COST - Council On State Taxation

Time 2020-09-21 17:04:17

Web Name: COST - Council On State Taxation

WebSite: http://www.cost.org

ID:54814

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FeatureMitigating the Impact of State Tax Law Changes on Company Financial Statements June 16, 2020 This studyexamines the significant and unintended consequences on company financial statements of unanticipated changes in state tax law, and explores solutions for mitigating their inadvertent impact on company earnings projections and company share price. View Study FeatureThe Illusory Benefits of an Accelerated Sales Tax Remittance System May 13, 2020 The Council On State Taxation (COST) and our research affiliate, the State Tax Research Institute (STRI), are pleased to present our latest research report, “The Illusory Benefits of an Accelerated Sales Tax Remittance System” prepared by Scott Mackey, an economist and the managing partner of Leonine Public Affairs. This is the second of two studies commissioned by STRI that examine the costs and benefits of the so-called “Accelerated Sales Tax Remittance” (ASTR) system. View Study FeatureTracking Chart: State and Local Government Filing Relief due to COVID-19 September 10, 2020 To help our members keep track of state and local government filing relief due to COVID-19, COST is compiling a state-by-state chart of guidance that has been issued on the matter. COST staff will update the chart on a regular basis as we see more guidance. If you have any additional information to share that is not on the chart, please contactPat ReynoldsorPriya Nair. View Tracking Chart FeatureCOST Scorecard: The Best and Worst of State Tax Administration (2019) December 30, 2019 The Council On State Taxation (COST) is pleased to release its 2019 Scorecard on state tax appeals processes and administrative practices.This seventh Administrative Scorecard continues to apply objective criteria to evaluate independence in tax appeals systems and key procedural elements that impact taxpayers’ perceptions of fairness and efficiency. View Study FeatureSurvey of Subnational Corporate Income Taxes in Major World Economies: Treatment of Foreign Source Income November 21, 2019 The Council On State Taxation (COST) and our research affiliate, the State Tax Research Institute (STRI), are pleased to present our latest research report, “Survey of Subnational Corporate Income Taxes in Major World Economies: Treatment of Foreign Source Income,” prepared by PwC’s National Economics Statistics group. The study adds an important international perspective to the issue of whether subnational governments should tax foreign source income. View Study The Council On State Taxation (COST) and the State Tax Research Institute (STRI) are pleased to announce the release of theseventeenthannual study of state and local business taxes. The report,prepared by Ernst Young LLP, shows all state and local business taxes paid in each of the 50 states and the District of Columbia.Businesses paid $781 billion in state and local taxes in FY2018, an increase of 6.1% from FY2017. View Study FeatureThe Best (and Worst) of International Property Tax Administration June 18, 2019 The Council On State Taxation (COST) and the International Property Tax Institute (IPTI) are pleased to release their latest research: “The Best (and Worst) of International Property Tax Administration: COST-IPTI Scorecard on Property Tax Administrative Systems of the US States and Selected International Jurisdictions". View Scorecard State sales taxation of business purchases accounted for 42% of total state and local sales taxes in 2017, according to a study prepared by Ernst Young LLP (EY) for the Council On State Taxation (COST) and its research affiliate, the State Tax Research Institute (STRI). The study details the extensive sales taxation of business purchases of intermediate goods and services and its negative implications for overall state tax policy. Business inputs constitute intermediate goods and services because companies either resell these goods and services or utilize the materials, products, machinery and services to produce other goods or services that are sold to households. View Study Feature“Where in the World Is Factor Representation for Foreign-Source Income?” State Tax Notes, Apr. 15, 2019, pp. 199-218 April 15, 2019 In this article, COST’s Karl Frieden and Joseph X. Donovan with Sullivan LLP argue that states should allow foreign factor representation for the apportionment of GILTI and Section 965 deemed repatriated income. The study highlights that, to date, virtually none of the states have adopted constitutionally valid methods for apportioning these types of foreign source income. Read Article The Council On State Taxation (COST) and the State Tax Research Institute (STRI) are pleased to announce the release of theseventeenthannual study of state and local business taxes. The report,prepared by Ernst Young LLP, shows all state and local business taxes paid in each of the 50 states and the District of Columbia.Businesses paid $781 billion in state and local taxes in FY2018, an increase of 6.1% from FY2017. View Study This program offers sessions of interest to every state tax professional in industry, whether a COST member or otherwise, as well as in the consulting, accounting and legal profession. The program covers all types of state and local taxes that business taxpayers are confronted with today and provides updates on key SALT issues. More Information COST Testifies in Support of Michigan Bill Addressing Partnerships’ Reporting of Federal Tax Adjustments; CalTax and COST Comment on Proposed California Alternative Apportionment Rule Amendments More Issues Unclaimed Property (Part 1) – If your company has been audited for unclaimed property, who conducted the audit (select all that apply)? More Issues Bloomberg TAX IRS Broadens Definition of Student in Endowment Tax Rules Colleges can now count additional students when considering whether they have to pay a new tax on endowment income, which could help them avoid the levy's asset-per-student threshold. California s Work-From-Home Tax