Latest COST Conscious

ISSUE 20-13; June 26, 2020

Member Attendance at COST’s 51st Annual Meeting – As COST continues to deal with the impact of the COVID-19 pandemic on our education meetings, we would appreciate input on your anticipated participation at the upcoming COST 51st Annual Meeting. Please choose all that apply to your potential attendance if the COST 51st Annual Meeting is held on October 19-22:

Latest Practitioner Connection

ISSUE 20-13; July 2, 2020

Multistate: State Responses to COVID-19 and Other Important State Legislation – In New York, Senate Bill 8411 was signed into law on June 17, 2020 by Governor Cuomo, as Chapter 121 of the New York Laws of 2020. The enactment decouples a number of New York City taxes (the City Unincorporated Business Tax, the City General Corporation Tax, the City Bank Tax, and the post-2014 City Business Corporati

BLOOMBERG TAX

Accounting Group Urges IRS to Delay Tax Collections to October

 

A group of accountants is urging the IRS to once again push back payment deadlines, waive penalties on late tax filings, and reconsider the effect the coronavirus pandemic has had on taxpayers.

Colorado to Vote on Tobacco Tax Increases, New Vaping Tax

 

Colorado will ask voters to approve cigarette and tobacco tax increases and a new tax on other nicotine and vaping products.

Out-of-State Wine Retailers Pursued by Ohio for Tax Dodges

 

Direct-to-consumer wine seller Wine.com Inc. and six other retailers are allegedly short-changing Ohio "thousands to millions of dollars" of sales and excise taxes they aren't charging consumers, Ohio's attorney general said in a federal lawsuit.

BNSF Railway Wins Case Against Oregon's Intangible Asset Tax

 

A rail carrier challenging Oregon's tax on intangible assets won backing from the U.S. Court of Appeals for the Ninth Circuit. Judges affirmed a lower court's ruling that the state's tax violated the Railroad Revitalization and Regulatory Reform Act.

Pandemic Lending Pushes Community Banks Toward Fintech Fixes

 

A federal stimulus program to combat the recent economic downturn is pushing more community banks to embrace financial technology partnerships.

Mississippi Extends Tax Credits for Historic Restorations

 

Mississippi is extending and expanding several tax credits, including a 25% credit for rehabilitating historic buildings, under legislation signed by Gov. Tate Reeves.

Unresolved Tax Return Errors Await Returning IRS Employees

 

More than 1.5 million individual tax returns with errors still needed to be processed at the IRS as of May 22, a sign of the agency's massive backlog, its watchdog said.

New York’s Subway System Faces Deep Cuts Without Billions in Aid

 

Half of New York City’s subway lines could be eliminated without billions of dollars in aid from the federal government. That dire warning comes in a new report from the Riders Alliance, a transit advocacy organization.

Virus Relief Loan Extension Unlikely to Spur Big Lending

 

Congress' last-minute extension of a pandemic relief loan program to August is unlikely to increase banks' appetite to lend the remaining money.

Corporate Tax Chat With Francois Chadwick of Uber

 

Bloomberg Tax chatted with Francois Chadwick, the global head of tax for Uber, about the state of digital taxation worldwide. Chadwick leads a team of more than 200 employees around the globe. He is part of a team helping to shape global tax and accounting policy for the company. He has previously worked for KPMG LLP and the European Commission in Brussels. He also launched a tax tech startup.

Tax Notes

Foes of Illinois Graduated Tax Plan Unite as Pritzker Ups Ante

 

As Illinois Gov. J.B. Pritzker plows more money into a "fair tax" political action committee, four groups have united in a campaign to stop the state’s graduated income tax proposal at the polls.

Pandemic Could Reduce State Revenues by $200 Billion

 

Revised revenue forecasts in some states indicate tax revenue shortfalls caused by the COVID-19 pandemic could be approximately $200 billion between fiscal 2020 and fiscal 2021, according to a fiscal expert.

Backers Submit Signatures to Tax Arizona High Earners, Marijuana

 

Proponents of increasing taxes on higher earners to fund education and of legalizing marijuana have submitted signatures to qualify their respective initiatives for Arizona’s November ballot.

