Daily Tax Report: State

Senator’s Proposal for Sales Tax Relief Gets Chilly Reception

A proposal by Sen. Maggie Hassan to help small businesses navigate the dizzying number of state and local sales tax laws that have cropped up over the past six years got a cool reception this week at a conference dedicated to the issue.

California Affirms Late SALT Cap Workaround Payment Penalties

A first wave of California businesses lost appeals seeking to relieve penalties tied to an elective pass-through entity tax created in 2021 to get around the $10,000 cap on deducting state and local tax payments from federal returns.

Fiserv Unit Will Get Another Look at Ohio Sales Tax on Services

The Ohio Board of Tax Appeals on Thursday revived a Fiserv Inc. subsidiary’s suit for a $2.13 million refund of sales tax paid on debit and disbursement authorization services it provided to banks.

Pennsylvania Lawmakers Pass Bill Reforming Tax Appeals Process

Pennsylvania lawmakers approved legislation that would reform how taxpayer disputes are resolved, sending the measure to Gov. Josh Shapiro (D).

South Carolina Judges Receptive to Duke Energy Tax Credit Stance

Duke Energy Corp. appeared to have two of three South Carolina judges on its side at oral arguments Wednesday in a case about the time frame for the state’s $5 million cap on capital investment tax credits.

PRACTITIONER INSIGHTS

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NYC Corporate Tax Update Is a Refreshing Change for Partnerships

Aaron Shafer

KPMG

Illinois Motor Fuel Tax Threatens Clarity Around Transactions

Jaye Calhoun

Kean Miller

Putting Culture Front and Center Helps Small Law Firms Thrive

Kevin Henderson

SMB Law Group

Latest Stories

Week in Insights: UK Snail Farms Prove Tax Avoidance Can Be Wacky

This week, experts assessed the IRS’s corporate group mailbox program, New York City’s update on partnership sourcing, and more.

IRS Announces Fire Tax Relief for Arizona Residents, Businesses

The Internal Revenue Service announced disaster tax relief for individuals and businesses of the San Carlos Apache Tribe in the state of Arizona affected by the watch fire that began on July 10, the agency announced Friday.

BRG Recruits Jesse Morton to Accounting Investigations Practice

Jesse Morton has joined BRG’s forensic accounting & investigations practice as a managing director in Atlanta, the firm announced Oct. 9.

State of Tax: Sales Tax Board Meets, 28% Hike Looms in Boston

The week in state tax news: Members of the Streamlined Sales Tax Governing Board held their annual meeting, where they voted one of their own out of compliance with their 24-state pact. Meanwhile, Boston homeowners face a steep tax hike if plunging commercial rates aren’t addressed, and West Virginia tacks on an additional income tax cut.

Montana Could Collect $1.31 Billion Under a 4% Sales Tax

Montana could generate more than half of the revenue currently collected under its income tax or its property tax by implementing a statewide sales tax, a new analysis presented to the state Legislature revealed.

IRS Offers Storm Tax Relief, Extends Deadlines for Florida

The Internal Revenue Service will provide tax relief and extend filing deadlines for individuals and businesses in 51 Florida counties affected by Hurricane Milton, the agency announced Friday.

Pennsylvania Argues Carbon Market Program Is a Fee, Not a Tax

Proceeds from an emissions allowance auction are government fees, not taxes, meaning Pennsylvania should have the right to impose them, according to a recent reply brief filed in the state Supreme Court.

NJ Seeks Transfer Pricing Specialist to Help With Audits

The state of New Jersey is looking to contract with a specialist to assist its Division of Taxation on transfer pricing audit adjustments.

Texas Utility Gets Transmission Lines Tax Valuation Suit Revived

An electric utility is entitled to state court review of its lawsuit alleging an appraiser erroneously increased the tax value of its transmission lines by about $632,000, a Texas appeals court held.

Georgia Blood Bank Is Tax-Exempt Charity, Appeals Panel Rules

LifeSouth Community Blood Centers Inc. doesn’t have to pay property taxes on its Lowndes County facility because it qualifies for the state’s public charity exemption, the Georgia Court of Appeals ruled.

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Justices’ History Focus Tests Lawyers, Judges, and Law Schools

Conservative US Supreme Court justices’ reliance on history and tradition to settle contentious constitutional questions has judges and lawyers saying the new method of analysis makes their own jobs harder.

FTX Customer Says Hedge Fund Cheated Him on Bankruptcy Gains (1)

An FTX customer sued the hedge fund that bought his claim in the bankrupt cryptocurrency exchange, claiming that Olympus Peak underpaid him while it stands to make more than $1 million from their deal.

Crypto Startup Backed by OpenAI Founder to Launch Exchange (1)

Arkham Intelligence Inc., a blockchain data company backed by investors including OpenAI founder Sam Altman, is planning to launch a crypto derivatives exchange next month, according to a person familiar with the initiative.

SEC Improperly Asserts Authority Over Crypto Futures, Suit Says

Bitnomial Exchange LLC, already approved by a commodities regulator to sell futures contracts on digital assets, is seeking a court order to keep the SEC from regulating it as a securities exchange.

