Latest COST Conscious

ISSUE 21-07; April 9, 2021

Corporate Tax Impact of the American Jobs Plan – On March 31, President Biden (D) presented the American Jobs Plan—a more than $2 trillion infrastructure spending plan. Although still in flux, the current proposal raises revenue through a tax reform plan that would significantly increase corporate income taxes (forthcoming tax increases to high-income individuals are also anticipated). Which of th

Latest Legislative Alert

ISSUE 21-16; April 6, 2021

COST Opposes Taxation of Business Inputs in West Virginia Legislation; COST Recommends Improvements to Missouri Marketplace Bill

Latest Practitioner Connection

ISSUE 21-07; April 2, 2021

State Tax Law Changes for the First Quarter of 2021 – This article lists certain state tax law developments that were enacted during the first quarter of 2021 and should be considered in determining a company’s current and deferred tax provision pursuant to ASC 740, Income Taxes, for the quarter ended March 31, 2021. This information summarizes the listed developments and may not provide additiona


Weekend Insights: Talking About My Generation


You probably already know that Millennials have surpassed Baby Boomers as the largest adult generation in the country, according to the U.S. Census Bureau. But wait, why does it matter? Census statistics can be instrumental as politicians and lawmakers decide how to spend federal funds. They also help lawyers, corporate leadership, and tax professionals key in on potential trends and areas of interest.

Marijuana Business Owners Can't Sue Over IRS Summons for Records


The owners of several Michigan cannabis dispensary businesses can't sue the government over an IRS summons for third-party testimony and business records because the U.S. is protected by sovereign immunity, a federal appeals court ruled.

Signals Are Go for Florida Governor to Sign Sales Tax Bill


The Week in Wayfair: This week Florida's Legislature passed a bill bringing it into the company of the vast majority of the 45 states that have sales taxes. And Missouri, the only other holdout state, made progress on a very similar bill.

GOP Lawmakers Back Ohio in Suit Over Use of Covid Relief Funds


Dozens of Republican members of Congress asked a federal judge to block the Biden administration from enforcing a provision in the $1.9 trillion Covid-19 relief law that bans states from using stimulus money “directly or indirectly” to reduce taxes.

New York Exempts MTA Virus Death Benefit From Income Tax


Families of New York Metropolitan Transportation Authority employees who died of Covid-19 won't have to pay New York state income tax on the payments they receive from the transit agency's death benefit program.

Muni Funds See Record Cash Haul on Biden Rescue, Tax-Hike Plans


Investors are pouring cash into the municipal-bond market this year at the fastest pace in at least two decades as President Joe Biden extends a massive rescue to states and cities and backs raising taxes on the highest earners.

Summers Says New York’s Millionaires Tax Risks ‘Downward Spiral’


Former U.S. Treasury Secretary Lawrence Summers said New York state’s new budget deal, which raises taxes on millionaires, may backfire, especially if Congress doesn’t repeal the federal cap on state and local tax deductions.

Biden Seeks 10% IRS Funding Hike to Spur More Audits of Wealthy


President Joe Biden is seeking more than $1 billion dollars in additional funding for the IRS—showing his administration is serious about getting the agency the resources it needs to audit more wealthy individuals and large corporations.

Cannabis SPACs’ Cross-Border Push Threatens Tax Hit on Investors


Canadian SPACs are courting U.S. cannabis startups to grant them access to quick cash and the U.S. public market, but that backdoor method to getting listed in the U.S. could come with a punitive tax hit.

For Cannabis Companies, Tax Law Hinders Growth (Podcast)


For this episode of our weekly podcast, Talking Tax, we hear why a tax code provision is making it nearly impossible for legal cannabis businesses to turn a profit.

Select State Tax News

Senate approves expansion of low-income tax credit


OLYMPIA, Wash. The Washington Senate on Sunday approved a bill that would expand a tax credit for low-income workers and families that would start paying out benefits for the first time in 2023. ...

Lawmakers return to Statehouse


PAYETTE COUNTY — A bill fighting back against federal actions, another fighting for legal industrial hemp and a  passionate speech about highlighted the return of the Idaho Legislature to the...

New report highlights positive economic impact of business income deduction


A state tax break enacted in 2013 to help small businesses spurred $5.9 billion in economic activity and created 59,700 new jobs in 2018, according to a study conducted by Ernst & Young and...

Legislature adopts compromise amendment to natural gas property tax bill


CHARLESTON – A compromise was reached between the West Virginia Senate and the House of Delegates on a bill creating a better property tax valuation system for oil and natural gas wells and effect...

West Virginia Legislature Adopts Compromise on Natural Gas Bill


Photo Courtesy of W.Va. Legislative Photography With solicitation charges against him dropped, Sen. Mike Maroney, R-Marshall, said he is seeking answers and amends from those in Marshall County who...

Working families, individuals eligible for homestead property tax credit


LANSING — Working families and individuals with household resources of $60,000 or less a year may be eligible for a Homestead Property Tax Credit, according to the Michigan Department of Treasury....