California Makes Changes to Worker Classification Law
California enacted new exceptions to the worker classification provisions of A.B. 5, Laws 2019. The provisions state when a worker is an employee rather than an…
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Wolters Kluwer Tax & Accounting Looks At Current Tax Issues Surrounding the Cannabis Industry
Tax considerations surround production, sale and use at state / federal level Many states have legalized marijuana for medicinal purposes, and a growing number of…
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State Tax Treatment of Paycheck Protection Program (PPP) Loan Forgiveness
Many states follow the federal tax treatment of Paycheck Protection Program (PPP) loan forgiveness. Under the federal Coronavirus Aid, Relief, and Economic Security Act (CARES…
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Do States Conform to the CARES Act NOL Carryback Periods?
Most states with a corporate income tax do not conform to the net operating loss (NOL) carryback periods added by the Coronavirus Aid, Relief, and…
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Maryland Amends Opportunity Zone Enhancement Program
Maryland recently amended its Opportunity Zone Enhancement program by: limiting the enhanced benefits to certain tax years;restricting eligibility under the biotechnology investment and cyber security…
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State Responses to the CARES Act Business Interest Deduction Limit
The Coronavirus Aid, Relief, and Economic Security (CARES) Act increased the limit on the business interest expense deduction. The deduction limit under IRC Sec. 163(j)…
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Does the CARES Act NOL Limit Change Impact State Taxpayers?
The Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended the 80% limit on federal net operating loss (NOL) deductions. The 80% taxable income limit…
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State Legislation and Guidance on CARES Act Charitable Deduction Changes
A few states have enacted legislation or issued guidance on changes by the Coronavirus Aid, Relief, and Economic Security (CARES) Act that: increased charitable deduction…
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Back-to-School Sales Tax Holidays Return in Many States
Wolters Kluwer Tax & Accounting explores upcoming sales tax holidays Amid the Coronavirus pandemic, many states and localities are debating if they can open schools…
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California Suspends Net Operating Loss Deductions, Limits Business Tax Credits
California suspends the use of net operating loss (NOL) deductions and limits the use of business tax credits for tax years beginning in 2020, 2021,…
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