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Multistate: Updates to Q1 TWIST-Q Checklist and Conformity Article

Since the March 21 release of TWIST-Q checklist of developments occurring in Q1 of 2018, there have been additional developments in Utah, Florida, and Georgia.
KPMG TaxWatch Mon, 02 Apr 2018 00:00:00 GMT

Massachusetts: An IRC Section 338(H)(10) Transaction May Trigger Credit Recapture In Massachusetts

Recently the Massachusetts Department of Revenue addressed whether the sale of an S-Corporation’s stock in a transaction treated as an asset purchase under IRC section 338(h)(10) constituted a disposition of property under MA law.
KPMG TaxWatch Mon, 02 Apr 2018 00:00:00 GMT

Colorado: Market-Based Sourcing Bill Passes Both Houses of Legislature

House Bill 1185, which has passed both houses of the Colorado General Assembly, adopts market-based sourcing rules effective for income tax years commending on or after January 1, 2019.
KPMG TaxWatch Mon, 21 May 2018 00:00:00 GMT

Massachusetts: Estimated Tax Penalty Relief for Corporations Affected by the Transition Tax on Deferred Foreign Earnings

The MA Department of Revenue has issued a TIR providing that the Commonwealth will provide penalty relief for underpayments of corporate excise taxes owed as a result of IRC section 965.
KPMG TaxWatch Mon, 21 May 2018 00:00:00 GMT

Tennessee: Bill to Decouple from Certain Aspects of Tax Reform Sent to Governor Bill Haslam for Signature

Senate Bill 2119, which is pending signature, would decouple Tennessee from certain aspects of federal tax reform.
KPMG TaxWatch Mon, 21 May 2018 00:00:00 GMT

Washington: White Glove Delivery Services Create Substantial Nexus

The Washington State Department of Revenue has issued an excise tax advisory addressing whether the provision of “enhanced delivery services” would create nexus for a seller.
KPMG TaxWatch Mon, 21 May 2018 00:00:00 GMT

Missouri: Optional Lease Add-ons, Including Warranties, Subject to Missouri Sales Tax

In a recent letter ruling, the Department of Revenue addressed whether a vehicle lessor was required to collect and remit Missouri state and local sales tax on certain voluntary packages purchased as part of a motor vehicle lease.
KPMG TaxWatch Mon, 04 Jun 2018 00:00:00 GMT

New Jersey: Taxpayer Not Entitled to Unreasonable Exception to Related Party Addback Requirement

Recently, the New Jersey Superior Court, Appellate Division affirmed a tax court decision holding that a taxpayer did not qualify for the so-called unreasonable exception to the state’s related party addback rules.
KPMG TaxWatch Mon, 04 Jun 2018 00:00:00 GMT

Washington State: New Seattle “Hours” Tax Effective January 1, 2019

Under a recently-passed ordinance, effective January 1, 2019, a new “employee hours” tax is imposed on every person for the act or privilege of engaging in business activities within the City of Seattle.
KPMG TaxWatch Mon, 04 Jun 2018 00:00:00 GMT

Québec: Proposed Economic Nexus Requirements for Remote Sellers of Intangibles or Services and Marketplace Collection Requirements for Digital Goods and Services

As part of its recently released 2018-2019 budget, the Québec government has proposed imposing a Québec sales tax collection requirement on remote sellers of taxable intangibles or services.
KPMG TaxWatch Mon, 04 Jun 2018 00:00:00 GMT

Minnesota: Commissioner Not Barred from Requiring Use of Alternative Apportionment

The Minnesota Supreme Court recently reviewed a decision in which the tax court had held that the Tax Commissioner erred when she attempted to adjust a banking group’s apportionment to include the interest income and loans of certain LLCs taxed as partnerships.
KPMG TaxWatch Mon, 09 Jul 2018 00:00:00 GMT

Georgia: Policy Bulletin Addresses Exclusion for Foreign Dividends

The Georgia Department of Revenue recently issued a policy bulletin providing guidance on the statutory exclusion for dividends received from sources outside the United States.
KPMG TaxWatch Mon, 09 Jul 2018 00:00:00 GMT

Vermont: Budget Bill Includes Conformity Update

Vermont’s budget bill, which became law on July 2, 2018 without the Governor’s signature, includes a provision that updates the state’s conformity to the Internal Revenue Code.
KPMG TaxWatch Mon, 09 Jul 2018 00:00:00 GMT

KPMG Flashpoint

A competitive forum hosted by KPMG that is designed to provide the best players in the blockchain arena with a platform to prove why their technology is a clear choice for the marketplace and why their companies are well suited to team with KPMG.
Wed, 04 Apr 2018 00:00:00 GMT

Illinois: Department of Revenue Issues Guidance on Inclusion of Mandatory Repatriation

On March 13, 2018, the IRS released a Frequently Asked Questions document entitled “Reporting Related to Section 965 on 2017 Tax Returns.”
KPMG TaxWatch Mon, 26 Mar 2018 00:00:00 GMT
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