In a 5–4 decision, the Supreme Court held that Maryland's personal income tax regime violates the dormant Commerce Clause because it results in double taxation of some income earned in interstate commerce, amounting to an impermissible state tariff, and thus discriminates against interstate commerce.
State & Local Tax
When a company distributes property to its shareholders, tax consequences arise for the distributing corporation and the receiving shareholder. This item addresses the state tax consequences to the shareholder, which can differ between states with separate-return filing rules and states that follow the federal consolidated-return filing rules.
Sec. 362(e)(2) acts as a barrier to prevent two taxpayers from obtaining the benefit associated with the built-in loss amount, by requiring an election to preserve the loss in either the parent or subsidiary.
Recent Missouri Supreme Court decisions refine the scope of sales tax exemptions for certain machinery, equipment, and products.
This column highlights the complexities of taxing digital products through the example of streaming content, discusses the increasing use of digital currencies and how states have begun to react, addresses the challenges of determining what is a true service and what is a license of technology, and looks to the horizon and upcoming trends.
This item focuses on state sales and use taxes and the implications of recent guidance from the Washington State Department of Revenue.
This item discusses some of the state and local tax reporting challenges faced by tax-exempt organizations with passthrough (i.e., Schedule K-1) UBTI from alternative investments.
The Supreme Court held that the personal income tax system imposed by the state of Maryland, which did not give taxpayers a credit against their county income tax for taxes paid to other states, violates the dormant Commerce Clause
Reversing the Tenth Circuit, the Supreme Court held that the Tax Injunction Act did not bar a suit that sought to enjoin the state of Colorado from enforcing a law requiring out-of-state sellers to notify Colorado customers of their use tax liability for purchases and report tax-related information about the purchases to the customers and the Colorado Department of Revenue.
The Tax Court held that refunds of three types of New York targeted economic development tax credits must be included in the taxpayers' income.
The Indiana Department of Revenue has blurred the edges of two approaches to sourcing sales to create a potential trap for the unwary, opportunity for the savvy, and fertile ground for litigation.
The IRS announced on Tuesday that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.
The federal Tax Injunction Act does not prevent the Direct Marketing Association from challenging a Colorado law imposing notification and reporting requirements on out-of-state retailers the U.S. Supreme Court held on Tuesday.
Extended Yet Again: The Debate Over State Taxation of Internet Access Will Be One for the 114th Congress
Congress has batted the issue of taxation of internet access about for almost two decades. Will 2015 be the year something changes?
Recent Multistate Tax Compact amendments address significant issues and may result in statutory amendments in some states.
This item refers to the various provisions of federal tax antidiscrimination law for railroad property and operations.
The New York executive budget legislation for fiscal year 2014–2015 was signed by Gov. Andrew Cuomo on March 31, 2014. What impact does New York's tax reform have on smaller, nonbanking businesses? And what is the impact on smaller businesses primarily located outside New York state?
Several important developments have occurred in the area of state taxation so far in 2014.
New York is using a relatively new type of tax enforcement mechanism against Sprint Nextel Corp.: a qui tam action.
To reduce the odds of an unwelcome surprise in the form of a hefty abandoned or unclaimed property assessment, companies need to stay on top of the latest AUP issues, including court challenges and legislative developments.