Denver Mayor Supports Sales Tax Increase Ballot Measure

 

Denver Mayor Michael Hancock has endorsed a ballot initiative that would increase the city's sales tax to help fund services for the homeless.

Louisiana Tax Bills Await Governor's Action

 

Bills that would provide business tax breaks and waive penalties and interest on late tax payments and return filings for taxpayers affected by COVID-19 have passed the Louisiana Legislature and await action from Gov. John Bel Edwards (D).

Audit Faults D.C. Property Tax Panel's Ethics, Transparency

 

The District of Columbia Real Property Tax Appeals Commission allowed commissioners to skirt ethics rules, maintained unreliable data systems, and steered clear of transparency through private hearings and confidential appeals decisions, according to a recent audit report.

Select State Tax News

Connecticut Revenue Provides Guidance on State Tax Implications of CARES Act

 

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Missouri Tax Commissioner Affirms Value of Cell Towers

 

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SCDOR reminder: Income tax due date is July 15

 

The South Carolina Department of Revenue (SCDOR) reminds taxpayers the updated Income Tax due date is July 15, 2020.  The SCDOR aligned with the IRS in March and extended the filing and payment due...

RI Tourism Orgs, Localities Oppose Hotel Tax Hike Amid Virus

 

  Law360 is providing free access to its coronavirus coverage to make sure all members of the legal community have accurate information in this time of uncertainty and change. Use the form below...

Illinois company to relocate to Salem Business Park in western Kenosha County

 

SALEM LAKES — Gov. Tony Evers on Wednesday announced that Advent Tool & Manufacturing, Inc. is relocating its headquarters and production operation from Antioch, Ill., to the new Salem Business Park....

Boot Barn (BOOT:USD20.28) outperforms 88% of the market

 

AMERICAN DAILY STOCK REPORT Dateline: Wednesday July 08, 2020 Boot Barn Holdings, Inc. (NYSE:BOOT), the NYSE's 25th largest Consumer cyclical company by market cap, has lifted 77.0c (3.9%) from its...

Double-digit rate hike forecast for both Barres is spot on

 

BARRE — When it comes to increases in education property tax rates the two-town Barre Unified Union School district is way above average this year. On average, education tax rates in Vermont...

Pandemic Relief: How to Protect Tax Lien Interests

 

Even in the best of times, knowing how to protect tax lien interests requires work. Many who invest in tax liens and tax deeds do so in multiple jurisdictions or in multiple locations within a state....

Virus-Ravaged States in India Clamor for More Funds From Modi

 

By and Soaring infections sharpen divide between center and states India trails only the U.S. and Brazil in coronavirus spread India’s soaring coronavirus numbers...

I ran my taxes through Credit Karma Tax and H&R Block. Here's how they compare on price, ease of use, and refunds.

 

You can get free tax filing with both Credit Karma Tax and H&R Block (author is not pictured). AleksandarNakic/E+/Getty Personal Finance Insider writes about products, strategies, and tips to...

Your Tax Dollars Go A Lot Further in South Dakota

 

South Dakota's tax-friendly status has been a big selling point over the years for the state, luring businesses and families alike with the promise of no state income tax. But just because we don't...

Norwalk parking fees going up to include state tax - The Hour

 

, in Norwalk, Conn. Cars parked in the Webtsre Street lt Wednesday June 3, 2020, in Norwalk, Conn. Photo: Erik Trautmann / Hearst Connecticut Media Photo: Erik Trautmann / Hearst...

Tax Dept.: 25,000 North County tax returns not yet filed

 

PLATTSBURGH — Just a week ahead of the extended July 15 deadline for filing personal income tax returns, thousands of returns across the North Country had yet to be filed. According to a press...

The July 15 Tax-Filing Deadline Is Approaching; New Retirement-Account Rules Can Benefit You

 

6 min read Opinions expressed by Entrepreneur contributors are their own. The rules governing your retirement accounts have been loosened in the year 2020. You have more time to put money in,...

