Financial Services State and Local Tax Newsletter Vol 35

Hello,

As the initial phase of tax compliance season draws to a close, now is an opportune time to turn our attention to other areas of tax that may not always receive the spotlight—particularly indirect taxes. While often overlooked by asset managers, indirect taxes such as sales and use taxes may pose significant risks if not properly monitored and remitted. In addition to being an above-the-line cost, most jurisdictions impose personal liability on “responsible persons” for unpaid indirect taxes, elevating the stakes for compliance. Staying ahead in this area is essential to avoid unexpected liabilities and ensure operational compliance. 

In addition to indirect tax considerations, we’re also in the midst of a busy legislative season at the state level. Numerous bills under consideration have the potential to impact the asset management industry—from proposed changes to tax rates, new capital gains surcharges, and pass-through entity tax proposals. We’ll be tracking these developments closely and providing timely updates to help you anticipate and respond to changes that could affect your business. As always, our goal is to keep you informed and empowered in our evolving tax landscape. 

Best regards,

Caragh DeLuca

Financial Services State and Local Tax Leader