State and Local Taxation Update: Information Sharing and Transparency
|
|
- Benjamin Bryan
- 6 years ago
- Views:
Transcription
1 Jeffrey A. Friedman, Partner Michele Borens, Partner May 14, 2014 TEI Denver Chapter State and Local Taxation Update: Information Sharing and Transparency
2 Agenda Transparency in State Taxation What Type of Information is Protected? When Can It Be Disclosed? Information Sharing Among State Tax Authorities Federal to State Information Sharing Compelled Disclosures and Reporting Freedom of Information Act (FOIA) Requests 2
3 Background State Tax Authorities are increasingly requesting information not normally contained in a standard corporate income tax return Furthermore, there are increased disclosures of information in initial filings Taxpayers may also provide additional information during the course of any audit Other programs (e.g., amnesty, etc.) provide additional forums for taxpayers to provide even more information to the state Growing trend to share this information with other state taxing authorities 3
4 What Type of Information is Protected? 4
5 What is Protected? Generally state laws provided that taxpayer information is protected from disclosure States often have broad protections Taxpayer information may include: Tax Returns Information provided through audit Correspondence between the taxpayer and state Taxpayer identifying information Tax or business applications Information requested by DOR Settlement agreements 5
6 What is Protected? Example North Carolina (N.C. Gen. Stat ) An officer, an employee, or an agent of the State who has access to tax information in the course of service to or employment by the State may not disclose the information to any other person except as provided otherwise: Tax Information is defined to include: Information contained on a tax return, a tax report, or an application for a license for which a tax is imposed. Information obtained through an audit of a taxpayer or by correspondence with a taxpayer. Information on whether a taxpayer has filed a tax return or a tax report. A list or other compilation of the names, addresses, social security numbers, or similar information concerning taxpayers. The term does not include (i) statistics classified so that information about specific taxpayers cannot be identified, (ii) an annual report or (iii) the amount of tax refunds paid to a governmental entity or to a State agency. 6
7 What is Protected? Example Arizona (Ariz. Rev. Stat. Ann ) Generally confidential information may not be disclosed A person, including a former employee or agent of the department or the office of administrative hearings or a person previously having an administrative duty for the department or the office of administrative hearings, who has received confidential information while an employee or agent of the department or the office of administrative hearings, while performing an administrative duty for the department or the office of administrative hearings, shall not disclose that information except as provided in this article. 7
8 What is Protected? Example Arizona (Ariz. Rev. Stat. Ann ) Confidential information includes: Returns and reports filed with the department for income tax, withholding tax, transaction privilege tax, luxury tax, use tax, rental occupancy tax, property tax, estate tax and severance tax. Affidavits, reports or other information filed relating to taxable and nontaxable estates. Applications for transaction privilege licenses, luxury tax licenses, use tax licenses and withholding licenses. Information discovered concerning taxes and receipts by the department, whether or not by compulsory process. Return information obtained from the United States internal revenue service and United States bureau of alcohol, tobacco and firearms. 8
9 What is Protected? Example Arizona (Ariz. Rev. Stat. Ann ) Information supplied at the special request of the department by a taxpayer which the taxpayer requests to be held in confidence. Guidelines, standards or procedures that are established by the department for, or other information relating to, selecting returns or taxpayers for examination or settling or compromising any tax liability. A taxpayer's identity, the nature, source or amount of the taxpayer's income, payments, receipts, deductions, exemptions, credits, assets, liabilities, net worth, tax liability, tax withheld, deficiencies, overassessments or tax payments 9
10 What Can Be Disclosed? 10
11 What Can Be Disclosed? Generally state laws protect taxpayer confidential information from being disclosed However, states often have broad exceptions that allow the disclosure of confidential information in certain circumstances or to certain parties, including disclosure: To other agencies of the state; To other states or localities; Because confidentiality has been waived; Because permission for disclosure has been granted; Comply with a court order; To the IRS. 11
12 What Can Be Disclosed? Example North Carolina (N.C. Gen. Stat ) Over 40 exceptions to the disclosure exception Disclosure is permitted: To comply with a court order, an administrative law judge's order in a contested tax case, or a law. Review by the Attorney General or a representative of the Attorney General. To exchange the following types of information with a tax official of another jurisdiction if the laws of the other jurisdiction allow it to provide similar tax information to a representative of this State: Information to aid the jurisdiction in collecting a tax imposed by this State or the other jurisdiction. Information needed for statistical reports and revenue estimates. 12
