episode 121: the state tax response to federal tax reform – Rea CPA

episode 121: the state tax response to federal tax reform

Joe Popp | State & Local Taxes | Ohio CPA Firm
Joe Popp, Rea’s state and local tax expert, joins Dave on this episode of unsuitable on Rea Radio to discuss the state implications of federal tax reform and more.

While it may feel like we’ve covered all angles of tax reform in the last few episodes of unsuitable, we’re not done yet! Sure, we’ve hit the Tax Cuts and Jobs Act from a federal perspective – but what happens when we look at the implications of the legislation at the state level?

Joe Popp, director of Rea’s SALT team and a frequent flyer on the podcast, joins us to discuss the various considerations states are grappling with as a result of tax reform. And, while we’re on the topic of state and local taxes, Joe is going to talk about a few other nexus concerns business owners will be left to contend with as the year continues to unfold.

SALT, if you’re not aware, stands for State and Local Tax. It’s a broad field, but it’s going to be significant this year as states shift their policies in response to federal tax reform. There will be some fun changes for businesses (like the New York or California response to itemized deduction limitations) – but, mostly, it’s going to be complicated (or, if you’re a SALT specialist, a lot of fun).

If you are a business owner who operates in the United States, you will be interested in these other topics discussed in this episode:

  • New rules will look at client sales by state, changing the way clients approach state taxation.
  • What the proposed “Amazon Laws” are and how they will affect businesses using the Fulfillment by Amazon service.
  • How South Dakota v. Wayfair Inc. is challenging the court’s “physical presence” nexus rule, and how the decision (due in June) will impact businesses.

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video

articles & insight

Federal Tax Reform and the Possible State Tax Implications for your Business – By now you have a better idea how the Tax Cuts and Jobs Act will affect your business from a federal standpoint, however, there are state income tax implications that are coming as well.

Reading Between The Lines – Following the trends in the news about tax changes will allow you to make some important assumptions when you’re filing your taxes.

Taking A Look At The Tax Bill –  The tax reform impacts many individuals and businesses in different ways. It’s time for you to fully understand what changes are coming with the law.

Ignorance Is Expensive (And Risky) – You must focus on running your business and staying compliant with regulations. Don’t overlook these responsibilities and you will avoid headaches later.

official transcript

Click here to read the official transcript for episode 121, “The State Tax Response To Federal Tax Reform”