Guidance Offers Narrow Relief California’s statement that out-of-state companies won’t face state income tax if they have employees teleworking from California during the pandemic may not be as reassuring as it sounds. INSIGHT: Can Tangible Property Drive Outside the Opportunity Zone? Qualification of vehicles often driven outside opportunity zones depends on how utilization will be measured, and whether the vehicles have been placed under a service contract or a lease. Alan Lederman of Gunster, Yoakley Stewart, P.A. looks at some likely scenarios and finds further IRS guidance is needed. INSIGHT: AI Can Help Law Firms Retain New Talent, Find Work-Life Balance Law firms need to attract and retain the best talent to remain competitive. Jason Brennan, acting CEO of Luminance, says artificial intelligence is part of the solution, allowing young lawyers to quickly review vast quantities of documentation, have more time for more meaningful work, and meet work-life balance goals. WEEKEND INSIGHTS: Arm s-Length Defense, Composite Return Fight This weekend roundup of Bloomberg Tax Insights looks at defending the arm's-length principle; taxing non-resident pass-through entity owners; the final BEAT regulations and the service cost method exclusion; disregarding legislative intent in Pennsylvania; preempting Internet access sales tax in Massachusetts; and owing tax on an accountant's malpractice settlement payment. Lindsey Graham, GOP Abandon Past Views to Speed Court Pick The battle looming over a replacement for the late Supreme Court Justice Ruth Bader Ginsburg has many Republicans backpedaling from past stances on election-year vacancies. Ruth Bader Ginsburg Recalled as Trailblazing Advocate for Women Tributes flooded in after the death Friday of Ruth Bader Ginsburg, the 87-year-old Supreme Court justice, liberal icon and pop-culture phenomenon, after a long battle with cancer. How U.S. Supreme Court Justices Are Confirmed: QuickTake The U.S. Constitution establishes just one requirement for the job of Supreme Court justice: “good Behaviour.” It specifies that members of the country’s top judicial body are nominated by the president and confirmed by the Senate. The details were left to lawmakers to work out—or fight over, as they have pointedly in recent years. Trump Urges Quick Action on High Court Nominee, Wins GOP Support President Donald Trump urged Senate Republicans to act quickly to replace late Justice Ruth Bader Ginsburg, and several leading members said they would despite outrage expressed by Democrats still smarting from the denial of an Obama nominee four years ago. Tax Notes Rhode Island Progressive Candidates Fight Austerity Budget A new crop of Rhode Island progressive legislators and candidates are decrying the governor’s cut to a tax relief program for distressed cities and are calling for taxes on the wealthy. Hawaii Ends Utility Solar Energy Tax Credit Hawaii Gov. David Ige (D) has signed legislation that ends a tax incentive for large utility-scale solar projects but grandfathers in some that are already in the pipeline. Pennsylvania Bill Would Temporarily Expand NOL Deduction for Pandemic-Hit Businesses Newly filed Pennsylvania legislation would temporarily increase net operating loss deductions to offset COVID-19 pandemic losses. California Fire Fee Class Action Suit Ends In Howard Jarvis Taxpayers Association v. Department of Forestry, a California appellate court upheld the dismissal of a tax watchdog’s class action suit seeking refunds of a fire prevention fee for homeowners. Nevada Payroll Tax Extension Lawsuit Set for Oral Arguments Nevada's Senate Democratic leaders have filed their final pre-oral argument brief in a high-profile lawsuit, Settelmeyer v. State of Nevada, over whether 2019 legislation that extended payroll tax rates and preserved a Department of Motor Vehicles transaction fee required supermajority legislative approval to pass. Vermont Conference Committee Reaches Agreement on Cannabis Tax Bill Vermont House and Senate leaders have agreed on the tax provisions of a much-anticipated recreational cannabis bill. Maryland Plan Would Increase Alcohol Tax to Reduce Health Disparities Maryland lawmakers plan to introduce legislation that would increase the state sales tax on alcohol by 1 percentage point to fund a program designed to reduce health disparities, which have become more apparent during the COVID-19 pandemic. New Jersey Appeals Court Affirms Nexus for Limited Partner An out-of-state limited partner has nexus with New Jersey for corporation business tax purposes, the state’s appellate court held in Preserve II Inc. v. Division of Taxation. Missouri Audit Finds Issues With Processes for Ensuring Tax Compliance An audit of Missouri’s Department of Commerce and Insurance has unearthed issues with state processes for verifying tax compliance. Michigan Bill Would Clarify How IRC 163(j) Applies to Unitary Group A Michigan bill would change the calculation of the federal business interest expense limitation for a unitary business group for purposes of the state corporate income tax. Featured Resources COST - Council on State Taxation Amicus Briefs Level 3 Communications v. Oregon Department of Revenue In its amicus brief, COST argues that the Tax Court’s decision allowing the imposition of property tax based on the enterprise value of a centrally assessed taxpayer should be reversed because it represents a stark departure from existing law and practice. It would unfairly upend the longstanding and well-settled expectations of centrally assessed businesses that pay property taxes in Oregon. More Amicus Briefs COST - Council on State Taxation COST Comments Testimony Testimony Before Louisiana Centralized Sales and Use Tax Administration Work Group On September 18, COST’s Pat Reynolds testified before the Louisiana Centralized Sales and Use Tax Administration Study Group. In his remarks, Pat explained that Louisiana’s current decentralized administration makes the State an outlier compared to other states and subjects its taxes to more constitutional risk. More Comments Testimony

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