Upcoming National Meeting

2024 Canadian Tax Workshop For U.S. Companies

The COST Canadian Tax Workshop for US Companies covers the key tax issues U.S. companies who are doing business with Canadians or in Canada need to know. The primary focus of the Workshop will be on GST, HST and Income Tax but will also cover QST, Payroll and Property Taxes. Attendees will also participate in an interactive audit session covering Canadian tax issues that they’ve been dealing with.

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Newsletters & Media

Cost Conscious

ISSUE 24-20; October 4, 2024

Earlier this week, Louisiana governor Jeff Landry announced his plan for a November special session to address tax reform. His plan includes cuts to the corporate and individual income tax rates, the elimination of the corporate franchise tax, and allowing local governments to exempt inventory from property tax. These tax reductions will be offset by the elimination and/or restructuring of various

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Bloomberg TAX

Trump Defends Tariff Plan While Pressing for More Fed Influence

October 15, 2024

Republican presidential candidate Donald Trump defended his plans to overhaul the US economy through dramatic tariff increases and more direct consultation with the Federal Reserve, arguing that his policies would result in substantial growth despite projections that his agenda would fuel inflation and spike the national debt.

California Man Gets 15 Months for Evading $1 Million in Taxes

October 15, 2024

A California man was sentenced to 15 months in prison for evading more than $1 million of individual and corporate income taxes, the Justice Department announced Tuesday.

Singapore Parliament Approves Global Minimum Tax Legislation

October 15, 2024

Singapore's parliament passed two bills Tuesday that would require multinationals to pay a minimum tax rate of 15%.

Reeves Faces Cabinet Unease Over £40 Billion Hunt for Budget (1)

October 15, 2024

Chancellor of the Exchequer Rachel Reeves faces growing Cabinet disquiet over the scale of spending cuts she wants to help raise £40 billion ($52.3 billion) to put Britain’s public finances on a stable footing.

US Sues Bakery, Owner, for $798,800 in Taxes Owed By Brother

October 15, 2024

The US government sued a bakery and its owner Tuesday for failure to honor an IRS levy in an attempt to recover unpaid taxes owed by the owner's brother from 2015 through 2017.

UK Firms Fear Big Four Domination of Sustainability Audit Market

October 15, 2024

The Big Four accounting firms are the top providers of sustainability audits to large London-listed companies, prompting fears from some companies that this market will be led by the same firms that already dominate financial audits, the UK's accounting watchdog said.

LVMH Set to Pay €800 Million Tax Increase to Ease France’s Debt

October 15, 2024

LVMH is expecting to pay as much as €800 million ($870 million) in additional taxes next year after France announced plans to raise levies on its biggest companies to help shore up public finances.

IRS News Release: Compliance Assurance Process Webinar

October 15, 2024

A free webinar is being offered on Nov. 18, 2024, to help large business taxpayers understand the Compliance Assurance Process (CAP) by discussing updates and clarifications to the program to better prepare applicants, the IRS announced. The CAP helps large corporate taxpayers improve federal tax compliance through real-time issue resolution tools that promote accurate tax returns and shorten the IRS examination process. To be eligible to apply for CAP, applicants must: (1) have assets of $10 million or more; (2) be a US publicly traded C-corporation with a legal requirement to prepare and submit SEC Forms 10-K, 10-Q, and 8-K or a US privately held C-corporation including foreign owned; and (3) not be under investigation by, or in litigation with, any government agency that would limit the IRS’s access to current tax records. As a new exception, taxpayers will be eligible for the CAP program if they have a tax return that remains open due to outstanding Inflation Reduction Act and/or CHIPS Act tax issues. Taxpayers may apply for the 2025 CAP program until Oct. 31, 2024. [IR-2024-271 (Oct. 15, 2024)]

Intuit Stops ’Break Up’ With Your Tax Professional Campaign (1)

October 15, 2024

Intuit Inc. pulled an ad campaign that said taxpayers should "break up" with their tax preparer amid pushback from the tax professional industry.

IRS Notice: Inadvertent Benefit Overpayment Guidance Under SECURE 2.0 Act (IRC §402)

October 15, 2024

Guidance in the form of questions and answers on I.R.C. §414(aa) and §402(c)(12), as added by the SECURE 2.0 Act of 2022, on inadvertent benefit overpayments, the IRS released. Guidance is provided on the impact of §414(aa) and §402(c)(12) on the Employee Plans Compliance Resolution System (EPCRS), set forth in Rev. Proc. 2021-30, including the impact on correction of inadvertent benefit overpayments. The notice is intended to assist taxpayers by providing interim guidance and is not intended to provide comprehensive guidance with respect to §414(aa) and §402(c)(12). This notice applies with respect to §414(aa) on the date it is issued. For periods before the date of issuance of this notice, a taxpayer may rely on a good faith, reasonable interpretation of §414(aa). [Notice 2024-77, 2024-45 I.R.B. __ (Nov. 4, 2024)]

Featured Resources

COST - Council on State Taxation

Amicus Briefs

Dine Brands Global, Inc. V. Eubanks and The Walt Disney Company v. Eubanks

COST filed an amicus brief on June 14 asking the Michigan Supreme Court to affirm the decision of the Court of Appeals in Dine Brands Global, Inc. V. Eubanks and The Walt Disney Company v. Eubanks, where the court held an examination or audit conducted by the Treasurer was not an “action or proceeding” under the Michigan Unclaimed Property Act and did not toll the statute of limitations

COST - Council on State Taxation

COST Studies, Articles & Reports

2024 State and Local Amnesty Programs

Tracker of most state and local tax amnesty programs enacted and conducted in 2024.

COST - Council on State Taxation

COST Comments & Testimony

Comments on Texas Proposed Rule 3.330

On October 11, COST submitted comments to the Texas Comptroller suggesting proposed changes to Rule 3.330 represent an expansion of the sales tax base that is not supported by any statutory change and is in direct opposition to Texas Supreme Court jurisprudence. The comments also request a hearing and recommend that any change in administrative policy should apply only prospectively.