Posted in State & Local Strategies, Corporate Income Tax, Nexus, Property and Other State/Local Tax Issues

Market Based Sourcing – No Time To Hibernate

It is always fascinating to watch trends develop and revisit whether the prognosticators were correct – we even enlist Punxsutawney Phil at this time of year – more on him later. One trend we’ve been watching has been the state tax authorities’ modifications in the sourcing of revenue in order to increase the receipts from…

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Posted in State & Local Strategies, Corporate Income Tax, Property and Other State/Local Tax Issues

Got Unpaid State and Local Tax Liabilities? Voluntary Disclosure May Be Your “Get out of Jail Free” Card

Voluntary disclosure is not exactly a “get out of jail free” card when it comes to unpaid taxes, but it may be the next best thing. Voluntary disclosure programs allow taxpayers with unreported tax liabilities to come forward and settle their tax liabilities, usually under very favorable terms and frequently avoiding any type of penalty.…

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Posted in State & Local Strategies, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues

There’s No “Hot Stove” Off Season for Multistate Taxpayers

What used to be called the “off-season” in  Major League Baseball, now enthusiastically referred to as the “Hot Stove”  offers fans some of the most interesting and potentially impactful activity related to the sport.  To a baseball fan there is no longer an “off-season.” And as we all have experienced,…

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Posted in State & Local Strategies, Corporate Income Tax, Income and Franchise, Property and Other State/Local Tax Issues, Sales and Use Tax

Fall Clean Up – SALT Considerations When Merging or Liquidating Entities – Beware of Hidden State Tax Dangers in Those Leaves

Wow, October is almost gone! One of my favorite but perhaps most frustrating chores this month is raking the leaves. There are several huge Pin Oaks around my home that provide great shade in the summer and a blanket of leaves in the fall. I always rake the leaves into one or two huge piles…

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Posted in State & Local Strategies, Nexus, Personal Income Tax, Property and Other State/Local Tax Issues

Tax Havens – “Water’s Edge” Combined Reporting is Moving Further Abroad

The initial principle of “Water’s Edge” combined reporting was to require combined reporting for affiliated domestic companies that are engaged in a unitary business. Some states have added foreign companies to the Water’s Edge group. These are companies that have a limited United States presence (20% or more) as long as they are part…

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Posted in State & Local Strategies, Corporate Income Tax, Personal Income Tax, Property and Other State/Local Tax Issues

Is the U.S. Supreme Court Wynne Decision A Winner For You – Not Just For Maryland Residents?

In a recent decision, the U.S. Supreme Court held that Maryland’s failure to allow a credit against the local portion of Maryland personal income tax for taxes paid to another state was unconstitutional. The decision, Comptroller of the Treasury of Maryland v. Wynne, May 18, 2015, lay the groundwork for potential refund opportunities…

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Posted in State & Local Strategies, Income and Franchise, Personal Income Tax, Property and Other State/Local Tax Issues, Sales and Use Tax

New York State Tax Department Switches Banks – Affecting Taxpayers with Debit Blocks on Their Accounts

The New York State Tax Department is switching banks – and that should make you sit up and take notice if you or your clients use debit block services to electronically pay one or more New York State taxes. You only have until June 25, 2015 to contact your bank and have them add…

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Posted in State & Local Strategies, Nexus, Property and Other State/Local Tax Issues

Polar Vortexes and November Blizzards – Time to Winterize Your Multistate Tax Machine

It is not even Thanksgiving, but already as the news reported yesterday, US braces for more icy temperatures and snow as ferocious storm lingers.  Many years ago I adopted an approach for dealing with Northeast winters.  My approach centered around assessment, preparation and planning.  I called it “winterizing.” My son…

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Posted in State & Local Strategies, Property and Other State/Local Tax Issues, Sales and Use Tax

State Income and Sales Tax Info Requests Get More Demanding – How Ready Are You For an Exam?

State tax exam information requests are increasingly becoming more comprehensive and demanding. We’ve noticed a disturbing trend with our clients who maintain  their records electronically.   States, in their information document requests, are requesting that those businesses supply all transaction data for the entire period covered by the exam; i.e. data regarding every transaction, every check…

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Posted in State & Local Strategies, Property and Other State/Local Tax Issues, Sales and Use Tax

State Tax Coffers are Filling Up – How They’re Doing It

The U.S. economy is still in the doldrums, but states had a banner year in 2012. How did they do it? Simple answer? They leveraged everything in their power to bring new tax revenue into their coffers. How? By relying on new enhancements to existing tax collection procedures. By leveraging advanced technological approaches to identifying…

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