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Tax Reform: It's Now When and How, Not Whether

With passage on December 2 in the Senate, the question now is not whether, but how and when Congress will complete a tax bill.
Tax Governance Institute Mon, 04 Dec 2017 00:00:00 GMT

Tax Reform: It's Now When and How, Not Whether

With passage on December 2 in the Senate, the question now is not whether, but how and when Congress will complete a tax bill.
Tax Governance Institute Mon, 04 Dec 2017 00:00:00 GMT

Connecticut: Legislation Extends FAS-109 Deduction to 30 Years; Would Push Out the Deduction to 2021

Recently enacted legislation extends the FAS-109 Deduction to 30 Years, which if signed, would make 2021 the first tax year that this deduction would be allowed to be claimed.
KPMG TaxWatch Mon, 20 Nov 2017 00:00:00 GMT

TWIST – November 20, 2017

This podcast for the week of November 20, 2017 covers state and local tax developments in Connecticut, Pennsylvania, Tennessee, and Vermont.
KPMG TaxWatch Mon, 20 Nov 2017 00:00:00 GMT

Pennsylvania: Department Issues Prospective Nextel Guidance

In the recent Nextel case, the Pennsylvania Supreme Court held that the $3 million net loss deduction limitation in effect for the 2007 tax year at issue violated the Uniformity Clause of the Pennsylvania Constitution.
KPMG TaxWatch Mon, 20 Nov 2017 00:00:00 GMT

Tennessee: Cloud-Based Scheduling Product Subject to Sales and Use Tax

The Tennessee Department of Revenue recently ruled that an annual subscription fee for access to a cloud-based scheduling interface was subject to sales tax.
KPMG TaxWatch Mon, 20 Nov 2017 00:00:00 GMT

Vermont: Draft Technical Bulletin Clarifies Physical Presence Not Required to Create Corporate Income Tax Nexus

The Vermont Department of Taxes has released a draft Technical Bulletin summarizing when taxpayers are considered to have established Vermont corporate income tax nexus.
KPMG TaxWatch Mon, 20 Nov 2017 00:00:00 GMT

IFRS 9 – Hedging

IFRS 9 introduces an approach that aligns hedge accounting more closely with risk management, which many view as positive.
IFRS Institute Thu, 16 Nov 2017 00:00:00 GMT

IFRS 9 – Hedging

IFRS 9 introduces an approach that aligns hedge accounting more closely with risk management, which many view as positive.
IFRS Institute Thu, 16 Nov 2017 00:00:00 GMT

Massachusetts: No Net Worth Subtraction for Subsidiaries Owned Through Pass-Through Entities

In Letter Ruling 17-3, Massachusetts Department of Revenue concluded that a parent corporation could not subtract its investments in subsidiaries owned through an LLC taxed as a partnership, from the book value of its total assets.
KPMG TaxWatch Mon, 06 Nov 2017 00:00:00 GMT

Colorado: Manufacturing Equipment Exemption Extends to Contract Manufacturing when Finished Goods Not Sold

In recently-issued General Information Letter, the Colorado Department of Revenue addressed the sales and use tax exemption for manufacturing machinery and tools.
KPMG TaxWatch Mon, 30 Oct 2017 00:00:00 GMT

TWIST - October 30, 2017

This podcast for the week of October 30, 2017 covers state and local tax developments in Colorado, New Jersey, Ohio, and Oregon.
KPMG TaxWatch Mon, 30 Oct 2017 00:00:00 GMT

New Jersey: Appellate Court Affirms Decision Allowing Adjustments to Federal Basis

Recently, the New Jersey Supreme Court, Appellate Division addressed certain issues that arise when a taxpayer’s basis in assets differs for federal and state purposes.
KPMG TaxWatch Mon, 30 Oct 2017 00:00:00 GMT

Ohio: Guidance Issued on Remote Seller Nexus Law

The Ohio Department of Taxation recently issued a new information release, and revised another, to account for recently-enacted remote seller nexus legislation.
KPMG TaxWatch Mon, 30 Oct 2017 00:00:00 GMT

Oregon: Will New Bike Excise Tax Deflate Oregon Riders?

The Oregon Department of Revenue recently issued guidance reminding retailers that the country’s first statewide tax on bicycles will be effective soon.
KPMG TaxWatch Mon, 30 Oct 2017 00:00:00 GMT
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