13 What Can Be Disclosed? Example North Carolina Standard Disclosure Language in Settlement Agreements The parties agree that the terms of this Agreement are confidential and that neither the Department, Taxpayer, or the officers, directors, employees or representatives of Taxpayer Group shall disclose the terms thereof without prior written approval from the other party unless required to do so by law, court order or pursuant to the terms of existing agreements between the Department and other governmental agencies. Either party may disclose this Agreement if necessary to enforce any term herein. Notwithstanding the foregoing conditions of this paragraph, Taxpayer may disclose this settlement and its terms to its agents, employees and other representatives to the extent that they have a need to know (e.g., one of the company s accountants). 13
14 What Can Be Disclosed? Example Arizona (Ariz. Rev. Stat. Ann ) Confidential information may be disclosed to: Any employee of the department whose official duties involve tax administration. The office of the attorney general solely for its use in preparation for, or in an investigation which may result in, any proceeding involving tax administration before the department or any other agency or board of this state, or before any grand jury or any state or federal court. Other state tax officials whose official duties require the disclosure for proper tax administration purposes if the information is sought in connection with an investigation or any other proceeding conducted by the official. Any disclosure is limited to information of a taxpayer who is being investigated or who is a party to a proceeding conducted by the official. 14
15 What Can Be Disclosed? Example Arizona (Ariz. Rev. Stat. Ann ) The following agencies, officials and organizations, if they grant substantially similar privileges to the department for the type of information being sought, pursuant to statute and a written agreement between the department and the foreign country, agency, state, Indian tribe or organization: The United States internal revenue service; A state tax official of another state; An organization of states, federation of tax administrators or multistate tax commission that operates an information exchange for tax administration purposes; An agency, official or organization of a foreign country with responsibilities that are comparable to those listed above 15
16 What Can Be Disclosed? Example Arizona (Ariz. Rev. Stat. Ann ) The auditor general, in connection with any audit of the department The office of administrative hearings relating to taxes administered by the department In any state or federal judicial or administrative proceeding pertaining to tax administration which involves: the treatment of an item reflected on the taxpayer's return is directly related to the resolution of an issue in the proceeding return information that directly relates to a transactional relationship between a person who is a party to the proceeding and the taxpayer and directly affects the resolution of an issue in the proceeding. 16
17 Information Sharing 17
18 State Information Sharing Uniform Exchange of Information Agreement was executed in 1993 Currently all states (except New Mexico and Nevada), New York City and DC are signatories to the Agreement Multistate Tax Commission is also a signatory 18
19 State Information Sharing Statutes and Regulations State statutes typically follow IRC 6103, with possible exceptions (e.g., tax incentives) and/or considerations for state constitutional provisions. Statutory similarities: Exception to general taxpayer confidentiality rule, Other state s representative must be authorized, Reciprocity, and/or Tax purposes only. Examples New York: N.Y. Tax Law 202(3). North Carolina: N.C. Gen. Stat (b)(3). Florida: Fla. Stat (7)(j), ; Fla. Admin. Code New Jersey: N.J. Rev. Stat. 54:50-9(f). 19
20 State Information Sharing Statutes often define the types of information a state may share with other states Examples Typical information includes: tax returns/reports, registration applications, information obtained through audit, filing/nonfiling status, and/or taxpayer s name, address, FEIN. Other states permit more broad disclosure. For example, Washington defines tax information as including the nature, source, or amount of the taxpayer's income, payments, receipts, deductions, exemptions, credits, assets, liabilities, net worth, tax liability deficiencies, over assessments, or tax payments, whether taken from the taxpayer's books and records or any other source. R.C.W (1)(c). 20
21 State Information Sharing - Example North Carolina and Washington Information Sharing Agreement Provides: The parties hereby agree to exchange tax returns and tax return information to the extent permitted by their state laws Return information includes any other data received by, recorded by, prepared by, furnished to or collected by the agency with respect to a return or the determination of the existence or possible existence of a liability. 21
22 The IRS Information Sharing with States and the MTC IRS Executed a Memorandum of Understanding with State Tax Authorities Recently, IRS Executed a Memorandum of Understanding with the MTC 22
23 Compelled Disclosures and Reporting 23
24 Federal Disclosure Increased The IRS has developed alternative methods by required disclosure of certain information Schedule M-3 requires detailed reconciliation M-3 also requires expense items reconcile between GAAP & federal tax 24
