Tag: SALT
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Alabama Updates Procedure for Nexus Questionnaire and Voluntary Disclosure Agreement
On September 1, 2023, the Alabama Department of Revenue will transition their Nexus Questionnaire and Voluntary Disclosure Agreement (“VDA”) process to their newly established “My Alabama Taxes” portal. The Nexus Questionnaire serves as a platform for business taxpayers to furnish essential information to aid the Department in determining whether they are subject to tax filing…
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Texas Increases Franchise Tax Exemption Amount and Reduces Filing Requirement For Some Taxpayers
On July 22, 2023, S.B. 3 was signed into law and enact the following important changes applicable to Texas franchise tax reports originally due on or after January 1, 2024. The bill will double the amount of a taxable entity’s total revenue that is exempted from the franchise tax from $1.235 million to $2.47 million.…
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Maryland Releases Questions & Answers to Cannabis for Businesses and Individuals
With the onset of legalization of cannabis in Maryland. The state has released a list of Q&A for businesses as well as individuals. The official date of sale of adult-use cannabis is July 1, 2023. Additional details can be found on the state websites below. https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/SUT_Tax_Alert_QnA_Business_June2023.pdf https://www.marylandtaxes.gov/forms/Tax_Publications/Tax_Alerts/SUT_Tax_Alert_QnA_Individual_June2023.pdf
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Connecticut Enacts New Personal Income Tax Cuts and Extending Corporate Surcharge
Connecticut Governor Ned Lamont has officially signed the state budget bill for fiscal years 2024 and 2025, introducing several significant changes to the tax landscape. The key provisions of the bill encompass a personal income tax cut, an extension of the corporate surcharge, revised regulations for pass-through entity tax, and the establishment of new tax…