Upcoming National Meeting

2022 Income Tax/Audit Virtual Sessions

COST has just completed its 2022 income Tax Conference/Spring Audit Session in Denver, CO. Recognizing that Covid is still impacting us, in these Virtual Sessions COST will present four of the many excellent presentations from the Conference and the always popular audit sessions to those who couldn’t make it to Denver and those who would like to have an encore.

books background

Newsletters & Media

Legislative Alert

ISSUE 22-19; May 10, 2022

Connecticut False Claims Act Expansion Legislation Fails to Advance; COST Joins Trade Association Letter Opposing New York False Claims Act

Cost Conscious

ISSUE 22-09; May 6, 2022

Balanced Revenue Systems Part I – As states have experienced record budget surpluses over the past year, a recent trend has re-emerged across several states of proposals to reduce or eliminate the personal income tax. Business taxpayers have advanced concerns that ultimately, these personal income tax rate reductions could cause an increase on business taxes in later years when state revenue pictu

Twitter

Bloomberg TAX

Crypto-Crash Tax Losses (Might Be) Subject to a $3,000 Cap

May 17, 2022

Cryptocurrency investors licking their wounds from the so-called crypto-crash shouldn’t get too creative when reporting their losses to the Internal Revenue Service, tax practitioners warn.

Slovak Finance Minister Proposes Tax on Profit from Russian Oil

May 17, 2022

Slovak Finance Minister Igor Matovic proposes a 30% windfall tax on profits from Russian oil that is processed in the Slovak refinery Slovnaft. 

UK Landlords Slam Withholding Tax Idea for Rentals

May 17, 2022

UK landlords oppose the government's suggestion of creating a new rental income tax that is withheld by letting agents, new research by the UK tax office has found.

Yellen Urges Marshall Plan for Ukraine to Meet Massive Need (1)

May 17, 2022

US Treasury Secretary Janet Yellen issued a call for large-scale economic assistance to Ukraine, warning that the amounts of help pledged to date won’t even meet short-term needs as the nation struggles with the devastation wrought by Russia’s invasion.

Muni Market Rout Silver Lining Is Lower Tax Bills for Investors

May 17, 2022

The rout in the muni-bond market has been painful for investors, but there’s a silver lining: harvesting tax losses.

Tax Audits Decrease as IRS Takes Longer to Scrutinize Wealthy

May 17, 2022

Tax audit rates at all income levels have declined in the past decade as the time it takes IRS agents to complete audits of top-earners has more than doubled, according to a new watchdog report.

Realtors, Insurers Lament Climate, Clean Energy Inaction (1)

May 17, 2022

Federal inaction to combat climate change and accelerate clean energy deployment is worrying the real estate, insurance, and clean energy sector amid soaring costs of severe storms and other climate impacts in the U.S. that reached nearly $150 billion last year.

KPMG UK Hires Crypto Trade Body Boss, Bolsters Advisory Team

May 17, 2022

The former boss of the UK’s crypto industry trade body has joined KPMG LLP as a director. the firm said Tuesday as it looked to bolster its crypto advisory services in the country.

Crypto Tax Startup Gets Backing From Haun Ventures

May 17, 2022

TaxBit Inc., a provider of cryptocurrency tax and accounting software, plans to announce Tuesday that Haun Ventures is a strategic investor in the startup—an announcement that comes as digital currencies face increasing regulatory pressure. 

HILL TAX BRIEFING: Democrats Seek IRS Mileage Deduction Boost

May 17, 2022

Read more: States spend Covid aid on racetracks, tourism, and more. Yellen can't sell Poland on global tax deal.

Featured Resources

COST - Council on State Taxation

Amicus Briefs

Walmart Stores v. Johnson County Board of Commissioners

COST amicus brief seeks consistent application of Kansas’ property tax valuation law following Kansas Court of Appeals’ decision In re Equalization of Prieb Properties, 47 Kan. App. 2d 122 (2012). If there is a change to the State’s valuation process, it should be from the legislature and not the Kansas Supreme Court.

COST - Council on State Taxation

COST Studies, Articles & Reports

2022 State and Local Amnesty Programs

Tracker of most state and local tax amnesty programs enacted and conducted in 2022.

COST - Council on State Taxation

COST Comments & Testimony

Comments re. Louisiana S.B. 54 Urging Automatic Extension of Corporate Income Tax Return Due Date

On May 16, COST submitted a letter to the Louisiana House Ways and Means Committee encouraging the amendment of S.B. 54 (Automatic Filing Extension) to apply to corporate income tax returns.