25 Expanding Transparency in Legislation California AB 2439 (2012) would have required the Franchise Tax Board to disclose the name, tax liability, charitable contributions and apportionment formula of the 500 largest (measured by gross receipts less returns and allowances) publicly traded corporate taxpayers. The Bill failed in the Senate in August SB 1208 (2012) mandated publicly traded corporations to disclose the compensation of their boards of directors and five highest paid retirees. The Bill failed passage in the Assembly in August 2012 by a vote of with 12 members not voting. 25
26 Expanding Transparency in Legislation Rhode Island HB 5849 (enacted 2011) required that for taxable years beginning in 2011 and 2012, each corporation that is part of a unitary business is required to file a report for the combined group containing the combined net income of the group. Separate entities of the group members are not disregarded. The pro forma combined report must show the following information, at a minimum: the difference in tax owed as a result of filing a combined report compared to the tax owed under the current filing requirements; the difference in tax owed as a result of using the combined reporting single sales factor apportionment method as compared to the tax owed using the current three factor apportionment method; volume of sales in the state and worldwide; and taxable income in the state and worldwide. Based on the these reports, tax administers shall file a report recommending the impact on the state from combined reporting 26
27 Expanding Transparency in Legislation Tennessee HB 2372 (enacted 2012) required that for tax years ending prior to July 1, 2012, disclosure required on the face of the franchise and excise tax return for any taxpayer that paid, accrued, or incurred intangible expenses to a related party. Any taxpayer that deducts such intangible expenses in determining Tennessee net earnings and that fails to disclose the expenses is subject to a negligence penalty that is the greater of $10,000 or 50% of the adjustment. In addition, if a taxpayer does not meet the disclosure requirements, the Commissioner is specifically required to make the addback adjustment. Tennessee amended law for tax years ending after July 1, 2012 to require addback 27
28 Expanding Transparency in Legislation Maine LD 1126 (2013) would require Maine to publish information from corporate tax disclosure statements on the Internet. Required information would include total receipts, deductions, net income, factors of the corporation s combined group, and other information. The Bill was struck down in May Oregon HB 3161(2013) would require any corporation doing business in Oregon to file a statement with the Secretary of State s Office disclosing confidential information and make the information publicly available. Required information would include the consolidated group s receipts and income, factors, deductions, credits, and other information. Currently in House Committee on Revenue. 28
29 Expanding Transparency in Legislation Illinois HB 3627 (2013) would require publicly traded corporations to file an annual statement with the Illinois Secretary of State containing information such as the corporation's taxable income, base income, apportionment factor, Illinois net operating loss deduction, nonbusiness income, credits claimed, and other information. The Bill was referred to the House Rules Committee on May 2, A similar bill, SB 282, was defeated in January Arizona HB 2586 (2014) would require the Arizona Department of Revenue to identify corporations that receive tax credits over $5,000 29
30 Disclosure of FIN 48 Workpapers IRS officials have stated that FIN 48 workpapers are tax accrual workpapers State and local tax agencies have not expressed an IRS-like policy of restraint with respect to tax accrual workpapers State tax auditors are requesting FIN 48 workpapers before the company has even prepared them Multistate Tax Commission has expressed interest in understanding FIN 48 workpapers and the disclosure requirements Information-sharing agreements between tax agencies may inadvertently circumvent any restraint policy 30
31 Disclosure of FIN 48 Workpapers Issues with Disclosure of FIN 48 Workpapers Conformity (or lack thereof) of state tax laws with federal tax law Significantly less guidance (statutes, regulations, administrative guidance) at the state and local level than at the federal level Lack of uniformity in state tax treatment based on the same law and the same facts and circumstances Federalism at work state sovereignty permits each state to enact and administer its own tax regime Constitutional limitations on state taxation 31
32 Disclosure of FIN 48 Workpapers New York New York has made requests for documentation during course of audit Request specifically asks for the taxpayers to provide workpapers supporting computations and evaluations of filing positions in conjunction with Financial Interpretation No. 48 for each audit year New York has indicated that failure to provide the requested information may force the Department to issue a subpoena 32
33 FOIA Requests 33
34 Discovery of State Tax Authority s Information State Tax Authorities have refused to provide guidance on ambiguous statutory provisions Taxpayer s have had difficulty getting State Tax Authorities to provide guidance on specific legal issues through letter rulings (i.e., nexus standards) Taxpayer s have had to resort to Freedom of Information Act Requests to attempt to identify the State Tax Authorities position on a tax technical issue 34
35 FOIA Requests Common Law right Broad Scope Federal Freedom of Information Act Scope Applies to executive branch public bodies Local governments Does not apply to legislative bodies and courts. Purpose Request documents not provided by state during audit Review state contracts with 3rd party auditors and collectors. 35
