State Tax Knowledge Update (29 items) - October 24, 2017

The following are state tax and business developments I have curated since October 16, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

1. Nexus New Jersey limited partner actively operating partnership

2. Louisiana Voters Approve Tax & Transportation Amendments

3. Pennsylvania loss carryover unconstitutional remedy percentage

4. Tax Foundation Updates Its Problematic Wishlist for State Tax Policy

5. The Jig Is Up: Republican Budget Resolution Finally Admits that Deficit Will Soar Under their Tax Plan

6. The Dishonest Pitch for Trump-GOP Tax Cuts

7. The Corporate Tax Code is in Dire Shape, But Trump-GOP Plan Would Make It Worse

8. State Rundown 10/18: Ballot Initiative Efforts Being Finalized

9. Inaugural Seattle Tax in the City® | Highlights and Takeaways

10. Local Policy Digest

11. Weak Growth in State Tax Revenue Persists in 2017

12. States' Tax Portfolios Drive Differences in Revenue Volatility

13. Sales Tax Rates in Major Cities, Midyear 2017

14. 2018 State Business Tax Climate Index

15. California FTB Expands Treatment Set Forth in Previous Notice on Water-Edge Elections for Non-electing Unitary Foreign Affiliates

16. District of Columbia OTR Informally Comments on Market-Sourcing of Sales of Non-TPP

17. Massachusetts DOR Issues Working Draft of Amendments to Regulation on Corporate Excise Tax Nexus

18. Montana DOR Issues Proposed Regulations Based on New Market-Sourcing, NOL, and Financial Institution Apportionment Provisions

19. New Jersey Tax Court Upholds CBT Assessment Issued Against Out-of-State Corporate Limited Partner on Passthrough Income Received from Real Estate Partnerships

20. Pennsylvania Supreme Court Affirms that Fixed-Dollar Cap on NOL Carryover Deduction is Unconstitutional, But Finds that Percentage Cap is Valid

21. Maine Revenue Services Discusses New Economic Nexus Provisions, Along with Existing Affiliate and Click-Through Nexus Provisions

22. Comments on Proposed New Mississippi Rule Requiring Out-of-State Sellers with Substantial Economic Presence to Collect Use Tax on In-State Sales are Due October 30

23. New York City State Appellate Court Affirms that Taxpayer is Subject to Tax in RPTT Matter

24. Wave of Amazon HQ2 Bids Unlike Anything Experts Have Seen

25. The State Tax Function and Emerging Technologies: Now Is the Time

26. Airbnb to File New Hampshire Returns for Hosts

27. MD Imposed Tax on MI Subsidiary’s Intercompany Loan Interest

28. Out-of-State Taxpayer Liable for NM Gross Receipts Tax

29. Remote work is still good business

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issue. You can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

State Tax Knowledge Update (30 Items)- October 16, 2017

The following are state tax and business developments I have curated since October 2nd, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

1. South Dakota Petitions US Supreme Court for Opportunity to Overturn Quill

2. California Expands Tax Amnesty Program

3. Rhode Island Tax Amnesty Program Highlighted

4. Goodwill Was Business Asset for California’s Deemed Water’s Edge Election

5. New CA Apportionment Regulation for Space Transport Companies

6. Law schools need to introduce social learning. Accounting and tax programs do as well.

7. California expands its voluntary disclosure program to include certain flow-throughs

8. Third quarter 2017 state and local tax developments

9. 9 facts about pass-through businesses

10. Taxpayer Challenges Department Authority to Adjust NOL Carryforward, When NOL Was Generated in Tax Years Otherwise Closed by Statute

11. GOP Corporate Tax Reform Proposals Hold State Tax Implications

12. Urgency for State Model on Partnership Audit Adjustments

13. Coalition Firm on State Tax Deduction Amid Compromise Talks

14. Sales Tax Slice: Federal Tax Reform Likely to Affect Sales Tax As Well

15. How AI Impacts the Tax Function

16. South Dakota v Wayfair: Three Maps

17. Tax Bill Momentum Tied to Deal on State and Local Deduction

18. Tax Reform Timetable Could Be Tricky For States

19. Current Economic Conditions of States

20. Eversheds Sutherland SALT Shaker: September 2017 Digest

21. In the Matter of Product of Conagra Foods Ingredient Co., New Mexico Administrative Hearing Office, Dkt. No. 17-39, September 15, 2017

