On Thursday, May 9, the Multistate Tax Commission (MTC) hosted an Executive Committee (Committee) meeting in Washington, D.C. The Committee discussed many items ranging from election of new officers to Committee updates to...more
A taxpayer we will call John worked for a savings bank in New York that was acquired by Washington Mutual Bank. John participated in the New York bank’s supplemental executive retirement plan (SERP) and its deferred...more
A recent advisory opinion from the New York State Department of Taxation and Finance concludes that payments received by an individual nonresident of New York in settlement of his benefits under two nonqualified deferred...more
A new report by the Public Affairs Research Council of Alabama (PARCA), a well-respected nonprofit research organization headquartered at Samford University in Birmingham, shows that frequent statements during the 2012...more
In This Presentation: - Incorporation/Annual Corporate Reporting - Foreign Corporation Authorization/Reporting - State Tax - Registration and Reporting - Charitable Solicitation...more
The other shoe finally dropped. The much-speculated and much-anticipated “tax vs. fee” AB 32 Cap and Trade lawsuit has finally been filed. A diverse coalition of businesses and trade groups filed a lawsuit in a state superior...more
On April 8, 2013, the Tennessee House of Representatives passed Senate Joint Resolution 1 by a vote of 80-8, giving final approval to a proposed constitutional amendment to ban a state income tax in Tennessee on payroll and...more
There is a storm on the horizon for providers of cloud-based services as states determine whether and how to tax these services. Service providers should act now to anticipate upcoming tax issues for their particular...more
Later this month, the New Jersey Division of Taxation is expected to propose a regulation that will adopt a market-based approach to source receipts from services. On the surface, it appears difficult to reconcile the...more
Governor Mark Dayton formally released his supplemental budget on Thursday, March 14. The Governor’s revised budget is always issued a few weeks after the February Economic Forecast and usually includes only modest changes...more
Many banks formed holding companies in the late 1980s and 1990s. They had various reasons for doing this. Some formed a holding company to hold subsidiaries providing nonbank activities. Some used the holding company to...more
The National Conference of State Legislatures’ (NCSL) Executive Committee Task Force on State and Local Taxation has expanded its scope to include all significant tax policy issues facing the states. As part of its expanded...more
In talking with a number of tax professionals, there seems to be a lack of consensus about how much the new law will actually reduce charitable deductions and other itemized deductions like those for state income tax, real...more
Minnesota Management and Budget (MMB) today announced that the projected budget shortfall for FY2014-15 has fallen to $627 million, down from the $1.1 billion estimate last November. This change is largely a result of...more
Pennsylvania Governor Tom Corbett has proposed significant corporate tax cuts and fuel tax increases as part of his proposed 2013-14 budget, presented on February 5th. The General Fund budget would be increased by 2.4%, to...more
The sixth and seventh legislative days of the Alabama Legislature's Regular Session saw the first bill passed by both houses and on its way to Governor Robert Bentley for his signature. As week three closed, priority...more
On February 12, 2013, the text of the Governor's budget proposal for the 2014-2015 biennium, announced on February 4, 2013, was made public as House Bill 59 ("HB 59"). The new HB 59 includes a state income tax deduction for...more
The second week of the Alabama Legislature's Regular Session saw Republican leadership maintaining their momentum and passing priority legislation at a furious pace. ...more
Originally published in State Tax Notes. Many states have created special treatment for manufacturers, including tax exemptions, credits, and special income tax apportionment rules. In this edition of A Pinch of SALT, we...more
In 2012, Tennessee amended the excise tax statute to require prior approval before allowing intangible expenses to be deducted from net earnings for intangible expenses paid by one related party to another related party. In...more
At least three different government entities are allowed by Illinois law to impose the local portion of the state's sales taxes: home rule counties; home rule municipalities; and regional transit authorities. But what happens...more
Yesterday Ohio Governor John Kasich unveiled his proposed budget for fiscal years 2014 and 2015 at an hour-long press conference. The Governor’s proposal, a summary of which can be found here, contained a comprehensive plan...more
In December the Michigan Tax Tribunal ruled that a ground-mounded solar array is personal property and not real property for local taxing purposes. The 147 kW photovoltaic electric generating facility in question, built by...more
Eleven states have issued revised withholding tables for wages paid on and after January 1, 2013. These are in addition to 2013 tables already issued by nine states....more
If polled, most practitioners and commentators would likely contend that the State of Tennessee requires an out-of-state company (that is not a financial institution) to have a physical presence in Tennessee before the...more
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