36 FOIA Requests States vary drastically in scope of open records law 2002 study ranked states Best states (B grade): Nebraska, New Jersey Worst states (F grade): Tennessee, Montana, Arizona, Wyoming, Alaska, Pennsylvania, Alabama, South Dakota. Who can make request Nonresidents? Corporations? Documents Covered public writing computerized information drafts Timing of public body response Notification of reasons for denial 36
37 Questions? Jeffrey A. Friedman Sutherland, Partner Michele Borens Sutherland, Partner
38 Connect with us! The Sutherland SALT Shaker mobile app is now available in the itunes App Store and in Google Play and the Amazon Appstore for Android! Visit us at Sutherland SALT Group
What Would Federal Tax Reform Mean for States?
Jeffrey A. Friedman March 31, 2016 What Would Federal Tax Reform Mean for States? Urban Institute Forum All Rights Reserved. This communication is for general informational purposes only and is not intended
More informationWhirlwind Review of New State Tax Laws
Todd Lard, Partner Sutherland Asbill & Brennan LLP Carley Roberts, Partner Sutherland Asbill & Brennan LLP FTA Annual Conference June 10, 2014 Whirlwind Review of New State Tax Laws Agenda Factor Weighting
More informationState Tax Implications of New (and Pending) Federal Rules
Todd A. Lard Andrew D. Appleby NESTOA September 27, 2016 State Tax Implications of New (and Pending) Federal Rules All Rights Reserved. This communication is for general informational purposes only and
More informationJeff Friedman, Partner Michele Borens, Partner TEI Richmond Chapter March 19, 2014
Jeff Friedman, Partner Michele Borens, Partner TEI Richmond Chapter March 19, 2014 State Tax Controversy Update Agenda MTC Compact Election Filing Methodologies Insurance Companies 2 MTC Compact Litigation
More informationSales and Use Tax Audit Trends
TEI Audits and Appeals May 21, 2015 Michele Borens Todd Lard Sales and Use Tax Audit Trends Agenda Aggressive States and Auditors Locality Audits Third Party Auditors Class Action Concerns/Considerations
More informationConformity Issues in SALT
Carley Roberts, Partner Zachary Atkins, Associate TEI Nashville 2014 Spring Seminar Franklin, TN May 14, 2014 Conformity Issues in SALT Agenda Conformity and the State Income Tax Base Capital Gains Conformity
More informationThe State of Debt Under the Proposed Section 385 Regulations
Robb Chase Andrew Appleby TEI Denver May 11, 2016 The State of Debt Under the Proposed Section 385 Regulations All Rights Reserved. This communication is for general informational purposes only and is
More informationMODEL REGULATION ON UNFAIR DISCRIMINATION IN LIFE AND HEALTH INSURANCE ON THE BASIS OF PHYSICAL OR MENTAL IMPAIRMENT
Table of Contents Model Regulation Service June 1979 MODEL REGULATION ON UNFAIR DISCRIMINATION IN LIFE AND HEALTH INSURANCE Section 1. Section 2. Section 3. Section 1. Authority Purpose Unfairly Discriminatory
More informationNexus Assistant Results
Nexus Assistant Results Tax Type: Corporate Income Legend: N/A - Not Applicable Alabama --Company Business income includes income from intangible personal property, the acquisition, management, and disposition
More informationUnderstanding Oregon s Throwback Rule for Apportioning Corporate Income
Understanding Oregon s Throwback Rule for Apportioning Corporate Income Senate Interim Committee on Finance and Revenue January 12, 2018 2 Apportioning Corporate Income Apportionment is a method of dividing
More informationGUIDELINES ON CORPORATE OWNED LIFE INSURANCE
Model Regulation Service April 2005 Corporate Owned Life Insurance (COLI) is life insurance a corporate employer buys covering one or more employees. With COLI, the employer is generally the applicant,
More informationJune 2010 State Tax Return. Amnesty Programs Continue Taxpayers With Unreported or Underreported Pennsylvania Taxes, Act Quickly!
June 2010 State Tax Return Volume 17 Number 2 Amnesty Programs Continue Taxpayers With Unreported or Underreported Pennsylvania Taxes, Act Quickly! Karen H. Currie Justin R. Thompson Dallas Dallas 1.214.969.5285
More informationModel Regulation Service July 1996
Model Regulation Service July 1996.MODEL INDEMNITY CONTRACTS ACT Editor s Note: These laws are generally referred to as Reciprocal Insurance or Inter-Insurance. Table of Contents Section 1. Section 2.
More informationLitigation and Controversy Update
Jeff Friedman, Partner Michele Borens, Partner TEI San Diego State and Local Tax Seminar September 29, 2016 Litigation and Controversy Update All Rights Reserved. This communication is for general informational
More informationUnclaimed Property Legislative Trends and Highlights
Unclaimed Property Legislative Trends and Highlights 2013-2014 2014 NAST Treasury Management Training Symposium E. Suzanne Darling, Esq., Vice President, Xerox 2014 Xerox Corporation. All rights reserved.
More informationSTATE AND LOCAL TAXES A Comparison Across States
STATE AND LOCAL TAXES A Comparison Across States INDEPENDENT FISCAL OFFICE FEBRUARY 2018 Methodology This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau
More informationModel Regulation Service April 2000 UNIFORM DEPOSIT LAW
Model Regulation Service April 2000 Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 7. Section 8. Section 9. Section 10. Section 1. Definitions Deposit Requirement
More informationIndustry Specific Nexus Issues
Jeffrey A. Friedman Maria M. Todorova STARTUP Spring 2014 Conference May 15, 2014 Industry Specific Nexus Issues Agenda Jurisdiction to Tax Recent Nexus Developments Industry-Specific Issues Characterization
More informationElectronic Filing Mandate for Third-Party Preparers