22. DAILY SALES TAX COLLECTION SYSTEM COULD COST MASSACHUSETTS BUSINESSES $1.2 BILLION

23. Comments to Massachusetts DOR re. Accelerated Sales Tax Remittance

24. MTC National Nexus Program Online Marketplace Seller Voluntary Disclosure Initiative Has Been Extended Through November 1

25. Minnesota DOR Explains Impact of Recent State Supreme Court Decision - Inclusion of Foreign Disregarded Entity Income and Apportionment Factors on Combined Return

26. Portland City Administrative Rule Implements New Business Income Tax Surcharge Based on Pay Differentials between CEOs and Median Employees

27. Texas Comptroller Issues Amended Administrative Rule Reflecting Revised Policy on Combined Group Franchise Tax Extensions

28. District of Columbia OTR Discusses Taxation of Digital Goods

29. Wyoming DOR Announces that it Cannot Enforce New Economic Nexus Law Imposing Remote Seller Tax Collection Responsibilities During Pendency of Legal Action

30. Gift Season is Upon Us, But It's a Year-Round Concern

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issue. You can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.

Can Knowledge Management Make Your State Tax Practice More Profitable?

WHAT’S THE MOST VALUABLE ASSET IN YOUR FIRM?

The expertise and knowledge of your employees.

ARE YOU EXPERIENCING THESE CHALLENGES?

Are you not doing enough with the state tax knowledge you produce?

Is the quality of work and time to deliver too dependent on who is doing the work?

Are you writing off billable hours because people keep reinventing the wheel and not taking advantage of existing experience and expertise?

Are you suffering from information overload from an increasing variety of online and offline sources?

Does your firm have a document or knowledge database, but sometimes neither documents nor people find their way to it?

WHAT IS KNOWLEDGE MANAGEMENT?

Knowledge management is getting the right information to the right people at the right time, and helping people create knowledge, and share, and act on information in ways that will measurably improve the performance of the firm and its clients. It is about connections. Connecting people with information and connecting people with people.

SOLVE REAL BUSINESS PROBLEMS

Knowledge management is about creating, capturing, organizing, making accessible, sharing, and reusing information relevant to a firm’s professionals and business model. However, knowledge management is more than content management. Knowledge management is about solving real business problems. It’s about meeting your firm’s need to capture and reuse expertise in efficient and transformative ways to solve client challenges quickly and effectively. It’s about unlocking knowledge trapped "in-between the ears" of your firm’s experts and making it easy to locate the appropriate expertise within your firm.

STATE TAX KNOWLEDGE MANAGEMENT?

Accounting and law firms can build a better, more sustainable, more profitable state tax consulting practice by improving the quality, consistency and efficiency of the firm’s state tax advice through implementing and executing knowledge management.

Silos exist at every firm, whether large or small. Collaboration has to climb over the barriers of ego and competition. The 'One Firm' motto is often just that, a 'motto.' Everyone is taught to be a 'know it all,' but the problem is - no one can know it all. State tax is one of those fields where every question is a research question. In addition, it always helps to run the question by someone who has experience with the state or has connections within the state involved. Consequently, finding the applicable legal authority and the internal or external expert is prudent = Knowledge Management.

Are You "Looking Too Closely"?

When I work, I like to listen to a song called, "Looking Too Closely" by Fink. I originally heard the song in a "Suits" episode (which is my favorite show). This morning, as I sat in front of my computer reading all of the articles on federal tax reform for a client, analyzing state IRC. 382 NOL limitations and calculations, I thought about the words to this song and how they relate to state taxes. 

Sometimes you have to look closely at the facts, the law and do deep analysis to help clients and find answers that are beyond the surface. Other times, after going deep, you need to come back out of the hole you dug, and see the issue and situation from the bigger picture. Perhaps the answer is easier to see, and most likely easier to explain with a broader view. "Looking closely" may be required to fully understand the issue and flush out the parameters of a solution, but sometimes "looking too closely" can be what's keeping you from finding or explaining real solutions. Step back. Keep it simple.

