Open/Close
Close

In The news

Jordan M. Goodman - a man in a suit, smiling at the camera
Jordan M. Goodman
Partner | Board of Directors
Share

Jordan M. Goodman Provides Insight on States Considering Gross Receipts Taxes in Order to Cope with Virus Impact to Bloomberg Law Tax

Bloomberg Law Tax - Daily Tax Report 04/27/2020
Jordan M. Goodman - a man in a suit, smiling at the camera
Jordan M. Goodman
Partner | Board of Directors
A light bulb on a white background.

An article published by Bloomberg Law Tax discusses the possible reemergence of Gross Receipts Taxes in states due to the COVID-19 pandemic. Gross receipts taxes are becoming attractive because they rely on calculations of total commercial activity rather than profitability, said Jordan M. Goodman. Jordan continued to say that, "During the COVID-19 recession you are going to see a lot of states looking for alternative sources of revenue including the gross receipts tax, particularly because businesses are going to be unprofitable for a while."

Read More

He told Bloomberg Law Tax that gross receipts taxes would be popular over the next three years because they wipe away calculations related to income and shield states from unpredictability in the federal tax code. “With a gross receipts tax, you don’t have to worry about what’s happening at the federal level,” Jordan said. “They are simply solidifying their source of revenue, which is what the states should be focusing on.”

The full article, “States May Consider Gross Receipts Taxes to Cope with Virus Impact,” was written by Michael J. Bologna and published by Bloomberg Law Tax on April 24, 2020 for its subscribers.

HMB Legal Counsel will continue to provide updates as the situation evolves. The ongoing issues related to the spread of the Coronavirus (COVID-19) have had and will continue to have a significant impact on individuals, families, businesses and markets. Visit our collection of resources providing guidance during these fast-changing circumstances. Please reach out to your lead team member to answer specific questions.

500 West Madison Suite 3700
Chicago IL 60661

Phone: 312-606-3200 Fax: 312-606-3232
© HMB Legal Counsel 2024. All Rights Reserved.
Close