Coronavirus and Wayfair at 2: The perfect storm for online retailers

 

Two years ago, the Supreme Court in South Dakota v. Wayfair expanded the reach of states across the country to impose sales and use tax obligations on retail and other businesses. That’s if the...

IRS, Treasury say July 15 tax filing, paying deadline will not be extended

 

Oklahoma City, OK: Oklahoma Society of Public Accountants has issued the following press release: The Department of the Treasury and IRS today announced the tax filing and payment deadline of July...

SALT Deduction Workaround Available for Maryland Pass-Through Entity Owners

 

Washington, D.C: Venable LLP has issued the following press release: Effective July 1, 2020, a pass-through entity (a PTE) with Maryland-source income can elect to have its Maryland taxable income...

Reed Smith: The Supreme Court's Altera Cert Denial Has State Tax Consequences

 

Washington, D C: Council on State Taxation has issued the following press release: Reed Smith: The Supreme Court's Altera Cert Denial Has State Tax ConsequencesJuly 07, 2020 Webinar Date Start...

PICKENS COUNTY WOMAN CHARGED WITH EVADING TAXES ON MORE THAN $1 MILLION OF INCOME

 

Page Content South Carolina Department of Revenue (SCDOR) agents today arrested a Pickens County independent contractor and charged her with seven counts of tax evasion. According to the arrest...

Wellcana Reduces the Price of Louisiana Wholesale Medical Marijuana

 

Posted by Lori Ann Reese on 07/08/2020 in Louisiana Medical content reviewed by Dr. Joseph Rosado , MD, M.B.A, Chief Medical...

Black Homeowners Pay More Than ‘Fair Share’ in Taxes

 

A national reckoning with racism, combined with the economic damage wrought by the pandemic, is prompting some state and local officials to take a closer look at an issue that has long bedeviled...

Tax Return Extensions: 8 Key Things To Know In 2020

 

The deadline for 2019 federal tax returns is July 15. The IRS has made it clear that the due date, postponed from the usual April 15, will not be delayed again—even though Covid-19 disruption is...

DeWine expects to drain rainy day fund to wrestle budget into balance

 

Former Ohio Gov. Ted Strickland’s record-low rainy day fund balance of 89 cents could be in danger. Gov. Mike DeWine says not much — if any — of Ohio’s $2.7 billion financial cushion will remain...

Is It Better to Buy or Lease an Electric Vehicle?

 

    benefits of buying an ev , buy vs. lease , car leasing pros and cons , electric car tax credit , leasing a car , leasing electric No Comments Which option is a better investment of your...

Can You Finance an Independent Film During a Pandemic?

 

In the middle of the global pandemic and one of the worst economic downturns in a century, Maven Pictures’ Celine Rattray, a producer of  Driveways ,  The Kindergarten Teacher  and  American Honey ,...

State tax filing deadline is near

 

The Kentucky Department of Revenue reminds taxpayers the 2019 state income tax filing deadline is Wednesday, July 15. On March 26, Gov. Andy...

The struggle to enter California’s cannabis market: ‘So much heartache, so much pain’

 

Despite state programs, low-income and minority applicants struggle to break into legal cannabis market. CALIFORNIA, USA — Linda Grant sold weed in the streets of East Oakland for 35 years before...

Wrong time for federal tax hikes

 

On July 8, the government of Prime Minister Justin Trudeau will release a "snapshot" of federal finances, the first such update since the COVID-19 crisis began. The government may also soon look...

Office of State Tax Commissioner Extends Hours on July 15

 

Sign up to receive news releases via email. Bismarck, N.D. – The will be extending hours until 8 p.m. CDT on Wednesday, July 15, to provide taxpayer assistance via phone. Tax Day is on July 15 this...

Illinois, regional economies shrink in first quarter Jul 7 at 5:13 PM

 

SPRINGFIELD — The Illinois economy shrank at an annual rate of 5.4% during the first quarter of 2020 compared with the previous quarter, according to federal data released Tuesday, an indicator of...