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January 2019 Archives

Gifts and taxes: Recent case questions whether gift was income

The line between a gift and income in the eyes of taxpayers is not always clear. A recent case, Felton v. Commissioner, provides an example. In this case, the Internal Revenue Service (IRS) argues a taxpayer’s claimed gift was actually income. As such, it would be subject to a higher tax rate.

Can states tax trust income if the trust is in another state?

The Supreme Court of the United States (SCOTUS) has agreed to hear a case that questions whether the due process clause prohibits states from taxing trusts based on the trust beneficiaries’ in-state residency. It is important to note this case addresses the taxation of the trust income itself, not distributions. In most cases, it is legal for a state to require the payment of taxes on distributions made to a resident of the state.

Will Texas require businesses to pay an online state sales tax?

The Supreme Court of the United States issued a decision last year that will change the future of online shopping. The decision, Wayfair v. South Dakota, resulted in the ability of states to tax online purchases. Previously, a state would need to establish that the online business had a physical presence within the state in order to charge a state sales tax on an online transaction.

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