"Do for one, what you wish you could do for everyone"

I published a state tax update yesterday, but to be honest - I didn't feel like it. The events in Las Vegas have made me feel 'heavy.' I felt it all day yesterday and again today. Can't shake it. It really puts everything in perspective. Makes you want to stop complaining. Take risks. Go for your dreams. Stop worrying about things that don't matter. Hug those you love hard. Life is short. Life is valuable. We must spread love and hope to everyone we meet. We must do for one, what we wish we could do for everyone. We must not live in fear, but live fearlessly. None of us know when our time is up, so let's make the best use of our time. 

Note: I got the quote, "do for one, what you wish you could do for everyone," from Andy Stanley.

State Tax Knowledge Update (27 items)- October 2, 2017

The following are state tax and business developments I have curated since September 21st, and posted in the LEVERAGE SALT LinkedIn group:

Some of the items may be on the same state/issue/topic, but they are from different sources which may give you a broader perspective to help your company or client.

1. PRACTICE AND PROCEDURE: STATES KEEP TAXPAYERS AFLOAT BY PROVIDING TAX RELIEF FOR HARVEY AND IRMA VICTIMS

2. Cuomo Announces New Amazon Office in New York City will Create 2,000 Jobs

3. Whole Foods Told To Pay $3.5M On Add-Backs Per NY Tax Law

4. California holds IPM on withholding for pass through entities

5. State Tax Developments: Captives

6. Wisconsin Eliminates Alternative Minimum Tax

7. Alaska 80% DRD for dividends received from 80 20 company

8. State sales tax could be costing Nashville tech jobs

9. Multistate Insider: Local Policy Digest

10. California Governor Signs Cleanup Legislation Related to Restructuring of State BOE and New OTA

11. Virginia Governor Reminds that Amnesty Program Has Begun

12. New York Extends Gramm-Leach Bliley Transition Rules for Certain New York City Financial Institutions

13. New York City Tax Appeals Tribunal Requires Taxpayer to Recognize Property Gain on Final Tax Return

14. Taxpayer Asks US Supreme Court to Review Florida Supreme Court Holding Which Held that Taxing Satellite Services Versus Cable TV Services at Different Rates is Constitutionally Valid

15. Amended Oklahoma Rules Reflect Remote Seller and Affiliate Nexus Provisions

16. South Dakota Supreme Court Affirms that Remote Seller Economic Nexus Law is Unconstitutional

17. Wisconsin Governor Signs Budget Bill with Various Tax Law Changes Including Updated State Conformity to IRC, Revised Sourcing and Apportionment Provisions, and NOL Limitations

18. Proposed Alabama Amended Rule Reflects New Law that Includes Loans and Credit Card Receivables in Property Factor for FIET Purposes

19. California FTB Chief Counsel Ruling Addresses Impact of Recorded Goodwill for Deemed Water-Edge Election Business Assets Test

20. New Mexico AHO Holds in Taxpayer Favor that Interest Income from Payment-in-Kind Notes is Nonbusiness Income Allocable Out-of-State

21. North Carolina Supreme Court Affirms that Taxpayer Cannot Claim Interest Deduction for Market Discount Income on Discounted US Bonds

22. Illinois Appellate Court Holds that Internet Retailer Lacks Substantial Nexus and Thus Not Liable for Use Tax

23. Massachusetts Supreme Judicial Court Affirms that Wholesale Distributor Must Collect and Remit Tax on Goods Sold to Out-of-State Retailers in Drop Shipment Scenarios

24. Holders Beware: Delaware Department of State Notices to be Mailed in Two Weeks!

25. Why Does Missouri Want a Gross Receipts Tax?

26. Ohio’s Commercial Activity Tax: A Reappraisal

27. State and Local Tax Aspects of Republican Tax Reform Framework

The above represents 'general curating' of state tax developments into one spot. If you still feel overwhelmed by the volume of state tax developments, please consider my 'custom curating' service. Meaning, clients hire LEVERAGE SALT to daily curate state tax developments relating to a specific industry, state(s), tax type and issue. You can make it as granular as you prefer. This allows you to reduce information overload, and only get the information you need to help your clients or company. This service is provided on a fixed-fee or subscription basis. Contact me at strahle@leveragesalt.com.