Upcoming National Meeting

2020 SALT Basics School

The COST SALT Basics School includes 3 separate tracks – Sales Tax, Income Tax and SALT (an overview of all state taxes) taught by leading authorities in the SALT community and is a great educational opportunity for tax professionals with 0 – 3 years of experience; tax professionals transitioning between transactional and income taxes and vice versa.

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Newsletters & Media

Cost Conscious

ISSUE 20-02; January 24, 2020

Policy on Granting Waivers to Statutes of Limitations – Taxpayers are frequently asked by auditors to extend the applicable statute of limitations for tax assessments. Which of the following best represents your current policy towards granting statute of limitations waivers?

Twitter

Bloomberg TAX

Crypto Estate Planning • Trump's Tax Breaks • Energy Efficiency

 

This weekend roundup of Bloomberg Tax Insights includes estate planning for cryptoassets; tax breaks that could go away if President Trump isn't re-elected; how governments can save money on energy-efficient buildings; new EU VAT rules for e-commerce; MoneyGram's thus far unsuccessful quest for a deduction available only to banks; reforming the Brazilian tax system; and how 2020 will be the year of the tax professional.

Nebraska Lawmakers Asked to Make Foreign Income Deductible

 

Nebraska is considering a legislative plan to clarify that earnings from foreign subsidiaries and repatriation income are deductible for state tax purposes, reversing course on a controversial tax policy announced late last year.

Revenue Surge in Wisconsin Fans Republican Talk of Tax Cuts

 

Republicans in the Wisconsin Legislature are calling for another round of tax cuts, funded by stronger-than-expected revenue collections that will likely leave the state with a significant surplus at the end of the 2021 fiscal year.

Foxconn Factory Subsidy Estimate Slashed by Wisconsin Agency (2)

 

A Wisconsin agency slashed an estimate for subsidies the state will grant to Foxconn, suggesting the Apple Inc. supplier is falling well short of its goals for a manufacturing hub in America’s heartland.

Patriotic Millionaires 'Move Needle' on Taxing Rich (Podcast)

 

Morris Pearl is somewhat encouraged by all the talk about wealth taxes these days. The Patriotic Millionaires, which he chairs as a volunteer job, has "made a lot of progress in moving the needle" toward its argument for taxing the rich more and paying people more equitably.

INSIGHT: GCs Tackle Key Role in Data Protection—Balancing Ethics and Security

 

Cyber threats and information security are top problems organizations face today, and general counsel must be proactively involved with cybersecurity. Mili Desai, director of legal services at Globality, offers practical steps for GCs and legal departments to take to ensure stronger data protection.

Vermont DOT Releases Revised Worksheet for Underpayment of 2019 Estimated Individual Income Tax

 

The Vermont Department of Taxes Oct. 1, 2019 released a revised Worksheet IN-152, Underpayment of 2019 Estimated Individual Income Tax. Estimated tax payments for the fourth quarter of 2019 are due Jan. 15. [Vt. Dep't of Taxes, Worksheet IN-152, 10/01/19]

Vermont DOT Releases Revised Worksheet for Underpayment of 2019 Estimated Tax by Individuals, Estates, Trusts

 

The Vermont Department of Taxes Oct. 1, 2019 released a revised Worksheet IN-152A, Annualized Income Installment Method for Underpayment of 2019 Estimated Tax by Individuals, Estates, and Trusts. The estimated individual income and trust income tax payment due date for the fourth quarter of 2019 is Jan. 15. Taxpayers are required to attach a copy of their federal Form 2210, pages 1 through 4 with the worksheet. [Vt. Dep't of Taxes, Worksheet IN-152A, 10/01/19]

Vermont DOT Publishes VTax Connect Issue

 

The Vermont Department of Taxes Jan. 23 published a VTax Connect issue that covers individual income, property, sales and use, and excise tax topics. The publication addresses various issues, including: 1) the Feb. 1 due date for forest management activity reports; 2) the Jan. 27 beginning of the 2020 tax season; 3) deductions, exemptions, and credits for personal income taxes; 4) a legislative clarification for fuel taxation; and 5) a new definition for land subject to the land gains tax. [Vt. Dep't of Taxes, VTax Connect, 01/23/20]

Wisconsin DOR Issues List of Municipal Assessors

 

The Wisconsin Department of Revenue Jan. 1 issued the 2020 list of municipal assessors for property tax purposes. [Wis. Dep't of Revenue, Wisconsin Municipal Assessors, 01/01/20]

Tax Notes

Tennessee Bill Proposes 2-Month Sales Tax Holiday for Groceries

 

A Tennessee bill would exempt groceries from the state sales tax in June and July 2020.

New Jersey Governor Signs, Vetoes Tax Legislation

 

New Jersey Gov. Phil Murphy (D) signed and vetoed several tax bills January 21, including legislation that would have created a tax policy review commission and a bill that extends and expands the state's film tax credit.

Washington Bills Seek to Amend B&O Service Tax Surcharge

 

Bills recently introduced in Washington state seek to replace or modify the new business and occupation tax surcharge on various service businesses, both to increase revenue and make compliance and enforcement easier.

Virginia Democrats Set Sights on Gun Taxes

 

One of several pending Virginia bills to regulate firearms would more than double the sales tax on gun sales to fund violence prevention grant programs.

Georgia Legislature Approves Marketplace Bill

 

Georgia House and Senate lawmakers have successfully passed marketplace facilitator legislation that failed during the last legislative session.

Washington Court Keeps Alive Bankers' Business Tax Challenge

 

A Washington state court is seeking supplemental briefing in litigation over a recently enacted law that imposes additional business and occupation tax on larger financial institutions.

Montana Campaign Proposes Marijuana Legalization Initiatives

 

A Montana cannabis campaign group has filed two complementary ballot initiatives to legalize and tax marijuana in the state.

Iowa Governor Proposes Reduced Income, Property Taxes

 

Iowa Gov. Kim Reynolds (R) says she will introduce legislation that will reduce income and property taxes.

Featured Resources

COST - Council on State Taxation

Amicus Briefs

Steiner vs. Utah State Tax Commission

COST on January 13 filed an amicus brief with the U.S. Supreme Court encouraging the Court to consider a case addressing whether the U.S. Constitution’s Commerce Clause protections extend to individual taxpayer income derived from, and previously taxed by, foreign countries

COST - Council on State Taxation

COST Studies, Articles & Reports

COST Scorecard: The Best and Worst of State Tax Administration (2019)

This seventh Administrative Scorecard continues to apply objective criteria to evaluate independence in tax appeals systems and key procedural elements that impact taxpayers’ perceptions of fairness and efficiency.

COST - Council on State Taxation

COST Comments & Testimony

Testimony in Support of H. 4431 – The Business License Tax Reform Act

COST supports South Carolina H. 4431 as it would mandate standardized tax imposition and administration statutes and processes, establishing a centralized payment clearinghouse, and providing various other taxpayer protections.