Electronic Filing Mandate for Third-Party Preparers Description: Amend the electronic filing requirement for third-party preparers who submit 50 or more returns/reports to 11 or more returns/reports to
More informationNEW JERSEY DIVISION OF TAXATION REGULATORY SERVICES BRANCH TECHNICAL BULLETIN
NEW JERSEY DIVISION OF TAXATION REGULATORY SERVICES BRANCH TECHNICAL BULLETIN TB - 80 ISSUED: 3-15-17 TAX: TOPIC: CORPORATION BUSINESS TAX ADDBACK OF OTHER STATES TAXES The Corporation Business Tax Act
More informationNAUPA Holder Workshop Legislative Trends and Highlights
2012-2013 NAUPA Holder Workshop Legislative Trends and Highlights May 17, 2013 Cherish Simmons Vice President Audits, Xerox The Foremost Authority on Unclaimed Property Unclaimed Property Legislative Update
More informationShifting Apportionment Landscape TEI Nevada Chapter
Shifting Apportionment Landscape TEI Nevada Chapter April 19, 2017 Jeff Friedman Partner Marc Simonetti Partner 2017 (US) LLP All Rights Reserved. This communication is for general informational purposes
More informationCUSTOMER APPLICATION Please fax back to PLEASE ALLOW 3-5 BUSINESS DAYS FOR PROCESSING Business Name and Billing Address
CUSTOMER APPLICATION Please fax back to 201-833-1790 PLEASE ALLOW 3-5 BUSINESS DAYS FOR PROCESSING Business Name and Billing Address Name Website Address Address City State Zip Phone # Fax # E-mail Address
More informationSection General Requirement of Return, Statement or List
For further information, see the telephone numbers listed at the beginning of SUP- PLEMENTARYINFORMATION. Section 6011. General Requirement of Return, Statement or List 26 CFR 301.6011 2: Required use
More informationMultistate Income Tax
Multistate Income Tax Marion Kopin, CPA Kopin & Company, CPA, PC mkopin@kopincpa.com Multistate Income Taxation Overview Forty-seven states and the District of Columbia impose some type of income or franchise
More informationANTI-ARSON APPLICATION MODEL BILL
Model Regulation Service - January 1993 ANTI-ARSON APPLICATION MODEL BILL Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 1. Purpose Anti-Arson Application -
More informationDefining Intellectual Property The Tax Implications
Sutherland Tax Roundtable - Silicon Valley April 29, 2015 Robb Chase, Partner Michele Borens, Partner Defining Intellectual Property The Tax Implications 1 Overview The Irresistible Force and the Immovable
More informationState Income Tax Litigation You Need to Know About
Michele Borens, Partner Amy Nogid, Counsel TEI New York State and Local Tax Seminar November 9, 2016 State Income Tax Litigation You Need to Know About All Rights Reserved. This communication is for general
More informationTotal state and local business taxes
Total state and local business taxes State-by-state estimates for fiscal year 2016 August 2017 Executive summary This study presents detailed state-by-state estimates of the state and local taxes paid
More informationVARIABLE CONTRACT MODEL LAW
Model Regulation Service April 1999 Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 6. Section 1. Domestic Companies Contract Statement Required License Required Power
More informationIRC 965, BEAT, GILTI and FDII Through the Lens of a SALT Professional + Recent Developments
IRC 965, BEAT, GILTI and FDII Through the Lens of a SALT Professional + Recent Developments June 21, 2018 Korwin Roskos (Moderator) Senior Tax Manager-State & Local Tax, Amazon Vice Chair of TEI s SALT
More informationState & Local Tax Alert
State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Oregon Enacts Legislation Adopting Market-Based Sourcing, Altering Unitary Group Determination In Oregon s legislative
More informationIndividual Income Tax HB 250. Presentation to the House Finance Committee March 31, 2016
Individual Income Tax HB 250 Presentation to the House Finance Committee March 31, 2016 Individual Income Tax "An Act relating to the taxation of income of individuals; repealing tax credits applied against
More informationSales Tax Return Filing Thresholds by State
Thanks to R&M Consulting for assistance in putting this together Sales Tax Return Filing Thresholds by State State Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Filing Thresholds
More informationState Tax Return. Dashing Through The Snow, Passing New Pass-Through Withholding Requirements
December 2008 State Tax Return Volume 15 Number 5 Dashing Through The Snow, Passing New Pass-Through Withholding Requirements Rachel A. Wilson Dennis Rimkunas Dallas New York (214) 969-5050 (212) 326-3412
More informationUNIFORM SALES & USE TAX CERTIFICATE MULTIJURISDICTION
UNIFORM SALES & USE TAX CERTIFICATE MULTIJURISDICTION The below listed states have indicated this form of certificate is acceptable, subject to the following notes. The issuer and the recipient have the
More informationSALT Alert! : Significant Corporation Business Tax Changes Enacted in New Jersey
SALT Alert! 2018-11: Significant Corporation Business Tax Changes Enacted in New Jersey On July 1, 2018, New Jersey Governor Phil Murphy signed and conditionally vetoed a number of bills that implement
More informationTEI Los Angeles May 15, Michele Borens Andrew Appleby. Business in Bitcoins
TEI Los Angeles May 15, 2015 Michele Borens Andrew Appleby Business in Bitcoins 1 Agenda Objective Overview What is a Bitcoin? Types of Virtual Currency Advantages of using Virtual Currency Commercial
More informationPayroll Update:! Multi-State Taxation and Reporting. Presented by Larry Holmes
Payroll Update:! Multi-State Taxation and Reporting Presented by Larry Holmes State taxation and reporting requirements as they apply to state income tax withholding We will talk about: 1. Tax myths! 2.
