Renewed efforts to enforce compliance with California’s unclaimed property law take effect with the filing of 2021 business tax returns. AB 466, which became law in July 2021, authorizes the state’s Franchise Tax Board (FTB) to gather and share information on taxpayer reporting of unclaimed…
New York is the latest state to provide tax reductions to business and individual taxpayers. New York’s recently passed $221 billion Fiscal Year 2023 budget expands the benefits of the state’s workaround of the $10,000 federal cap on state and local tax (SALT) deductions and provides a number of…
Following a recent Technical Memorandum issued in California, New York has issued a proposed rule to adopt parts of the Multistate Tax Commission’s (MTC) updated statement on P.L. 86-272, which was updated in 2021 to reflect the impact of e-commerce. P.L. 86-272 limits the ability of state and…
The IRS has issued Notice 2022-15, setting down certain conditions under which a taxpayer will be relieved of underpayment penalties under IRC Section 6656 for failing to make required deposits of the Superfund Tax, which is reinstated effective July 1, 2022.
Underpayment penalties will…
Is the oil spill tax under IRC Section 4611(b) unconstitutional when imposed on exports of crude oil? The outcome of the case will have a significant impact on oil and gas taxes.
Key Points:
The oil spill liability tax heavily impacts businesses within the oil and gas…
Several tax refund cases concerning Alternative Fuel Tax Credits and fuel mixtures could have a significant impact on the use of butane in alternative fuel blending. The Fifth Circuit Court of Appeals has upheld the decision of the District Court for the Southern District of Texas in Vitol Inc.…
Is your energy company paying too much in sales taxes? Are there taxes you should be paying that you don’t know about? Which purchases may be exempt from sales taxes?
Weaver’s State and Local Tax professionals, Mayur Naik and Blake Fuqua, answer these questions and more during this…
Recent IRS guidance on registration tests for certain Form 637, Application for Registration (For Certain Excise Tax Activities), impacts taxpayers who are required to obtain a “G” registration under the reinstated Superfund Tax (effective July 1, 2022).
The Internal Memorandum updates…
A constitutional challenge to the federal oil spill liability tax could have significant implications for the oil and gas industry. The Fifth Circuit Court of Appeals has upheld the decision of the District Court for the Southern District of Texas in Trafigura Trading, LLC v. U.S (5th Cir. No.…
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…
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