Shaking things up in state and local tax
Shaking things up in state and local tax
As part of its implementation of mandatory combined reporting, the District of Columbia’s Office of Tax and Revenue issued a taxpayer-friendly proposed regulation that would provide an automatic seven-month extension for calendar and fiscal year taxpayers.
For more details, read our legal alert, “D.C. Proposes to Extend Deadline for Combined Reports“
The Streamlined Sales Tax Governing Board, as well as its State and Local Advisory Council and Business Advisory Council, assembled in Minneapolis this week to discuss a number of policy matters related to Streamlined Sales and Use Tax Agreement. The overarching theme, however, was the continued viability of the Agreement in light of the Marketplace…
We invite you to read all of our articles from April 2013 here on our website, or read each article by clicking on the title. If you prefer, you may also view a printable PDF version.
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The Multistate Tax Commission’s Financial Institutions Working Group held its monthly meeting on April 23, 2013 to discuss a proposed apportionment formula for financial institutions. For additional details about the meeting, read our legal alert, “Hate the Sin, Love the Sinner: MTC’s Financial Institution Apportionment Effort.”
We hope you enjoy this very special edition of the Sutherland SALT Shaker newsletter. In this issue:
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As March comes to a close, we invite you to read all of our articles from the past month here on our website, or read each article by clicking on the title. If you prefer, you may also view a printable PDF version.
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On March 28, 2013, the New York State Legislature passed budget legislation (S.2609D/A.3009D) that replaces the existing New York State and City related-party royalty add-back requirements with provisions based on the Multistate Tax Commission’s model add-back statute. In addition, the legislation repeals the New York State and City royalty income exclusions, which permitted taxpayers to…
In a rare open session, the Multistate Tax Commission’s (MTC) Audit Committee (Committee) met yesterday to discuss changing the way the MTC selects companies to audit on behalf of states. For many taxpayers, the MTC’s process for selecting audit targets is a mystery because it occurs behind closed doors. The current selection process requires states…
The Multistate Tax Commission’s (MTC) Sales and Use Tax Uniformity Subcommittee is moving forward with a broad sales tax nexus model statute that includes click-through, affiliate and attributional nexus provisions. The Subcommittee also discussed a memorandum related to class actions and false claims acts. The nexus and class action projects are in the educational stage…
On March 5, 2013, the Multistate Tax Commission’s Income and Franchise Tax Uniformity Subcommittee declined to move forward with a transfer pricing project and instructed its Financial Institutions Working Group to examine the inclusion of loans in the property apportionment factor. For full details, read our legal alert, “Update from the MTC’s Winter Committee…
