Tax MonitorState and Local TaxThe Superfund Excise Tax Is Returning Soon for the Chemical Industry.May 16, 2022 Chemical companies need to prepare for the return of an excise tax on chemicals produced or imported that hasn’t been in effect for nearly 30 years. In January 2022, the IRS published Notice 2021-66, related to the Infrastructure Investment and Jobs Act (“IIJA”), which revives the excise taxes imposed on certain chemicals—previously known as the Superfund Chemicals taxes. See https://www.irs.gov/p… Service Businesses Should Brace for New Kentucky Taxes in 2023April 27, 2022 The Kentucky General Assembly recently voted to override Governor Andy Beshear’s veto of House Bill 8 (HB 8) which expands the scope of services subject to the Kentucky sales and use tax to a broad range of additional services provided to businesses and consumers in the state. In 2018, the Kentucky General Assembly passed legislation expanding the scope of the Kentucky sales tax to certain… WEST VIRGINIA LEGISLATURE ALTERS PIERCING THE VEIL ANALYSIS FOR LIMITED LIABILITY COMPANIESApril 22, 2022 To avoid facing a piercing the veil argument, West Virginia limited liability companies should ensure they are adequately capitalized and carry sufficient insurance coverage. West Virginia Senate Bill 6 (“SB 6”), signed by Governor Justice on March 28, 2022 and effective June 10, 2022, limits the ruling of the Supreme Court of Appeals of West Virginia in Joseph Kubican v. The Tavern, LLC, 752… 8 Things to Keep in Mind for 2021 Tax FilingMarch 8, 2022 Things to Keep in Mind for 2021 Tax Filing While filing season is well under way for tax year 2021, it is important to keep in mind some of the issues specific to the 2021 tax year and some items that have been carried over from relief packages passed for tax year 2020. A few key issues are discussed below. Return Processing. As the IRS continues to struggle with staffing and processing issues,… Save the Date! 2021 West Virginia Tax Institute - October 18th & 19thSeptember 28, 2021 The Seventy-Second Annual West Virginia Tax Institute Meeting will be live streamed on Monday and Tuesday morning, October 18 & 19, 2021 from 9:00 am to 12:00 pm each day. We are still busy finalizing the schedule and speakers for this year’s program. We anticipate that the Program will qualify for approximately 6 hours of CLE/CPE credit, 1.5 of which is in Ethics. The full Program details and… Certain State Tax Treatment Of PPP Loan Forgiveness And Deductibility Of ExpensesFebruary 16, 2021 Federal Treatment of PPP Loan Forgiveness and Deductibility of Covered ExpensesOne of the largest relief programs contained in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) passed March 27, 2020, was the Payroll Protection Program (“PPP”), which provided forgivable loan assistance to companies seeking to maintain their payroll during the COVID-19 pandemic. The CARES Act… An Update on Taxes During COVID-19 - UPDATEDMarch 18, 2020 Breaking News: U.S. Treasury Secretary Steven Mnuchin announced on March 20, 2020 that the IRS is moving Tax Day to July 15, 2020 from April 15. Accordingly, taxpayers can now delay filing and paying taxes until July 15. Taxpayers can also still delay paying first quarter 2020 estimates until July 15. For details click here. The Treasury announced yesterday, March 17, 2020, invoking the… U.S. Supreme Court Decision Clears the Way for West Virginia to Tax Internet SalesOctober 10, 2018 On June 21, 2018, in a 5-4 opinion, the United States Supreme Court overturned Quill Corp. v. North Dakota and National Bellas Hess, Inc. v. Department of Revenue of Illinois, which had previously held that a state cannot require an out-of-state seller with no physical presence in the state to collect and remit sales taxes on goods the seller ships to consumers in the state. See South Dakota v. … Tax Deferred Annuities – Heightened Fiduciary ScrutinyNovember 14, 2016 Over the last several years, much has been written in connection with the surge of “excessive fee” litigation against Section 401(k) plans. The surge continues and has now been extended to Section 403(b) plans which are often referred to as Tax Deferred Annuities. One commentator estimates that over twenty class action excessive fee litigation cases were filed during the first quarter of 2016… Tax Commissioner publishes tentative 2017 Natural Resource Valuation Variables for Public CommentJuly 13, 2016 On June 30, 2016, the State Tax Commissioner published the 2017 tentative natural resource property valuation variables developed by the State Tax Department for appraising natural gas, oil, coal, managed timberland and other natural resources for ad valorem tax purposes. The Tax Department will accept written public comments on the valuation variables until August 1, 2016. Final valuation… Employee or Independent Contractor? That is the QuestionFebruary 11, 2016 The federal government continues to focus on what various agencies refer to as “misclassified” employees -- workers who should be treated as employees but whom the employer classifies as independent contractors. Many businesses prefer to utilize independent contractors rather than employees. With independent contractors, businesses are not subject to FICA/FUTA obligations, federal and state… Increased Limited Liability Company Tax Audits Are ComingJanuary 7, 2016 The increase in usage of limited liability companies (“LLCs”) as the business form of choice has led to changes in the IRS statutes concerning audits of LLCs. On November 2, 2015, President Obama signed the Bipartisan Budget Act of 2015 (“BBA”) into law. The BBA brings drastic changes to the audit process of partnerships which will allow the IRS greater enforcement and collection authority in… |
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