a trust to income tax solely on the basis of the beneficiary’s in-state residency was invalid on the grounds that the statute violates the Due Process Clause of the Fourteenth Amendment under the U.S. Constitution. The Court noted their holding was limited to the specific facts presented in Kaestner and that they did not automatically imply approval or disapproval of state trust taxes premised on instate resident beneficiaries without understanding the beneficiaries’ relationship to the trust assets. Read More
Tennessee Enacts State Subtraction Modifications to Federal Tax Cuts and Jobs Act Foreign Repatriation Income Alert | Jun 21, 2019 More About | Tax | International Tax | State & Local Tax | Tax Reform | Global | Risk & Regulatory On May 8, 2019, Governor Bill Lee signed Senate Bill 558 (SB558), which allows for the subtraction of foreign repatriation income related to IRC §965 Transition Toll Tax on foreign earnings and IRC §951A Global Intangible Low-Taxed Income (GILTI) to the extent included in federal taxable income in computing Tennessee franchise and excise (income) tax. SB558 applies retroactively for all tax years beginning on or after January 1, 2018. Read More
Wayfair’s Impact on States’ View of Nexus & Potential Sales Tax Burden on Technology Companies Webinar Recording | Virtual - Webinar More About | Atlanta, GA | Technology & Life Sciences | State & Local Tax | SALT Nexus The South Dakota vs Wayfair ruling leaves many companies with a greater sales tax compliance burden and can impact both sales and purchases. With each state’s requirements varying widely, technology companies will need to dedicate more time and resources to meet states’ taxability and reporting requirements. Read More
Wayfair – The Impact on Manufacturers Webinar Recording | Webinar More About | Manufacturing & Distribution | Tax | State & Local Tax | SALT Nexus The recent South Dakota vs Wayfair ruling will leave companies with a greater sales tax compliance burden and can impact both sales and purchases. Read More
Year End Tax Planning for Private or Small Businesses and Individuals Webinar Webinar Recording | Webinar More About | Generational Wealth Planning | Estate Tax Credits | Mergers & Acquisitions | Tax | Federal Corporate Tax | Tax Accounting | International Tax | Real Estate Tax | State & Local Tax | Cost Segregation | Sales and Use Tax | Research & Development Tax Credits | Transfer Pricing | Accounting Methods | Executive Compensation | Performance & Growth Year End Tax Planning for Private or Small Businesses and Individuals Webinar Read More