More informationAccounting for Income Taxes Quarterly Hot Topics
In this issue: Accounting Developments Federal International Multistate Controversy Did You Know? Additional resources: Financial Accounting & Reporting - Income Taxes Dbriefs Webcasts Heads Up Newsletter
More informationSoutheastern Association of Tax Administrators Conference 68 th Annual Meeting
Southeastern Association of Tax Administrators Conference 68 th Annual Meeting Marketplace Sales Tax Collection / Use Tax Reporting States Move to Capture More Untaxed Remote Sales July 16, 2018 Presented
More informationInterest Table 01/04/2010
The following table provides information on the interest charged by each of the 50 states and its territories: FOR THE UNITED S AND TERRITORIES Alabama Alaska Arizona Arkansas California Colorado Connecticut
More informationTaxNewsFlash. KPMG report: Compilation of state responses to Wayfair
TaxNewsFlash United States No. 2018-277 July 23, 2018 KPMG report: Compilation of state responses to Wayfair The tax authorities or officials of various U.S. states have issued statements and guidance
More informationState and Local Tax Update
State and Local Tax Update State Income Tax & Sales Tax Considerations Unclaimed Property: A Compliance Overview Discussion topics Tax Cuts and Jobs Act effect on state and local taxes Other recent state
More informationIFI RPG Master Policy Program(s) Surplus Lines Disclosure Notices to the Insured
IFI RPG Master Policy Program(s) Surplus Lines Disclosure Notices to the Insured State Alabama Alaska Arizona Arkansas* California* Disclosure This contract is registered and delivered as a surplus line
More informationState Estate Taxes BECAUSE YOU ASKED ADVANCED MARKETS
ADVANCED MARKETS State Estate Taxes In 2001, President George W. Bush signed the Economic Growth and Tax Reconciliation Act (EGTRRA) into law. This legislation began a phaseout of the federal estate tax,
More informationJULY THROUGH SEPTEMBER 2007
Highlights of New and Substantially Revised State Labor and Employment Laws JULY THROUGH SEPTEMBER 2007 MANAGEMENT ALERT December 20, 2007 As the year comes to a close, it is important to review recent
More informationSTOCKHOLDERS INFORMATION SUPPLEMENT SCHEDULE SIS
Model Regulation Service April 2001 STOCKHOLDERS INFORMATION SUPPLEMENT SCHEDULE SIS Table of Contents Section 1. Section 2. Section 3. Section 4. Section 5. Section 1. General Instructions Financial Reporting
More informationTotal state and local business taxes
Total state and local business taxes State-by-state estimates for fiscal year 2014 October 2015 Executive summary This report presents detailed state-by-state estimates of the state and local taxes paid
More informationTermination Final Pay Requirements
State Involuntary Termination Voluntary Resignation Vacation Payout Requirement Alabama No specific regulations currently exist. No specific regulations currently exist. if the employer s policy provides
More informationOVERVIEW OF STATE LAWS. Alabama - Any person selling tickets at a price greater than the original price must pay a license tax of $
OVERVIEW OF STATE LAWS Alabama - Any person selling tickets at a price greater than the original price must pay a license tax of $100.00. Alaska - No statute. Arizona - Ticket resale is legal except sales
More informationREFORMING THE TAX TREATMENT OF S-CORPORATIONS AND LIMITED LIABILITY COMPANIES CAN HELP STATES FINANCE PUBLIC SERVICES By Michael Mazerov
820 First Street NE, Suite 510 Washington, DC 20002 Tel: 202-408-1080 Fax: 202-408-1056 center@cbpp.org www.cbpp.org April 8, 2009 REFORMING THE TAX TREATMENT OF S-CORPORATIONS AND LIMITED LIABILITY COMPANIES
More informationInside Deloitte State conformity to federal provisions: exploring the variances
Inside Deloitte State conformity to federal provisions: exploring the variances by Mike Porter, Michael Paxton, Elil Shunmugavel Arasu, and J. Snowden Rives, Deloitte Tax LLP Volume 85, Number 2 July 10,
More informationArticles: The Still-Rising Tide: Will Investment Managers Be Swept Up in State Income Tax Trends?
State Tax Matters The power of knowing. In this issue: Articles: The Still-Rising Tide: Will Investment Managers Be Swept Up in State Income Tax Trends?... 1 Amnesty: Ohio Department of Taxation Launches
More information25th Annual Health Sciences Tax Conference
25th Annual Health Sciences Tax Conference December 9, 2015 Disclaimer EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which
More informationSTATE MINIMUM WAGES 2017 MINIMUM WAGE BY STATE
STATE MINIMUM WAGES 2017 MINIMUM WAGE BY STATE The table below, created by the National Conference of State Legislatures (NCSL), reflects current state minimum wages in effect as of January 1, 2017, as
More informationNationwide State Tax Case Developments
Carley Roberts, Partner Dan Schlueter, Partner Marc Simonetti, Partner TEI Detroit Dearborn, Michigan March 26, 2014 Nationwide State Tax Case Developments MULTISTATE TAX COMPACT LITIGATION 2 The Multistate
More informationChapter D State and Local Governments
Chapter D State and Local Governments State and Local Governments contains detailed information on the taxes, revenues, and expenditures of states and localities. The public finances of these two levels
More informationSTATE APPORTIONMENT UPDATE
STATE APPORTIONMENT UPDATE Sourcing of Services and Market-based Souring Laura Holmes Senior Director BDO USA February 16, 2016 TEI Houston Chapter Tax School Laura Holmes, CPA State and Local Tax Senior
More informationThe New Federal (and State?) Partnership Audit Rules. Master Limited Partnership Association 2016 Annual Meeting Washington, DC September 15, 2016
The New Federal (and State?) Partnership Audit Rules Master Limited Partnership Association 2016 Annual Meeting Washington, DC September 15, 2016 Panelists Bruce P. Ely Partner Bradley Arant Boult Cummings
More informationTotal state and local business taxes
Total state and local business taxes State-by-state estimates for fiscal year 2017 November 2018 Executive summary This study presents detailed state-by-state estimates of the state and local taxes paid
More informationFifty State Survey of Prompt Payment Acts for Construction Contracts
To Federal Contracts 31 U.S.C. 3901 et seq.; 48 CFR 52.232-27. Progress: 14 days after invoice. Final: 30 days after invoice and final acceptance. 7 days after 7 days after Per Contract Disputes Act; compounded
More informationUndocumented Immigrants are:
Immigrants are: Current vs. Full Legal Status for All Immigrants Appendix 1: Detailed State and Local Tax Contributions of Total Immigrant Population Current vs. Full Legal Status for All Immigrants
More informationUNIQUE CONSIDERATIONS FOR STATE BUSINESS TAX RETURNS
UNIQUE CONSIDERATIONS FOR STATE BUSINESS TAX RETURNS Introduction This guide provides practitioners some of the information they should consider when preparing business state income tax returns. The laws,
More informationAlabama. Base Registration Fee: $23. Time Frame: Additional Notes: Annual
Alabama Base Registration Fee: $23 Additional tes: Additional $50 fee for passenger vehicles over 8,000 lbs. GVW. For most vehicles, ad valorem (property) tax and local issuance fees will also apply. Source:
More informationState Sales Tax Exemptions for Bullion, Coins, and Collectibles
Liberty Coin Service Sales Tax Exemptions for Bullion,, and Alabama SB 156 40-23-4;40-23-62 2018 No No No No No No Yes Yes Yes Yes The sales tax exemption is for 5 years effective 6/1/2018 Alaska None
More informationExhibit 1. Morningstar, State of North Carolina Pension Overview (Nov. 20, 2013).
