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Chicago, Illinois: Effective Date of Nonpossessory Computer Lease Ruling Extended

In June 2015, the city of Chicago adopted the Personal Property Lease Transaction Tax Ruling No. 12, providing its position on the taxation of certain electronic services.
KPMG TaxWatch Mon, 17 Aug 2015 00:00:00 GMT

TWIST - August 17, 2015

This podcast for the week of August 17, 2015 covers state and local tax developments in Colorado, Illinois (Chicago), South Dakota, Vermont, and Wisconsin.
KPMG TaxWatch Mon, 17 Aug 2015 00:00:00 GMT

Colorado: Purchaser of Charged-Off Accounts Receivables Must Use Rules for Sourcing Service Income

The Colorado Department of Revenue recently ruled that a purchaser of defaulted accounts receivables must apportion its income under the rules for sourcing service income.
KPMG TaxWatch Mon, 17 Aug 2015 00:00:00 GMT

Vermont: Department Clarifies Effective Date for Click-Through Nexus Law

On August 10, 2015, the Vermont Department of Taxes released a statement clarifying the timeline under which it will implement the state’s click-through nexus law if it is determined to become effective.
KPMG TaxWatch Mon, 17 Aug 2015 00:00:00 GMT

South Dakota: Use Tax Not Owed on Gas Burned During Transport Process

The South Dakota Supreme Court recently addressed whether a pipeline company that transported natural gas for others was liable for use tax on the value of the gas that was burned during the transportation process.
KPMG TaxWatch Mon, 17 Aug 2015 00:00:00 GMT

Wisconsin: Tax Appeals Commission Applies Income-Producing Activity Test to Royalty Income

Recently, the Wisconsin Tax Appeals Commission was asked to determine whether the state could subject an intangible holding company to coporate income and franchise tax for the 2000-2003 tax years.
KPMG TaxWatch Mon, 17 Aug 2015 00:00:00 GMT

South Dakota: Supreme Court Rules No Exceptions to Three Year Statute of Limitation for Filing Bank Franchise Tax Refund Claims

The Supreme Court of South Dakota recently upheld the denial of a taxpayer’s bank franchise tax refund claim because the claim was time-barred by the statute of limitations.
KPMG TaxWatch Mon, 10 Aug 2015 00:00:00 GMT

Illinois: Retailer’s Occupation Tax Law Amended to Allow Certain Bad Debt Deductions

On July 31 2015, the Governor of Illinois signed into law a measure that allows retailers to deduct certain bad debts from the amount of Retailer’s Occupation Tax required to be remitted to the Department of Revenue.
KPMG TaxWatch Mon, 10 Aug 2015 00:00:00 GMT

Private Company Council Meeting – July 21, 2015

The Private Company Council (PCC) met on July 21 to discuss whether to allow private companies an unconditional option to elect a private company accounting alternative.
Financial Reporting Network Mon, 27 Jul 2015 00:00:00 GMT

Tax Audits and Disputes - IRS Update: Enforcement Trends (video)

Michael Dolan, National Director, IRS Policies and Dispute Resolution, discusses recent enforcement and examination trends at the IRS as of early 2015 and how they may affect large taxpayers.
KPMG TaxWatch Thu, 23 Jul 2015 00:00:00 GMT

Multistate: Permanent Internet Tax Freedom Act Passes House of Representatives

On June 9, 2015, the House of Representatives approved, by voice vote, H.R. 235, the Permanent Internet Tax Freedom Act.
KPMG TaxWatch Mon, 15 Jun 2015 00:00:00 GMT

Nevada: New “Commerce Tax” and Other Tax and Fee Changes Approved by Governor June 9, 2015

Nevada has recently signed into law a number of changes to its business tax structure.
KPMG TaxWatch Mon, 15 Jun 2015 00:00:00 GMT

Puerto Rico: Comprehensive Tax Reform Enacted

On May 29, 2015, the Governor of Puerto Rico signed Act No. 72 (the “Act”) that amends the Internal Revenue Code of 2011 to make significant changes to the income tax, sales and use tax (known in Spanish as impuesto a las Ventas y Uso “IVU”), and excise tax schemes in Puerto Rico.
KPMG TaxWatch Mon, 15 Jun 2015 00:00:00 GMT

Corruption Scandal in Brazil: The laws, the investigations and the implications for U.S. companies

Corruption scandals in Brazil have been widely reported in the media, prompting Brazil’s Federal Police of the Public Ministry Office to conduct multiple investigations of allegations. These investigations could have far-reaching implications for U.S. companies doing business in Brazil. Join us...
Fri, 12 Jun 2015 00:00:00 GMT

Nevada: New “Commerce Tax” and Other Tax and Fee Changes Approved by Legislature

Nevada has recently made a number of changes to its business tax structure.
KPMG TaxWatch Mon, 08 Jun 2015 00:00:00 GMT
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