Latest COST Conscious

ISSUE 21-04; February 26, 2021

Effective Communication During the Pandemic – The pandemic has significantly shifted legislative and administrative processes, from virtual hearings to closed capitols. As a result, has your organization changed how it communicates with government officials on tax-related issues?

Latest Legislative Alert

ISSUE 21-10; March 2, 2021

COST Addresses Concerns With Mississippi Bill Taxing Business Inputs; COST Recommends Minnesota Federal Adjustments Reporting Bill Follow MTC Model; COST Supports Nebraska Bill to Clarify Treatment of GILTI and Deemed Repatriations

Latest Practitioner Connection

ISSUE 21-04; February 19, 2021

Managing State Tax Challenges Facing Businesses – Most states have experienced sharp revenue drops in 2020, according to the Center on Budget and Policy Priorities, States Grappling With Hit to Tax Collections (Nov. 6, 2020), although there are exceptions like Kentucky. Logically, this means that states will be looking for revenue. In regard to businesses, where does that revenue come from? Proper

BLOOMBERG TAX

N.Y. Wealth Tax and Budget Deadline Converge With Cuomo Scandals

 

Emboldened New York lawmakers could take on a politically weakened Gov. Andrew Cuomo, plagued by dual scandals, to push their own agenda including higher taxes on the wealthy, with just four weeks left before the state budget is due.

Corporate Tax Chat: Tim McDonald, VP of Global Tax at P&G

 

Bloomberg Tax spoke with Tim McDonald, vice president of global tax at Procter & Gamble Co., about the challenges of navigating remote work, his proposed simplification for the OECD’s digital tax plan, and the need to build back trust in international tax rules.

Stimulus Checks Split Economists, Even on the Left (Podcast)

 

With a new round of stimulus checks under consideration by Congress, two liberal economists debate whether these direct payments will become a normal part of U.S. fiscal policy and whether that's a good thing.

E-Discovery Expertise Paved a Path to Partnership for This Big Law Attorney

 

Holland & Knight's Manfred Gabriel took a different career path on the way to making partner as head of the law firm's legal support services. He looks at the evolution of data management, solutions, and e-discovery and says his elevation to partnership in a non-traditional role signals the firm's commitment to set trends and evolve to better serve clients.

Accounts Payable Fraud: Where to Spot It, and How to Prevent It

 

Accounts payable fraud is a silent threat faced by many companies. Catherine Dahl of Beanworks explains how digitalization can spot it and even prevent it.

Will Top Next-Gen Talent Choose to Practice With Law Firms?

 

Law firms need to focus on diversity and inclusion efforts and not cede that responsibility to their clients' influence. Debra Pickett, Page2 Communications, asks if the best and brightest of Gen Z women and minority law school grads will choose to work for law firms where they still see almost no one in a position of power who looks like them.

Wayfair Sales Tax Case Sparked a Pandemic Windfall for States

 

Rachel Ramos, who sells graphic T-shirts on Etsy from her home in Fort Worth, was considering closing her shop before she saw business unexpectedly boom last May. The shop brought her $25,000 from May through December, compared with $11,000 the entire previous year. She’s saving that money to buy a house for her and her two children. “This kept me from having to struggle as a single mother,” she says.

Biden Stimulus Faces Lengthy Final Gauntlet of Senate Votes (1)

 

Senate Democrats face a gauntlet of Republican attempts to rein in President Joe Biden’s $1.9 trillion stimulus package in a marathon session of votes that will extend the timetable for passage into the weekend.

Smithfield Foods Owes California Tax Based on Sales in the State

 

Smithfield Foods Inc. must pay California income tax using a standard formula that apportions income based solely on sales in California compared with sales elsewhere, the state's Franchise Tax Board ruled Thursday.

U.S. Senate Votes to Take Up $1.9 Trillion Covid Relief Bill (1)

 

The U.S. Senate voted to take up a $1.9 trillion pandemic relief bill backed by President Joe Biden, setting off a lengthy and partisan debate expected to end this weekend with approval of the nation’s sixth stimulus since the pandemic-triggered lock downs that began a year ago.

Tax Notes

Missouri Company Denied Resale Exemption for One of Two Leased Aircraft

 

In APLUX Inc. v. Director of Revenue, the Missouri Supreme Court handed the state revenue director a partial win in a dispute over a company’s claim of a resale tax exemption for its purchases of two aircraft.

