Upcoming National Meeting

2021 Canadian Tax Workshop/Webinar For U.S. Companies

This webinar will be for half a day over 3 days and will cover key tax issues that U.S. Companies, who are doing business with Canadians or in Canada, need to know. The workshop will cover GST, HST and Income Tax, as well as QST, Payroll and Property Taxes. An interactive audit session discussing Canadian tax audit issues and an “Ask The Experts” session are also planned. This Workshop is ideal fo

books background

Newsletters & Media

Cost Conscious

ISSUE 21-19; September 24, 2021

State Section 965 Protective Refund Claims – There are many potential constitutional and statutory challenges to the state taxation of IRC Section 965 (Section 965) deemed repatriated income. Has your company filed (or do you intend to file) protective refund claims or do you otherwise intend to challenge the state taxation of Section 965 income in one or more states?

Twitter

Bloomberg TAX

Trump Probe by Vance Has Collected Millions of Internal Records

September 24, 2021

New York City prosecutors investigating Donald Trump said they’ve amassed millions of records from his accounting firm and from a range of banks and real estate companies that did business with the Trump Organization.

Tax Breaks Drive Shift From Property to Art Investments in Korea

September 24, 2021

There’s a new craze blazing through South Korea, the country that got the world hooked on K-Pop, high-tech beauty products and Parasite. Now, it’s paintings and sculptures that are in hot demand.

Kentucky Wins Legal Challenge to Pandemic Aid Tax Cut Limits (1)

September 24, 2021

Two federal judges have now ruled against restrictions on the $350 billion in pandemic aid sent to state and local governments as part of the American Rescue Plan.

Democrats Prep Carbon Tax Option to Pay for Spending Bill (1)

September 24, 2021

Senate Democrats are developing a carbon-tax proposal that could potentially be used to offset some of the costs of a sweeping social-spending bill as well as direct cash payments to households, according to a key lawmaker.

Former New York Knick Acquitted in Federal Tax Evasion Trial

September 24, 2021

Randolph Morris, a former NBA player and McDonald's All-American, was found not guilty by a federal court of 11 tax evasion and wire fraud charges tied to $13 million he made playing professionally in China.

IRS Renewables Safe Harbor Extension Due to Covid, Official Says

September 24, 2021

The IRS extended a safe harbor for taxpayers building renewable energy projects in order to give developers a break amid the delays and disruptions caused by the Covid-19 pandemic, an IRS attorney said Friday.

IRS Plans Guidance on Documentation for Carbon-Capture Credits

September 24, 2021

The IRS is planning to issue more guidance on tax credits for carbon capture, which will focus on how taxpayers must document that they are reducing greenhouse gases, an IRS attorney said Friday.

Highway Trust Fund Gets Infusion Ahead of Infrastructure Vote

September 24, 2021

The Federal Highway Administration says it has enough money to keep highway projects running in the coming weeks, as Congress faces a Sept. 30 deadline to reauthorize surface transportation programs.

GOP Lawmaker Urges Democrats to Address Debt Limit on Saturday

September 24, 2021

GOP Rep. Jason Smith calls on Democrats to use Saturday’s scheduled markup to amend a budget resolution to allow for a debt limit increase through the reconciliation process. 

Biden Backs Tax on Billionaires’ Unrealized Investment Gains (2)

September 24, 2021

President Joe Biden said he supports a proposal to tax billionaires for the appreciation in their investments on an annual basis, a change that would prohibit some of the richest Americans from deferring their tax bills.

Featured Resources

COST - Council on State Taxation

Amicus Briefs

Rockey and Linda Piazza and Paul Dennucci, as Assignees of Best Buy Stores, Inc. v. Glenn Hegar

On June 2, COST filed a joinder to an amicus brief of the Texas Retailers Association and the National Retail Federation filed in support of the taxpayers’ Motion for Reconsideration.

COST - Council on State Taxation

COST Studies, Articles & Reports

Convergence and Divergence of Global and U.S. Tax Policies (Tax Notes State, Volume 101, p. 937-976)

In this article, COST’s Karl Frieden and EY’s Barbara Angus describe the unprecedented convergence of international, federal, and state tax policies represented by the OECD/G-20 pillar 1 and 2 proposals; the importance of approaching U.S. tax policy from the perspective of aggregate federal and state tax impacts; and the potential risk of divergence between U.S. and global income tax rules that co

COST - Council on State Taxation

COST Comments & Testimony

Testimony in Support of H.B. 126 – Property Tax

COST submitted testimony to Ohio Senate Ways and Means Committee in support of House Bill 126 which makes significant improvements by requiring a local political subdivision to notify property owners that a property tax valuation complaint may be filed, and by instituting a formal resolution process before a subdivision can contest a property owner’s valuation.