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Learn about the latest state and federal tax updates, accounting, and industry trends.

  • IRS Latest News & Updates

    IRS provides tax relief to the victims of severe storms, tornadoes, and flooding that recently affected Oklahoma, as part of a coordinated federal response based on damage assessments by @fema

    Victims of severe storms and flooding in parts of Montana now have until October 17, 2022, to file various #IRS individual and business tax returns and make tax payments

  • California

    California’s Cannabis Businesses Eligible for Income Tax Credits

    On June 30, 2022, California will provide income tax credits for cannabis businesses. For tax years beginning January 1, 2023 through and before January 1, 2028, qualified licensed commercial cannabis businesses may receive a credit equal to 25% of the total amount of qualified expenditures in the taxable year, capped at $250,000.

    In order to claim the credit:

    • The business must provide full-time employees with certain benefits;
    • Qualified expenditures means the amount paid or incurred by the business for employment compensation for full-time employees; safety-related equipment, training, and services; or workforce development and safety training for employees; and
    • The business must request a credit reservation from the California Franchise Tax Board during the month of July for each taxable year.
  • New York
    Cannabis

    "The Office of Cannabis Management (OCM) is charged with issuing licenses for businesses to participate in New York’s adult-use, medical, and cannabinoid hemp industries. The OCM is developing regulations which will outline how a person or business can apply for and receive a license in the new adult-use cannabis industry."

    "The OCM will promote social and economic equity applicants who have been harmed by the prohibition of cannabis for adult-use licenses, establishing a goal of awarding 50% of licenses to social and economic equity applicants."

    https://cannabis.ny.gov/licensing

  • Missouri

    Missouri Provides Pass-Through Entity Election

    The Governor signed H.B 2400 on June 30, 2022, which provides certain provisions regarding Missouri’s newly elective pass-through entity (“PTE”) tax often referred to as a SALT Workaround. This election will apply for tax years beginning on or after January 1, 2023, which allows qualifying pass-through entities to make an election to pay an entity-level tax.

    October 8, 2021

    Missouri Enacts Wayfair Legislation

    Effective January 1, 2023, Missouri has officially enacted economic laws for sales and use tax. Vendors lacking physical presence will have economic nexus in the state of Missouri if its gross sales from the current year or prior year exceed $100,000. Marketplace facilitators are also subject to the $100,000 economic nexus standard.

    May 21, 2021

  • Iowa

    Iowa Makes Various State Tax Changes

    On June 17, 2022, Iowa Gov. Kim Reynolds signed Senate File No. 2367 amending various sections of the state tax code. Diapers, feminine hygiene products, specified digital products, computer software, and services sold to public utilities will be exempt from sales tax starting January 1, 2023. There will be no more sales/use tax exemption for the sale and rental of computers by an insurance company, financial institution, or commercial enterprise effective January 1, 2024.  The bill will also gradually reduce Iowa’s bank franchise tax from the current 5.0%. For 2027 and after it will remain at a fixed 3.5%.

    Illinois Releases Changes to 2021 Business Income Tax Returns

    The Illinois Department of Revenue released a bulletin detailing changes to IL business income tax returns and schedules for tax year 2021. The following changes are outlined in the release: (1) The IL net loss deduction for corporations, excluding S Corps, is limited to $100,000 for tax years ending on or after December 31, 2021 and before December 31, 2021. (2) For any net loss that has not expired as of November 16, 2021, the carryover period is extended from 12 to 20 years, and the carryover period for tax years ending on or after December 31, 2021 has now become 20 years. (3) IL decouples from federal 100% bonus depreciation, thus on Form IL-4562, the taxpayer should include the amount of federal depreciation they would have claimed on their federal return without any regard to bonus depreciation.

    January 17, 2022

  • Florida

    Florida DOR Determines Discretionary Sales Surtax Limitation Didn’t Apply to Entire Purchase Amount

    Florida Counties may impose a discretionary sales surtax in addition to the state sales and use tax. County surtax is used to fund authorized projects. The surtax is limited to the first $5000 of sales price on the sale of tangible personal property. There is no surtax limitation on rentals or services. The Taxpayer, a general contractor, sold its customer concrete related to a construction project. For the $5000 surtax limitation to apply (i.e., only the first $5000 of the concrete would be subject to surtax), a taxpayer must pass the single sale test and the bulk sale/working unit test.

    Florida Announces Automatic Refund for Corporate Income Tax

    Florida’s corporate income tax collections significantly exceeded projections, triggering an automatic refund of the excess funds. Specifically, Florida’s corporate income and franchise tax returns for taxable years beginning April 1st, 2019, and before March 31st, 2020, are eligible for an automatic refund if these returns were filed on or before February 1st, 2022. For most, this is the return for the tax year ending December 31st, 2020.

  • canada.jpg
    Canada Revenue Agency

    Need to take care of business while traveling? You can call us collect, using a telephone operator, even if your travels take you to places that are out-of-this-world.

    1-613-940-8495