Assets are not just about houses and large bank accounts. Cars, clothing, books, and other personal property are all assets that become part of an estate when someone dies. Surviving family members cannot just immediately clean out and sell a house. It is impossible to predict when something will happen to us or a loved one and that is why estate … [Read more...]
Sales Taxes on Internet Sales to New Hampshire Residents
One of the ways that New Hampshire distinguishes itself from other states is that we do not have a general sales tax. This is part of the “New Hampshire Advantage.” There has been a great deal of attention to the issue of sales taxes on internet sales with the recent U.S. Supreme Court ruling in South Dakota v. Wayfair, Inc. This was followed by … [Read more...]
SUPREME COURT ABOLISHES LIMITS TO SALES TAXES ON INTERNET SALES
On June 21, 2018 the U.S. Supreme Court decided South Dakota v. Wayfair, Inc. creating a paradigm shift in the way in which state sales taxes will be collected by remote retailers. In a 5-4 decision, in a majority opinion written by Justice Anthony Kennedy, the Court overruled the physical presence rule which prevented a state from imposing an … [Read more...]
New Hampshire’s Research and Development Tax Credit
New Hampshire’s Research and Development Tax Credit is available to businesses with “qualifying research and manufacturing expenditures.” The credit is based upon the wages paid to individuals engaged in “discovering information which constitutes qualified research and development of a new or improved manufacturing process or business component of … [Read more...]
Supreme Court Considers Limits to Sales Taxes on Internet Sales
On April 17, 2018, while many taxpayers scramble to meet the deadline for filing their federal income tax returns, the U.S. Supreme Court will hear oral arguments in South Dakota v. Wayfair, Inc., a case that could forever alter the way in which state sales taxes are collected by remote retailers. The battle that is being waged between states and … [Read more...]
Extraordinary Assumptions – a Handy Tool for Real Estate Appraisers
Most real estate tax abatement cases heading to a final hearing require the testimony of an appraiser. Two, in fact: one for the taxpayer, and one for the taxing authority. Sometimes there is even a third appraiser, who gives his or her opinion as to the quality of one or the other reports prepared by the appraisers prior to the … [Read more...]
New Hampshire State and Local Taxes: An Introduction
State and local taxes (“SALT”) are any additional taxes imposed by an individual state and/or locality aside from federal taxes that may apply. Unlike many neighboring states, New Hampshire does not impose traditional income and/or sales taxes, and therefore relies heavily on SALT for revenue. On the local level, SALT generally appears in the form … [Read more...]