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TWIST – June 18, 2018

This podcast for the week of June 18, 2018 covers state and local tax developments in Colorado, New York, North Carolina, Rhode Island and Texas.
KPMG TaxWatch Mon, 18 Jun 2018 00:00:00 GMT

Colorado: Guidance Issued on Reporting Section 965 Income

The Colorado Department of Revenue recently issued guidance that any amounts included in income under IRC section 965 must also be included in the amount of federal taxable income reported on the taxpayer’s CO return.
KPMG TaxWatch Mon, 18 Jun 2018 00:00:00 GMT

North Carolina: Budget Bill Includes IRC Conformity Update

Senate Bill 99, North Carolina’s budget bill, which updates NC’s definition of the Internal Revenue Code to capture the Code as of February 9, 2018, was enacted over Governor Cooper’s veto on June 12, 2018.
KPMG TaxWatch Mon, 18 Jun 2018 00:00:00 GMT

New York: Taxpayer was Not a Qualified New York Manufacturer

A NY Administrative Law Judge (ALJ) recently addressed whether a taxpayer engaged in generating electricity at a plant in New York was a “qualified New York manufacturer”.
KPMG TaxWatch Mon, 18 Jun 2018 00:00:00 GMT

Rhode Island: Proposed Regulation Issued on Corporate Tax Treatment of Section 965 Income

The Rhode Island Division of Taxation recently proposed a regulation to provide guidance on how corporations will report deferred foreign income or section 965 income for the 2017 tax year.
KPMG TaxWatch Mon, 18 Jun 2018 00:00:00 GMT

Texas: Telecom Provider Not Allowed to Deduct Electricity as COGS

Recently, a Texas appeals court addressed whether a telecommunications provider could deduct electricity used to generate and transmit its telecom products as costs of goods sold (COGS).
KPMG TaxWatch Mon, 18 Jun 2018 00:00:00 GMT
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