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Alabama: Guidance Issued on Reporting Section 965 Income

The Alabama Department of Revenue recently issued guidance on the state’s treatment of amounts required to be included in income under IRC section 965.
KPMG TaxWatch Mon, 07 May 2018 00:00:00 GMT

Florida: Guidance Issued on Treatment of IRC Section 965 Income

The Florida Department of Revenue has issued guidance on the state’s corporate income tax treatment of repatriation income under IRC section 965.
KPMG TaxWatch Mon, 07 May 2018 00:00:00 GMT

Texas: Federal Disregarded LLCs Subject to Franchise Tax

In a recent private letter ruling, the Texas Comptroller of Public Accounts ruled that single-member LLCs wholly owned by a tax-exempt IRC section 401(a) pension trust must file franchise tax reports.
KPMG TaxWatch Mon, 07 May 2018 00:00:00 GMT

New York: Limited Opportunity to Withdraw from Commonly-Owned Group Election

The New York Department of Taxation and Finance and the City Department of Finance have issued guidance providing a procedure for withdrawing the commonly-owned group election made on a 2015 or 2016 General Business Corporation Combined Franchise Tax Return.
KPMG TaxWatch Mon, 07 May 2018 00:00:00 GMT

South Carolina: True Object of a Transaction was not the Provision of Bartending Services

A South Carolina Administrative Law Judge recently ruled that a taxpayer who offered bartending services at customer events was selling tangible personal property at retail and therefore should have collected and remitted sales tax.
KPMG TaxWatch Mon, 07 May 2018 00:00:00 GMT

TWIST – May 14, 2018

This podcast for the week of May 14, 2018 covers state and local tax developments in Hawaii, Ohio, and Washington.
KPMG TaxWatch Mon, 14 May 2018 00:00:00 GMT

Hawaii: Conformity Bill Sent to Governor

Senate Bill 2821, Hawaii’s conformity bill, has been sent to Governor Ige for signature. The bill addresses Hawaii’s conformity to federal estate tax laws changes and to the Internal Revenue Code for corporate and individual income tax purposes.
KPMG TaxWatch Mon, 14 May 2018 00:00:00 GMT

Ohio: Despite Title Transfer Occurring in Texas, Sales of Goods Were Sitused to Ohio

The Ohio Board of Tax Appeals has addressed whether a Texas-based clothing manufacturer was subject to Commercial Activity Tax or CAT.
KPMG TaxWatch Mon, 14 May 2018 00:00:00 GMT

Hawaii: Economic Nexus Bill Sent to Governor

Senate Bill 2514 has been sent to Governor Ige for signature that adopts economic nexus standards for Hawaii General Excise Tax purposes.
KPMG TaxWatch Mon, 14 May 2018 00:00:00 GMT

Washington: Penalties/Interest May Be Imposed for Unclaimed Property Non-Compliance

Due to changes in Washington’s unclaimed property law in 2015, businesses that are not compliant with the law may now be subject to new mandatory penalty and interest charges for non-compliance.
KPMG TaxWatch Mon, 14 May 2018 00:00:00 GMT

TWIST - May 21, 2018

This podcast for the week of May 21, 2018 covers state and local tax developments in Colorado, Massachusetts, Tennessee, and Washington.
KPMG TaxWatch Mon, 21 May 2018 00:00:00 GMT

TWIST - June 4, 2018

This podcast for the week of June 4, 2018 covers state and local tax developments in Missouri, New Jersey, Washington, and a state tax update from Quebec.
KPMG TaxWatch Mon, 04 Jun 2018 00:00:00 GMT

Michigan: Guidance Issued on Michigan Corporate Income Tax Treatment of Mandatory Repatriation and GILTI

The Michigan Department of Treasury issued preliminary guidance on the Michigan Corporate Income Tax treatment of IRC section 965 income and Global Intangible Low Taxed Income or GILTI.
KPMG TaxWatch Mon, 11 Jun 2018 00:00:00 GMT

TWIST – June 11, 2018

This podcast for the week of June 11, 2018 covers state and local tax developments in Michigan and Pennsylvania, and a multistate update.
KPMG TaxWatch Mon, 11 Jun 2018 00:00:00 GMT

Multistate: Recently-Enacted and Pending Sales and Use Tax Economic Nexus Bills

Several states, including Illinois, Louisiana, Hawaii, and Connecticut, are in the process of either implementing or finalizing the adoption of economic nexus standards for sales and use tax.
KPMG TaxWatch Mon, 11 Jun 2018 00:00:00 GMT
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