Latest COST Conscious

ISSUE 24-14; July 12, 2024

Navigating the Tax Clearance Letter Process in Texas – One of the administrative hurdles that SALT professionals deal with regularly is obtaining Tax Clearance Letters or Certificates of Good Standing from taxing authorities. It has come to our attention that many COST members have experienced significant difficulty obtaining Tax Clearance Letters in Texas. What has been your experience in obtaini

Latest Legislative Alert

ISSUE 24-27; July 2, 2024

California Data Extraction Mitigation Fee Legislation Advances; Second Quarter Enacted Legislation Supplemental Update

Latest Practitioner Connection

ISSUE 24-14; July 5, 2024

Is State Conformity to Federal R&E Deductions Unconstitutional? – Sometimes states intentionally favor domestic commerce, and sometimes they unintentionally discriminate against foreign commerce. In Kraft General Foods Inc. v. Iowa Department of Revenue and Finance, the US Supreme Court made clear that both are illegal. Because most states’ corporate income taxes conform to the Internal Revenue Co

BLOOMBERG TAX

Businesses Warn of Double Taxation in Trucking Receipts Proposal

July 15, 2024

Business interests warned the Multistate Tax Commission against adopting multiple methods for sourcing trucking industry receipts, arguing the resulting inconsistency would lead to confusion and double taxation.

Akerman Expands Tax Team With Jennifer Lindy, Farid Khosravi

July 15, 2024

Akerman expanded its corporate tax and energy tax credit capabilities with partners Jennifer Lindy, a leader in international tax controversies, and Farid Khosravi in the Atlanta office, firm said Monday.

Philadelphia Parking Garage Worth $23.2 Million, Court Rules

July 15, 2024

A parking garage’s fair market value for tax purposes is $23.2 million because the trial court that made that determination properly found that Philadelphia’s appraiser was more credible, a Pennsylvania appeals court held Monday.

IRS Says Chevron Ruling Favors Its Foreign Entity Fight, Not 3M

July 15, 2024

The US Supreme Court’s abandonment of Chevron deference cuts in favor of the IRS in its long-running legal battle over transfer pricing, not in 3M Co.'s, the agency told a federal appeals panel.

Kirkland Hands Out $50,000 Referral Bonuses as Demand Picks Up

July 15, 2024

Kirkland & Ellis is offering junior lawyers $50,000 referral bonuses as demand increases at the world's most profitable law firm.

Firm Says ’Plain Meaning’ of Law Voids $400 Million Tax Charge

July 15, 2024

A truck repair company fighting $400 million in excise taxes and penalties from the IRS says it followed the law to claim a tax break, and that law didn't include a "parts-and-pieces test" that it says the IRS is using to deny its claim.

MGM Grand Appeals Filing Procedures in Riverboat Casino Tax Case

July 15, 2024

A state court was wrong to dismiss MGM Grand Detroit Inc.'s challenge to Michigan’s assessment of corporate income tax on the sale of a riverboat casino, the company told a state appeals court.

Several States Weigh Jumping Into Permanent IRS Direct File (1)

July 15, 2024

A handful of states are showing interest in participating in the IRS's free electronic filing tool—also called Direct File—for next tax season.

IRS News Release: Taxpayers Urged to Avoid Social Media for Tax Advice on Tax Credits

July 15, 2024

Taxpayers are warned about misleading claims about the non-existent "Self-Employment Tax Credits" by marketers and social media influencers peddling inaccurate information, the IRS announced. The underlying credit being referred to in social media isn’t called the "Self Employment Tax Credit," it’s a much more limited and technical credit called Credits for Sick Leave and Family Leave, the IRS stated. Many people simply do not qualify for this credit, and the IRS is closely reviewing claims coming in under this provision so people filing claims do so at their own risk, the IRS noted. [IR-2024-187 (July 15, 2024)]

JD Vance’s Lawyer Wife Will Leave Her Role at Prominent Firm (3)

July 15, 2024

Usha Chilukuri Vance, the wife of Donald Trump's announced running mate Sen. JD Vance, will step down from her role as a trial lawyer at Munger Tolles & Olson.