Nebraska Group, Lawmakers Call for Tax Reform

 

Blueprint Nebraska and the Nebraska Revenue Committee are calling for tax reform to modernize the state's tax structure and attract people and businesses.

Iowa Bill Would Establish New Resident Tax Credit

 

A recently filed Iowa bill would create a new resident tax credit that would be available for the first five consecutive years of residence.

California OTA Implements New Rules, Process for Small Tax Appeals

 

California has adopted new and amended administrative rules for tax appeals, including a separate appeal process for small tax disputes.

New York Lawmaker Proposes EITC for Young Adult Workers

 

A New York bill would provide an earned income tax credit to youth workers to encourage them to remain in the state.

California Court Finds Church Subject to City’s Special Property Tax

 

A California appellate court determined in Valley Baptist Church v. City of San Rafael that a religious exemption under the state constitution does not extend to a special property tax levied by the city of San Rafael to fund a paramedic service program.

Arizona Bill Proposes Workaround to New Tax on Higher Earners

 

Legislation advancing in Arizona would allow passthrough business owners to sidestep a recently approved tax increase on higher earners.

Rhode Island Bill Would Raise Top Income Tax Rate to Fund Education

 

A Rhode Island bill would create a new top individual income tax bracket that would help fund K–12 education.

Ex-NBA Player Hit With Tax, Wire Fraud Charges for Chinese Play

 

A professional basketball player has been charged in United States v. Morris with filing false tax returns and wire fraud for failing to report income he earned while playing in China to the IRS and the Kentucky Department of Revenue.

New York ALJ Denies Sales Tax Break for Picasso Painting Purchase

 

In Matter of Objet LLC, a New York administrative law judge ruled that a resale exemption didn’t cover a company’s purchase of a one-half interest in a Pablo Picasso painting that was later leased to the owner of the other one-half share.

Select State Tax News

How does the Spanish budget impact expats?

 

By , 5 Mar 21 Higher tax bands and a permanent wealth tax could significantly dent people’s finances Taxpayers in Spain are affected by two annual government budgets: the state budget and...

State lawmakers split over need for federal aid

 

Despite the coronavirus pandemic, Utah’s economy is growing. Fewer than 4% of state residents are unemployed. Lawmakers are expecting a budget surplus of $1.5 billion from income and sales tax...

Missouri Company Denied Resale Exemption for One of Two Leased Aircraft

 

Click here to see operators for terms and connectors searching. Search Connectors Note:  To search with a Code section , or with proximity , use Advanced Search . A space between words is...

Hawaii unemployment compensation tax exemption bill advances

 

Mahalo for supporting Honolulu Star-Advertiser. Enjoy this free story! A proposal to exempt unemployment compensation from state income taxes won a key approval on Thursday with the Senate Ways...

Editorial: Oklahoma legislative plan to cut taxes will be politically popular but fiscally foolish

 

Only a few years after a bloody fight to raise state taxes, House Speaker Charles McCall wants to cut them. That idea is likely to be politically popular, but it’s fiscally foolish. Tax cuts got...

Local man hits jackpot on scratch-off lottery ticket

 

Charles Rupert of Rocky Mount tried his luck on a $10 scratch-off state lottery ticket and watched as it revealed a $1 million prize. “Very ecstatic and very excited,” Rupert said as he claimed his...

Pandemic blow: State’s tax income likely to take a hit

 

Hyderabad: Just before Covid-19 hit Telangana last year, the state’s budget projected a bright picture with a higher income from its own revenues at 61 per cent. A budget analysis of all the states...

Some State Policymakers Pushing Tax Cuts Amid Widespread Hardship

 

Even as some states take steps to help people who are struggling the most due to the pandemic and recession, policymakers in some other states are doing exactly the opposite of what this crisis calls...

Joseph Wyatt: Legislature could help make solar power affordable (Opinion)

 

In early 2018, I had 24 solar panels installed on the roof of my house. Three years later, the panels have cut my electric bill by an average of $129 a month. It is time that our legislators enact...

Connecticut Spares 110,000 Covid-19 Telecommuters From Double Taxation For 2020, But What About 2021?

 

Some 110,000 Connecticut telecommuters will be spared from double taxation on their wage income for 2020, thanks to a Covid-19-relief tax bill that Governor Ned Lamont signed into law today. “It...

California Tax Board OKs Rules for Multistate Company Disputes

 

Multistate companies have new rules to follow on the rare occasion that they ask the California Franchise Tax Board for an alternative...

