Jun 18 2019

Location, Location, Location: A Primer on Qualified Opportunity Zones

Under the Tax Cuts and Jobs Act of 2017, new rules were established that allow taxpayers to defer capital gain from the sale of assets to unrelated persons by investing in a Qualified Opportunity Zone. Qualified Opportunity Zones are mostly high-poverty, low-income census tracts in which the federal and state governments wish to encourage investments. The governors of each state and U.S. territory submitted candidate Qualified Opportunity Zones, and the U.S. Treasury Department certified those Qualified Opportunity Zones as of July 1, 2018. In Wisconsin, for example, there are 120 Qualified Opportunity Zones.

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Mar 11 2019

Navigating the Post-Wayfair World Part Three: Practical Advice & Tangible Next Steps

This Legal Update marks Part Three, and our final installment of the three-part series, Navigating the Post-Wayfair world. In Part One, we discussed how states have responded to the Supreme Court's landmark sales and use tax decision, South Dakota v. Wayfair, Inc. In Part Two, we illustrated how Wisconsin has responded to the Court's decision. In Part Three, we offer practical advice for businesses navigating the post-Wayfair world.

All businesses should be assessing how the Court's decision impacts operations. Generally, remote sellers can be any business that sells goods or services from one state to another. Though much of the focus post-Wayfair has been on the sale of tangible personal property (i.e., goods), many states also assess sales tax on various services—including telecommunication, management and utility services. Some states have even begun to tax digital goods as well.

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