Upcoming National Meeting

SALT Year-End Tax Accounting Class

A virtual state income tax accounting technical session just in time for preparation of the year-end multistate tax accounting provision and related income tax footnote, with a particular focus on multistate tax issues, coordination, and planning activities at year-end close.

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Newsletters & Media

Cost Conscious

ISSUE 22-23; November 18, 2022

Managing Return Filing in States with the Same Federal Tax Return Deadline – Approximately one-third of the states require the filing of state corporate income tax returns on the same extended due date of the federal return (October 15 for calendar year returns), or less than one month (e.g., Hawaii). This problem is compounded by the impact of the pandemic and continued complexities arising from

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Bloomberg TAX

IRS PLR: Disregarded Entity Election Extension Granted (IRC §7701)

December 12, 2022

Three foreign companies granted extensions of time to file Form 8832, Entity Classification Election, to elect to be classified as disregarded entities for federal tax purposes effective as of the date intended. [PLR 202248007]

Sports Gambling Apps Wrote Their Own Rules After Lobbying Blitz (1)

December 02, 2022

Accounts of sport betting lobbying across several states— revealed in dozens of interviews as well as documents obtained by Bloomberg News under public records laws — provide a window into how gambling interests and sports franchises tilted the playing field of a newly turbo-charged industry in their favor.

Meta Sued Over Collecting Taxpayers’ Data From E-file Services

December 02, 2022

Meta Platforms Inc. collected sensitive taxpayer financial information from major US electronic tax-filing services that shared it without consent, according to a proposed class action in California federal court.

IRS Won’t Decide Yet On When Company Falls Out of Book-Tax Scope

December 02, 2022

The IRS and the Treasury Department probably aren’t going to decide immediately when a company falls out of the need to pay the new book income tax after it initially is required to do so, an IRS official said Friday.

US States, City Sector Outlook to Weaken as Economy Slows: Fitch

December 02, 2022

Fitch Ratings expects a “deteriorating” outlook for US states and local governments next year due to a slowing economy, according to the company’s 2023 outlook report. 

IRS Updates FAQs on Tax Exclusion for 2020 Unemployment Benefits

December 02, 2022

The IRS on Friday updated its frequently asked questions about the tax exclusion for unemployment compensation received in 2020, saying taxpayers may need to file amended returns to obtain the exclusion if they haven't already received it automatically.

Argentina Is Pressing US for Exception to Tap EV Tax Bonanza

December 02, 2022

The world’s fastest-growing lithium producer is lobbying hard to gain access to President Joe Biden’s new electric vehicle tax credits, despite Argentina not meeting the requirement of being a US free-trade partner. So far, it’s being rebuffed.

Cannabis Industry Tax Penalty Gets Attention From More States

December 02, 2022

The week in state tax news: A growing number of states are decoupling from a federal rule that imposes a tax penalty on legitimate cannabis companies by barring them from claiming business deductions for their operations. Meanwhile, Ohio is the latest state to find streaming entertainment services aren't liable for local franchise fees. And Illinois is sweetening its tax incentives for electric vehicle manufacturers.

Swiss Business Calls for More Minimum Tax Revenue to Cantons

December 02, 2022

Switzerland's businesses are pushing for more revenue from the global minimum tax to go to its cantons, rather than the federal government.

Wells Fargo Rail Can Reroute Michigan Tax Case to Right Court (1)

December 02, 2022

Wells Fargo Rail Corp. challenged a denial of tax credits in the wrong court due to a "preexisting jumble" of conflicting statutes, the Michigan Court of Appeals ruled.

Featured Resources

COST - Council on State Taxation

Amicus Briefs

COST - Council on State Taxation

COST Studies, Articles & Reports

FY21 State And Local Business Tax Burden Study

The Council On State Taxation (COST) and the State Tax Research Institute (STRI) are pleased to announce the release of the twentieth annual study of state and local business taxes. The report, “Total State and Local Business Taxes: State-by-State Estimates for Fiscal Year 2021,” prepared by Ernst & Young LLP, shows all state and local business taxes paid in each of the 50 states and the District

COST - Council on State Taxation

COST Comments & Testimony

Comments on Proposed Rules on State Corporate Income Tax Filing Extensions

COST filed comments suggesting improvements to provide clarification in Louisiana’s proposed rules on corporate income tax filing extensions.