Latest COST Conscious

ISSUE 24-07; April 5, 2024

Recent State and Local Tax Audit Trends – Earlier this year, we posed a question on the Members Forum asking if members had noticed a change in the volume of new state corporate tax audits being initiated in the past two years. That question continues to generate significant interest on the forum and the answers indicate that many COST members have noticed changes in the number and complexity of a

Latest Legislative Alert

ISSUE 24-16; April 16, 2024

COST Supports Centralized Accommodations Tax Administration in Alabama; COST Opposes Nebraska Advertising Services Tax Legislation

Latest Practitioner Connection

ISSUE 24-08; April 12, 2024

GeTtin’ SALTy: Episode 26: Catch-Up with Jared Walczak at the Tax Foundation, with a Focus on Property Tax Relief – In this episode of GeTtin’ SALTy, host Nikki Dobay is joined by Jared Walczak, Vice President of Special Projects at the Tax Foundation. Jared catches Nikki up on Tax Foundation's impression of 2023, and then theydiscuss what Jared has been focused on this legislative session. Jared

BLOOMBERG TAX

Virginia Governor Calls for Special Session to Rewrite Budget

April 17, 2024

Virginia Gov. Glenn Youngkin (R) and state lawmakers have agreed to scrap the budget previously approved by the General Assembly and restart the process, aiming to present an updated spending plan by mid-May.

Tennessee Court Upholds Rejection of Firm’s Claim to Tax Credits

April 17, 2024

A financial services firm has no claim to unused tax credits resulting from a spinoff involving two Community Health Systems Inc. units, the Tennessee Court of Appeals ruled.

Attorney’s Failure to File Returns Sinks Bid for IRS Compromise

April 17, 2024

The IRS appeals office acted within its discretion upholding a proposed levy to collect an attorney's unpaid income tax, the US Tax Court said Wednesday.

Trump Advisers Want to Cut SALT Write-Off Limit to Below $10,000

April 17, 2024

Economists advising Donald Trump are pushing to keep a cap on the state and local tax deduction, limiting a valuable tax break for many residents of New York, New Jersey and California.

Ban on California City Tax-Sharing Deals with Retailers Advances

April 17, 2024

A bill to ban California cities from cutting deals with retailers that send local tax from online sales to them in exchange for giving some of the world's largest retailers a share passed its first committee vote on Wednesday.

IRS News Release: Updated FAQs on Energy Efficient Property, Improvements (IRC §25C)

April 17, 2024

Updated FAQs address the federal income tax treatment of amounts paid for the purchase of energy efficient property and improvements, the IRS released. The FAQs supersede earlier FAQs that were posted in Fact Sheet 2022-42 (2022) and revise "General questions — Question 4, What happens to the Energy Efficient Home Improvement Credit or the Residential Clean Energy Property Credit if a government or a public utility provides a subsidy (for example, an incentive, grant, or rebate) to a taxpayer to purchase or install a qualifying property?". [IR-2024-113 (Apr. 17, 2024); FS-2024-15 (April 2024)]

IRS Details What Qualifies for Home Energy-Efficiency Tax Breaks

April 17, 2024

The IRS detailed what energy-efficiency home and property improvements qualify for favorable tax treatment in new FAQs released Wednesday.

Government May Still Owe Virginia Landlord Damages in Tax Fight

April 17, 2024

The GSA acted according to process when it sought to adjust its payments to a Virginia landlord to account for an apparent over-payment of taxes, but the issue of damages persists in the dispute.

Brazil Finance Minister Seeks G-20 Backing on Wealth Tax

April 17, 2024

Brazil's Finance Minister Fernando Haddad is seeking an agreement from all G-20 countries to back a minimum tax on the wealthy this year and work toward that goal over the next three to four years.

Island Property Tax Foreclosure Appeal Dismissed as Premature

April 17, 2024

A tax debtor's father's appeal to stop the US from foreclosing on his home was premature, because a lower court hadn't yet ordered the home's sale, the Ninth Circuit said Wednesday.