It’s Not Always a Federal Case! 2022 Q1 Review of State & Local Tax Changes

This checklist assembles tax developments for the first calendar quarter of 2022, occurring prior to the date of publication, as prepared by KPMG LLP for its TaxNewsFlash resource. 

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Related Content 

• State Law Comparison Tool (Tax)
  Check out the tax topics in Practical Guidance’s State Law Comparison Tool (SLCT). Tax topics include state income tax withholding, treatment of independent contractors, and business taxes on entities. The SLCT generates a chart with applicable state laws for the topics you select. Refer to this YouTube video which guides subscribers on how to use the SLCT.

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.    

• Tax Key Legal Developments Tracker (Federal)
  Stay informed on new developments: 
  • Business Entities. IRS seeks comments on Form 6198, At Risk-Limitations.87 Fed. Reg. 20,518-20,519.
  • Business Entities. President Biden releases FY2023 Budget. Accompanying the budget was the US Department of the Treasury's (Treasury) "General Explanation of the Administration's Fiscal Year 2023 Revenue Proposals" (Greenbook). The Budget includes a call to: (1) replace the Base Erosion and Anti-avoidance Tax (BEAT) with part of the OECD Pillar Two rules, referred to as the "Undertaxed Payment Rule"; (2) impose a new minimum tax on wealthy individuals, referred to as the "billionaire's tax"; (3) raise the corporate tax rate to 28%; (4) increase the top marginal income tax rate (to 39.6%) for high earners; (5) reform the taxation of capital income to tax capital gains of high earners at ordinary income rates; (6) tax carried interest as ordinary income; and (7) repeal of deferral of gain from like-kind exchanges. FY2023 Budget.
  • Employment/Benefits. IRS seeks comments on Form 1099–LTC, Long-term Care and Accelerated Death Benefits. "Long-term care benefits" means: (1) any payments made under a product that is advertised, marketed, or offered as long-term care insurance (whether qualified or not); and (2) accelerated death benefits (excludable in whole or in part from gross income under section 101(g)) paid under a life insurance contract or paid by a viatical settlement provider. 87 Fed. Reg. 20,517 (Apr. 7, 2022).
• Document alerts allow you to stay current on legal developments that affect your practice. Find out how to set up your document alerts.
• Check out the new Practical Guidance Author Center! Learn about the 1500+ leading attorney authors contributing to our 21 practice areas, and find out how you can Become a Practical Guidance Author.
• The Practical Guidance Journal Spring 2022 Edition features guidance for employers on COVID-19 vaccination, testing, and employee health data protection; climate change disclosure market trends; and updates related to the Secured Overnight Financing Rate (SOFR).
• New and Recently Updated Practical Guidance Content
  • Responding to IRS Letter 226J
  • IRS Practice Unit: Deferred Compensation Received by Nonresident Alien Individuals
  • Broad ‘SECURE 2’ Retirement Bill Gets Overwhelming House Approval
  • A “No Surprises” Approach to Taxation of Settlements for Employment Claims
  • Should You Offer RSUs? Restricted Stock Units as an Attractive Executive Compensation Option
  • How States Are Utilizing Electric Vehicle Tax Credits
  • Affirmative Transfer Pricing Adjustments
  • The Permanent Establishment Concept in the 2016 Model Income Tax Convention
  • Transfer Pricing Global Considerations: I.R.C. Section 482 Allocations

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