Insights & Resources

On March 24, 2022, the Fifth Circuit Court of Appeals found the federal oil spill tax under IRC Section 4611(b) unconstitutional when imposed on exports of crude oil from the United States.

Certain pass-through entities filing first-year California tax returns are exempt from the state’s $800 minimum franchise tax beginning in 2021. The exemption applies to limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability companies (LLCs) filing first-year returns in 2021, 2022, and 2023.

Some businesses make the mistake of putting off investment in tax compliance because it seems too expensive. But when it comes to sales tax compliance, the old adage is true: an ounce of prevention is worth a pound of cure.

As a reminder to suppliers and distributors of motor fuel: many states issue licenses that must be renewed periodically rather than being effective for a continuous period until canceled. The licenses in the table below have renewal requirements. Licensees should receive a renewal notification from the state tax authorities prior to the renewal date.

California Governor Gavin Newsom’s record $213 billion budget proposal could bring significant tax reductions to California businesses.

The U.S. Supreme Court’s 2018 decision in South Dakota v. Wayfair revolutionized sales tax by removing the “physical presence” requirement for sales tax nexus.

On November 18, 2021, Governor Roy Cooper of North Carolina signed into law S.B. 105, a budget bill that enacts more than $52 billion in spending over two years and includes a significant package of tax reductions for businesses and individuals.

The Internal Revenue Services (IRS) issued an initial list of 101 chemicals subject to the recently reinstated Superfund excise tax under IRC Section 4661 and Section 4671.

Read more about the user fee required for using an estate tax closing letter and how to request one.