New law disallows otherwise qualifying lenders and affiliates of retailers from claiming California’s sales and use tax bad debt deduction on accounts that have been found to be worthless and charged off thus allowing only the retailers in underlying transactions to potentially claim bad debt deductions as of January 1, 2025.
Source Deloitte
Latest Posts in "United States"
- How intellectual property payments impact US tariffs on goods
- Navigating Multi-State Sales Tax Requirements for Philadelphia Businesses: Key Challenges and Solutions
- Washington Expands Sales Tax to Professional Services: Key Changes and Compliance Strategies for 2025
- US imposes additional tariffs on India for buying oil from Russia
- EU proposes tariff reductions to implement EU-US deal