Exhibit 1 Morningstar, Pension Overview (Nov. 20, 2013). Also available at https://www.nctreasurer.com/ret/documents/morningstarncpensionreport.pdf Morningstar Pension Report Release Date: 20 Nov 2013
More informationDFA INVESTMENT DIMENSIONS GROUP INC. DIMENSIONAL INVESTMENT GROUP INC. Institutional Class Shares January 2018
DFA INVESTMENT DIMENSIONS GROUP INC. DIMENSIONAL INVESTMENT GROUP INC. Institutional Class Shares January 2018 Supplementary Tax Information 2017 The following supplementary information may be useful in
More informationCheckpoint Payroll Sources All Payroll Sources
Checkpoint Payroll Sources All Payroll Sources Alabama Alaska Announcements Arizona Arkansas California Colorado Connecticut Source Foreign Account Tax Compliance Act ( FATCA ) Under Chapter 4 of the Code
More informationHousing Allowance and Other Clergy Tax Issues Revised December 2015
By Dennis R. Walsh, CPA Housing Allowance and Other Clergy Tax Issues Revised December 2015 This is a summary of special income tax issues applicable to clergy employed by units of government and serving
More informationState responses to tax reform
State responses to tax reform Federal tax reform- an overview H.R. 1 signed into law December 22, 2017 Included elements of the House and Senate versions of the bills - Not many surprises in conference
More informationPOLICIES & PROCEDURES MANUAL OF [INSERT COLLECTION AGENCY NAME] [INSERT DATE]
WARNING: This is a sample template of what corporate policies and procedures might look like when attempting to comply with the requirements of the Receivables Management Certification Program. The use
More informationTWIST-Q Summary of Developments First Quarter 2018
TWIST-Q Summary of Developments First Quarter 2018 This checklist includes developments for Quarter 1 of 2018 that have occurred prior to the date of publication. Please note that certain Quarter 1 items
More information2017 State Tax Legislative Outlook
Maria Todorova, Partner, Sutherland Madison Barnett, Counsel, Sutherland Robert Garvey, Principal, PwC TEI San Diego State and Local Tax Seminar September 29, 2016 2017 State Tax Legislative Outlook All
More informationTaxes and Economic Competitiveness. Dale Craymer President, Texas Taxpayers and Research Association (512)
Taxes and Economic Competitiveness Dale Craymer President, Texas Taxpayers and Research Association (512) 472-8838 dcraymer@ttara.org www.ttara.org Presented to the Committee on Economic Competitiveness
More informationKentucky , ,349 55,446 95,337 91,006 2,427 1, ,349, ,306,236 5,176,360 2,867,000 1,462
TABLE B MEMBERSHIP AND BENEFIT OPERATIONS OF STATE-ADMINISTERED EMPLOYEE RETIREMENT SYSTEMS, LAST MONTH OF FISCAL YEAR: MARCH 2003 Beneficiaries receiving periodic benefit payments Periodic benefit payments
More informationState & Local Tax Alert
State & Local Tax Alert Breaking state and local tax developments from Grant Thornton LLP Ohio Enacts Budget Including Expanded Sales Tax Nexus, Municipal Income Tax Changes, and Amnesty Program The Ohio
More informationMastering Multistate Taxation of S Corporations: State Variances in Recognition of S Elections and QSSS
FOR LIVE PROGRAM ONLY Mastering Multistate Taxation of S Corporations: State Variances in Recognition of S Elections and QSSS WEDNESDAY, SEPTEMBER 6, 2017, 1:00-2:50 pm Eastern IMPORTANT INFORMATION FOR
More informationThe Individual Mandate for Health Insurance Coverage: In Brief
The Individual Mandate for Health Insurance Coverage: In Brief Annie L. Mach Specialist in Health Care Financing November 16, 2017 Congressional Research Service 7-5700 www.crs.gov R44438 Contents Introduction...
