It's Monday, the first 'work day' after the holidays. The first day of the new year. The day we all begin our new year's resolutions. The difficult part of today is that we have to get back into our routines, the pushing and pulling of responsibilities and obligations that we may have escaped from the past couple of weeks. Consequently, we have to build up energy to just do what we were doing, in addition to the piling on of new year's resolutions. Therefore, I encourage you to give yourself a break today. Don't let the pressures of living keep you from living. Make work fun today.
To help with this, I encourage you to read "Essentialism" by Greg McKeown. I have mentioned this book in the past and believe it will be extremely helpful to your career and personal life (HINT: LESS IS BETTER).
As we embark on 2016, we know that state taxes will continue to change, yet remain a burden for multistate companies. Here are a few tidbits to get you started.
Trends that will create havoc in 2016:
- Tax Reform
- Economic Nexus
- Market-Based Sourcing
- MTC Apportionment Election Court Case Decisions
- Alternative Apportionment
- Combined Reporting
- Transfer Pricing
- OECD BEPS
- Tax Haven Legislation
- Corporate Inversions
- Sales Tax Nexus/Collection Standards for Remote Sellers
Specifically, the Multistate Tax Commission continues to move forward on market-based sourcing regulations and will attempt to create standardization. Transfer pricing will continue to become a bigger issue as the MTC's Arms Length Advisory Service takes shape (see my previous post for more info).
COST (Council on State Taxation) and the Tax Foundation will continue to play a critical role and advocate in the formation of state tax policy and court case decisions. I personally want to thank them for their work over the years and appreciate their continued efforts.