BNY’s Profit Tops Estimates, Aided by Surging Asset Values (1)

Bank of New York Mellon Corp.’s third-quarter profit topped expectations after a jump in asset values fueled a 5% increase in fee revenue.

Jailed Binance Executive Denied Bail by Nigerian Court (2)

A Nigerian court rejected a bail application on health grounds Friday for a Binance Holdings Ltd. executive standing trial on allegations of money laundering and currency manipulation.

KPMG Executive to Lead Global Tax Restructuring at New York Firm

A KPMG global tax executive is moving to a smaller firm as it expands its tax restructuring division.

Troubled Battery Maker Northvolt Pays Tax Bill, Meeting Key Test

Sweden’s Northvolt AB paid a tax bill that fell due on Monday, a spokesman for the troubled battery maker said, meeting a closely watched deadline as the company scrambles to raise more funding.

Gambling Stocks Slide After Report UK Considering Tax Hikes

UK gambling stocks slumped on Monday following a report that Chancellor Rachel Reeves may be weighing proposals to increase taxes on the industry by as much as £3 billion ($3.9 billion).

Stellantis CEO Says Tax Hikes in France Will Hurt Investment

Stellantis NV Chief Executive Officer Carlos Tavares said plans by France to raise corporate taxes will hurt investment.

Week in Insights: UK Snail Farms Prove Tax Avoidance Can Be Wacky

This week, experts assessed the IRS’s corporate group mailbox program, New York City’s update on partnership sourcing, and more.

Germany’s Social Democrats Weigh EV Subsidies in 2025 Strategy

Germany’s Social Democrats, the party of Chancellor Olaf Scholz, is considering fresh subsidies on electric vehicles as a cornerstone of its economic policy ahead of elections next year.

Curacao MOF Announces Filing, Payment Deadlines for Specific Q3, Q4 2024 Tax Returns

The Curacao Ministry of Finance Sept. 30 announced the filing and payment deadlines for Q3 and Q4 2024 VAT, payroll tax, and social contributions. The announcement includes: 1) the Oct. ...

Lithuania MOF Seeks Comments on Draft Bill to Incorporate DTA Provisions with Taiwan

The Lithuanian Ministry of Finance Oct. 9 opened a consultation on a draft bill to incorporate DTA measures with Taiwan into Lithuanian law. The consultation includes: 1) solutions for avoiding ...

OECD Announces Deposit of Notifications for Completion of Internal Procedures by Germany to Implement MLI

The Organization for Economic Cooperation and Development (OECD) Oct. 2 announced that Germany deposited notifications for the completion of domestic procedures necessary to commence the application of the Multilateral Convention ...

Panama MOF Proposes Amnesty for Taxpayers

The Panamanian Ministry of Economy and Finance Oct. 9 presented a bill to the Cabinet Council to grant an amnesty period for taxpayers. The bill includes measures to: 1) allow ...

Austria MOF Clarifies Tax Treatment of Rehabilitation Allowances

The Austrian Federal Ministry of Finance Oct. 9 posted online Federal Finance Court Decision No. GZ. RV/1100001/2022, clarifying the individual income tax treatment of rehabilitation allowances. The taxpayer received rehabilitation ...

Kenya Treasury Seeks Comments on Proposed DTA With Iceland

The Kenyan National Treasury Oct. 2 opened a consultation on a draft DTA with Iceland. Comments are due Nov. 7. [Kenya, National Treasury, 10/02/24]

KPMG Executive to Lead Global Tax Restructuring at New York Firm

A KPMG global tax executive is moving to a smaller firm as it expands its tax restructuring division.

Week in Insights: UK Snail Farms Prove Tax Avoidance Can Be Wacky

This week, experts assessed the IRS’s corporate group mailbox program, New York City’s update on partnership sourcing, and more.

Boeing to Cut 17,000 Workers as Strike Eats Into Reserves (4)

Boeing Co. plans to slash its global workforce by about 10% and announced $5 billion in charges across its commercial airplanes and defense businesses, underscoring the depths of the planemaker’s financial woes amid a crippling labor strike.

TD Tumbles as Investors Weigh Long-Term Cost of US Asset Cap (1)

Shares of Toronto-Dominion Bank dropped again on Friday, bringing their two-day decline to almost 10%, after the lender agreed to stiff penalties for allowing financial crimes to take place for years in its US branches.

Ex-Jefferies Fund Manager Hits Back at ‘Despicable’ Fraud Suit

A former Jefferies Financial Group hedge fund manager pushed back on a fraud lawsuit accusing him of knowingly investing more than $100 million of the fund’s money in a Ponzi-like scheme involving water machines.

Boeing Sees $5b of Charges; to Cut Workforce by About 10% (1)

Boeing plans to reduce the size of its total workforce by roughly 10%, according to a statement.

Tax Your Crypto and NFTs? Yes, the IRS Wants Its Cut

Cryptocurrency and NFTs continue to rise in popularity in the U.S., but many people are still confused about how they are taxed. In this video, a partner at Steptoe & Johnson who specializes in tax policy and cryptocurrency, lays out how different crypto transactions are taxed.