More information2017 Annual Meeting FEDERATION OF TAX ADMINISTRATORS June 13, 2017 THE WESTIN SEATTLE. Federal Partnership Audit Legislation State Impacts
Federal Partnership Audit Legislation State Impacts Panelists Moderator: Helen Hecht, Esq. General Counsel Multistate Tax Commission Suzanne Leighton, CPA MST Deputy Secretary for Compliance and Collections
More informationTax Management. 1 Steven C. Wrappe, Erin Collins, and Cameron Teheri, It
Tax Management Transfer Pricing Report Reproduced with permission from Tax Management Transfer Pricing Report, Vol. 23 No. 16, 12/11/2014. Copyright 2014 by The Bureau of National Affairs, Inc. (800-372-1033)
More informationState Tax Matters The power of knowing. March 9, In this issue:
State Tax Matters The power of knowing. In this issue: Amnesty/Administrative: Alabama: New Law Requires 2018 Amnesty Program, Providing for Potential Waiver of Interest and Penalties; Additional Post-Amnesty
More informationWithholding of Income Taxes and the Making Work Pay Tax Credit
Withholding of Income Taxes and the Making Work Pay Tax Credit John J. Topoleski Analyst in Income Security January 30, 2013 CRS Report for Congress Prepared for Members and Committees of Congress Congressional
More informationState Individual Income Taxes: Personal Exemptions/Credits, 2011
Individual Income Taxes: Personal Exemptions/s, 2011 Elderly Handicapped Blind Deaf Disabled FEDERAL Exemption $3,700 $7,400 $3,700 $7,400 $0 $3,700 $0 $0 $0 $0 Alabama Exemption $1,500 $3,000 $1,500 $3,000
More information8, ADP,
2013 Tax Changes Beginning with your first payroll with checks dated in 2013, employees may notice changes in their paychecks due to updated 2013 federal and state tax requirements. This document will
More informationInstructions for Form 5330
Department of the Treasury Internal Revenue Service Instructions for Form 5330 (Revised May 1993) Return of Excise Taxes Related to Employee Benefit Plans Section references are to the Internal Revenue
More informationNote: Form 4506-T begins on the next page. Kansas City and Austin Fax Numbers for Filing Form 4506-T Have Changed The fax numbers for filing Form 4506-T with the IRS center in Kansas City and Austin have
More informationWayfair The Impact on Manufacturers November 7, 2018
Wayfair The Impact on Manufacturers November 7, 2018 1 Welcome Georgia Association of Manufacturers! 2 Presenters Peter Giroux, SALT Partner Dixon Hughes Goodman LLP Atlanta peter.giroux@dhg.com 404.575.8924
More informationMainStay Funds Income Tax Information Notice
MainStay Funds Income Tax Information Notice The information contained in this brochure is being furnished to shareholders of the MainStay Funds for informational purposes only. Please consult your own
More informationDo you recognize any non-profit entities other than traditional non-profit corporations and association?
Topic: Question by: : Questions Regarding Nonprofit Organizations Scott W. Anderson Nevada Date: February 12, 2013 Manitoba Corporations Canada Alabama Alaska Arizona 1.) In Arizona, only corporations
More informationRecourse for Employees Misclassified as Independent Contractors Department for Professional Employees, AFL-CIO
Recourse for Employees Misclassified as Independent Contractors Department for Professional Employees, AFL-CIO State Relevant Agency Contact Information Online Resources Online Filing Alabama Department
More informationState Tax Treatment of Social Security, Pension Income
State Tax Treatment of Social Security, Pension Income The following chart Provides a general overview of how states treat income from Social Security and pensions for the 2016 tax year unless otherwise
More informationThe table below reflects state minimum wages in effect for 2014, as well as future increases. State Wage Tied to Federal Minimum Wage *
State Minimum Wages The table below reflects state minimum wages in effect for 2014, as well as future increases. Summary: As of Jan. 1, 2014, 21 states and D.C. have minimum wages above the federal minimum
More informationAgenda. Income/franchise tax. Nexus Sourcing of Revenue for Services Uniformity and Simplicity Intercompany Transactions Update. Salt Lunch and Learn
Income/franchise tax Salt Lunch and Learn Agenda Nexus Sourcing of Revenue for Services Uniformity and Simplicity Intercompany Transactions Update Texas Louisiana 2 1 Multistate -Nexus Nexus Taxpayer s
More informationState Corporate Income Tax Collections Decline Sharply
Corporate Income Tax Collections Decline Sharply Nicholas W. Jenny and Donald J. Boyd The Rockefeller Institute Fiscal News: Vol. 1, No. 3 July 26, 2001 According to a report from the Congressional Budget
More informationTWIST-Q Summary of developments First Quarter 2019
TWIST-Q Summary of developments First Quarter 2019 This checklist includes developments for Quarter 1 of 2019 that have occurred prior to the date of publication. Please note that certain Quarter 1 items
More informationPublication 9, Construction and Building Contractors, California State Board of Equalization, December 2015
January 2016 California Construction and Building Contractors Tax Guidance Issued The California State Board of Equalization has updated its publication on the sales and use tax treatment and responsibilities
More informationTWIST-Q Summary of developments
TWIST-Q Summary of developments Rate changes Impact The corporate income tax rate is increased to 7.0 percent effective July 1, 2017. Senate Bill 9 (veto overridden July 6, 2017). IL Because the state
More informationState Tax Implications of Commodities Transactions
Scott Wright Andrew Appleby State Tax Implications of Commodities Transactions Sutherland SALT Financial Services Roundtable January 21, 2016 All Rights Reserved. This communication is for general informational
More informationInstructions for Form 5330 (Revised August 1998)
Instructions for Form 5330 (Revised August 1998) Return of Excise Taxes Related to Employee Benefit Plans Section references are to the Internal Revenue Code unless otherwise noted. Department of the Treasury
More information