Annual Ohio Commercial Activity Tax Due May 10th

An often overlooked filing obligation by out-of-state companies who are unaware of Ohio’s tax structure and how it may apply to their business, is the Ohio Commercial Activity Tax (CAT). This is a tax imposed on business entities for the privilege of doing business in Ohio. If you have more than $500,000 in Ohio taxable

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Michigan Eliminates Withholding Requirement

In a favorable ruling for taxpayers and tax preparers, Michigan has eliminated an administratively burdensome withholding requirement. For tax years beginning after July 1, 2016 (i.e., calendar year 2017 returns), Michigan will no longer require flow-through entities to withhold on the distributive share of taxable income of their individual nonresident members or on the distributive share

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Tennessee’s Revenue Modernization Act

Tennessee recently passed the Revenue Modernization Act which attempts to make out-of-state businesses “pay their fair share of taxes” and help Tennessee-based businesses.  This legislation will impact anyone who is doing business with Tennessee.  Notable changes include: The creation of a “bright-line presence” test.  Out-of-state taxpayers will be subject to Tennessee’s franchise and excise tax

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Wisconsin Budget Bill Includes Numerous Tax Law Changes

The biennial Wisconsin budget bill, signed on July 12th, makes numerous personal income and corporation franchise and income tax changes.  Here is an overview of notable changes: Standard Deduction: The legislation increases the standard deduction for married filers. Educators’ Classroom Expenses: The legislation conforms Wisconsin to the federal deduction for teachers’ purchases of school supplies,

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Texas Franchise Tax Rate Reduced

On June 15th, 2015, Texas permanently reduced the state’s franchise tax by 25% for reports originally due on or after January 1, 2016.  Accordingly, the franchise tax rate will be .375% of taxable margin for entities engaged in retail or wholesale trades and the rate will be .75% of taxable margin for all other taxable

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Nevada’s New Commerce Tax

Last week, Nevada enacted a new Commerce tax that is based on gross revenue assigned to Nevada.  (The definition of Nevada gross revenue includes all sales of tangible products shipped to a buyer in Nevada, services performed for Nevada entities, and gross rents from real property if property is located in Nevada.) Important information regarding

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Unified Municipal Income Tax System for Ohio

Ohio Gov. John Kasich has signed legislation that will create a more unified municipal income tax system for Ohio by requiring municipal corporations levying an income tax as of January 1, 2016  to amend their existing income tax ordinances to comply with the limitations set out in the legislation. The legislation generally establishes a uniform

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