Oregon senator pitches reimbursement amid stimulus check tax pinch

 

A new bill aims to have state tax officials reimburse Oregonians if they pay more in state taxes because of what's been couched as an "indirect tax" arising from federal stimulus payments. The...

GLOBALSTAR : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)

 

The following discussion and analysis should be read in conjunction with our Consolidated Financial Statements and applicable notes to our Consolidated Financial Statements and other information...

WESTWOOD : Management's Discussion and Analysis of Financial Condition and Results of Operations. (form 10-K)

 

You should read the following discussion and analysis in conjunction with "Selected Financial Data" included in this Report, as well as our Consolidated Financial Statements and related notes thereto...

Speed delivery of your New York State tax refund by up to two weeks

 

NEW YORK — The New York State Department of Taxation Finance recently reminded taxpayers that they can receive the refunds they’re owed up to two weeks sooner by e-filing their return and choosing...

Firm says it will open Boise factory, hire 146 workers at average $50,000 yearly pay

 

A Chicago company that makes construction boards and decking from recycled wood and plastic waste announced Thursday that it will open a manufacturing plant in Boise. The Azek Co. , which has eight...

The 'COVID Relief Bill' Is Mostly a Expensive Bundle of Politically Motivated Giveaways

 

As the Senate prepares to take a final vote on President Joe Biden's $1.9 trillion COVID-19 relief bill, it's time to be honest about one thing. This isn't a COVID-19 relief bill. We should stop...

Georgia House OKs tax break package aimed at COVID-19

 

ATLANTA - Georgians and Georgia businesses hit in the wallet by the coronavirus pandemic would get a series of tax breaks under three bills the state House of Representatives passed Wednesday, March...

Michigan communities that allowed recreational marijuana shops to split $10 million in tax revenue

 

Adrian, Michigan watched vacant buildings come back to life and barren land sprout industrial buildings, mostly thanks to Michigan’s 16-month-old recreational marijuana industry. Now, its city hall...

Iowa House Votes For $128M In State Tax Breaks For Individuals, Businesses Hit By Pandemic

 

Des Moines, Iowa — The Iowa House has unanimously approved state tax breaks for some unemployed Iowans as well as Iowa business owners who got grants and loans financed with federal pandemic relief...

CNY car salesman admits felony for failing to pay $206,000 in sales tax

 

Syracuse, NY -- A Syracuse used car salesman pleaded guilty to a felony Wednesday, admitting that he failed to pay sales tax at two dealerships from 2010 to 2017. Samy Guindy, 56, of Camillus, has...

Tax breaks could come to new, existing Ohio farmers

 

Farming groups around Ohio are backing a bill that could pay millions to aspiring farmers in the state. House Bill 95, if passed, would provide tax credits to beginning farmers participating in a...

Georgia House seeks bigger bump in mental health spending

 

ATLANTA (AP) — Georgia House members want to spend more on mental health and state universities next year, using savings from the state share of the Medicaid program and reduced debt payments. The...

Kentucky Lawmakers Advance Data Centers Incentives Bill

 

Government Technology: Kentucky lawmakers on Tuesday approved new state tax breaks worth millions of...

Tax reform, infrastructure among LABI priorities for 2021

 

Reforming the state’s tax structure and infrastructure improvements will be among the priorities for the Louisiana’s Association of Business and Industry, LABI President and CEO Stephen Waguespack...

Comprehensive state tax reform plan brewing in Nebraska Legislature

 

A major new proposal for state tax reform is brewing and it appears likely to be moored to shifting more of the burden from income taxes to expansion of the sales tax base to include a broad array of...

Legislative Leaders Prioritize Unified Sales Tax Collection

 

03/04/2021 House Speaker Clay Schexnayder (right), R-Gonzales, speaks to reporters on Monday, June 1, 2020, in Baton Rouge. (Melinda Deslatte / AP) BATON ROUGE – Days after announcing their...

GM to build 2nd multibillion dollar battery factory

 

General Motors is eyeing a site in Spring Hill, Tennessee, to build a new multibillion dollar battery factory with its partner LG Energy Solutions, the battery-making operation at LG Chem.  GM...

Texas tax revenues take larger pandemic hit than other states

 

There were significant warnings about the massive impact pandemic-related shutdowns would have on state tax revenue when Covid-19 hit about a year ago. While some of the doomsday projections haven't...