In a 5-4 decision today, the Supreme Court turned the sales tax world on its head by overturning South Dakota v. Wayfair. The decision reverses decades of history related to sales tax nexus and a retailer’s obligation to collect and remit tax when it sold its products across state lines. Disavowing the old physical presence standard established by Quill, the high court’s ruling now opens the door for states to impose an economic nexus standard when it comes to sales tax collection responsibilities.

As the clock struck midnight Wednesday, March 14, chaos ensued at the Indiana Statehouse. Having not addressed several important topics – such as school safety, school finance, and tax reform – during the 2018 Indiana legislative session, Gov. Holcomb called the Indiana General Assembly back for a one-day special legislative session. This special session ended May 14 with the passage of only five bills. These bills included several tax implications for Indiana taxpayers, the most important of which are the tax provisions relevant to the recent federal tax overhaul under the Tax Cuts and Jobs Act.

The 2018 New York State legislative session is well underway. The New York State Assembly’s biggest accomplishment thus far is the March 30 passage of the state’s 2018-19 budget bill (S07509C), which was then signed into law April 12, 2018, by Gov. Cuomo. While this budget bill provides some guidance on New York’s stance relating to the changes made by the Tax Cuts and Jobs Act (TCJA) (Public Law 115-97, 12/22/2017), the assembly’s budget bill ultimately came short in responding to several TCJA issues.

Many taxpayers have heard of the research tax credit (also known as the R&D credit), which may conjure up images of scientists in an experimental laboratory. However, the research tax credit (research credit) casts a much wider net. There are many other activities that may qualify for the credit, including those commonly performed in the construction industry.

Katz, Sapper & Miller's Transportation Services Group along with KSM Transport Advisors and King & Ballow Law Offices will host the Trucking Owners Business Roundtable on July 25 in Nashville, TN. This ongoing series brings together owners of some of the country’s top trucking companies to hear from market leaders on benchmarking trends, tax law updates, the dynamic rate environment from both a shipper and carrier perspective, and more.

“Drivers Needed.” This sign is common on many trucks that pass by on our nation’s highways. Why are trucking companies using their vehicles to advertise a shortage of drivers? The answer is simple. Spot rates are rising, loads need to be picked up, and trucks are ready to haul the goods. But carriers are in dire need of reliable drivers to perform these tasks.

The valuation of closely held companies is a large and growing practice. However, most people are not aware of this valuation activity since the companies being valued are closely held and, thus, private in nature. Additionally, since closely held entities are typically smaller than publicly traded entities, fewer investors are affected by the results of such valuations.

Beth Scott, a director in Katz, Sapper & Miller’s Veterinary Services Group, will present at the 2018 Emerald Coast Veterinary Conference. Taking place June 14-17 in Miramar Beach, FL, this conference brings together veterinarians, practice managers, and veterinary technicians for meaningful discussion and education on practice management, strategic initiatives, and the latest industry trends.

The Kentucky legislature recently passed significant tax law changes with House Bill 366 and House Bill 487, including an overhaul to much of Kentucky’s corporate tax system and addressing the state’s conformity to the Tax Cuts and Jobs Act. These bills broaden Kentucky’s tax base through various income and sales tax provisions and introduce a flat income tax rate.

Katz, Sapper & Miller's Dan Rosio and Jay Cunningham with the firm's Litigation Services Group will present at the 2018 Indianapolis Bar Association's Bench Bar Conference. The conference, taking place June 14-16 at the Louisville Marriott Downtown, will bring together more than 300 attorneys, judicial officers, and guests to learn about topics impacting our judicial system today.