Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
New Jersey revises elective pass-through entity business alternative income tax On January 18, 2022, the New Jersey governor signed Senate Bill No. 4068 (“S4068”) into law. The law takes effect for tax years beginning on or after January 1, 2022. S4068 revises New Jersey’s elective pass-through entity business alternative income tax (“BAIT”) that allows pass-through entities to report and pay tax at the entity level. See S3246 (2020) and our previously issued Multistate Tax Alert for more details.
This Multistate Tax Alert summarizes some of the relevant provisions of S4068. [Issued: January 20, 2022] More
Oregon Department of Revenue issues various administrative rules On December 15, 2021, the Oregon Department of Revenue (Department) issued Permanent Administrative Orders enacting new and amended Administrative Rules for the state’s corporate activity tax (CAT) and on December 16, 2021, the Department adopted special industry rules for broadcasters for income tax apportionment purposes.
This Multistate Tax Alert summarizes some of these rules, which are generally effective January 1, 2022. [Issued: January 19, 2022] More
Reminder: New electronic filing requirement for Wisconsin Form PW-2 Beginning on or after January 1, 2022, nonresident owners of a pass-through entity must electronically file Form PW-2, Wisconsin Nonresident Partner, Member, Shareholder, or Beneficiary Pass-Through Withholding Exemption Affidavit, unless a waiver is approved by the Wisconsin Department of Revenue. Nonresident owners of partnerships and tax-option (S) corporations with a December 31, 2021 year end must file Form PW-2 by January 31, 2022.
This Multistate Tax Alert summarizes the process for requesting an exemption from nonresident withholding using Form PW-2. [Issued: January 19, 2022] More
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