Latest COST Conscious

ISSUE 21-09; May 7, 2021

Taxation of Digital Goods and Remote Access to Software – The executive director of the Streamlined Sales and Use Tax Governing Board is considering engaging on the issues of sourcing digital goods and defining remote access to software. Which of the following best describes your company’s position on these issues?

Latest Legislative Alert

ISSUE 21-21; May 11, 2021

COST Opposes Delaware Unclaimed Property Bill Expanding Contingent-Fee Auditor Powers; COST Opposes Iowa’s Attempt to Disallow Ordinary Business Interest Expense Deduction

Latest Practitioner Connection

ISSUE 21-10; May 14, 2021

Multistate: More States Update Their Conformity to the IRC – Indiana House Bill 1001 was recently signed into law and adopts changes made to the Internal Revenue Code (IRC) as of March 31, 2021, applicable retroactively to January 1, 2021. Hawaii’s legislature recently sent House Bill 1041 to the governor, which adopts the changes to the IRC as of December 31, 2020, applicable to tax years beginn


Weekend Insights: Tax Takes On Technology


With technology impacting tax planning, compliance, and enforcement, it's essential to keep up. From cybersecurity guidance to NFTs, here’s a look at what tax professionals are talking about.

Covid-19 Opportunity Zone Working Capital Relief Not Automatic


Recent Covid-19 relief providing extra time for working capital to be spent on projects in opportunity zones isn't automatic, an IRS official said Friday.

Alabama High Court Denies Attempt to Recoup State Liquor Taxes


The Alabama Supreme Court affirmed a lower court's dismissal of a class action seeking return of allegedly unauthorized alcohol sales taxes.

Newsom Floats $100 Billion Recovery Plan in Pre-Recall Budget


California Governor Gavin Newsom, battling an effort to oust him in a recall election, proposed a 19% increase in spending for the next fiscal year as he seeks to plow an unprecedented tax windfall back into the economy.

Missouri, Last 'Wayfair' Holdout, Moves to Tax Remote Sales (1)


The Missouri legislature on Friday gave final approval to a bill requiring remote sellers to collect use taxes on sales to Missouri buyers.

Biden’s IRS Blocks Developer Push to Expand a Trump Tax Break


President Joe Biden’s administration is shutting down attempts by developers to use new Census Bureau maps to claim generous tax breaks enacted by Donald Trump.

Fed Extends PPP Rule Change for Bank Directors, Shareholders


The Federal Reserve extended for a third time its rule modification allowing certain bank directors and shareholders to access the Paycheck Protection Program.

California Governor Newsom Proposes $196.8 Billion Budget


California Governor Gavin Newsom on Friday proposed a $196.8 billion general-fund budget for the next fiscal year, a steep jump from this year’s $155.9 billion as he plans to plow an unprecedented tax-revenue windfall back into the state’s economy.

Louisiana's Plan for Centralized Sales Tax Collection Advances


The Week in Wayfair: Lawmakers in Louisiana and Florida took steps this week to modify their tax codes in ways that will affect remote sellers and marketplaces.

Census Won't Expand Opportunity Zone Boundaries, IRS Says


The IRS rejected requests to allow changes to the boundaries of opportunity zones, closing the door on investors' hopes of having expanded access to capital gains tax breaks.

Select State Tax News

You could miss out on 4 things if you don’t file your income tax return by May 17


For those who miss the Might 17 tax submitting deadline, you are delaying extra than simply your tax refund.  Sarah Tew/CNET For those who’re ready till the final minute to file your 2020...

Property tax law may spur growth restrictions by Canyon County cities


NAMPA — Mayor Debbie Kling is hoping a higher power might intervene to help solve Nampa's property tax debacle. During a prayer at the start of an emergency city council meeting Friday , called to...

Can’t Beat The Buzzer On Tax Day? 8 Key Points For Filing A Tax-Return Extension


Tax Day 2021 is May 17 (Monday). If you haven’t yet filed your federal tax return, you need to decide whether to go for it now or wait. If you can’t beat the buzzer by May 17, you can let the clock...

Do you owe taxes on crypto? Stimulus checks? Here are the answers to common tax questions


With the May 7 tax filing deadline just days away, many Americans are . To help answer any last-minute questions you may have, CNBC Make It compiled its coverage from this tax season all in one...

After leaving California, woman puts roots down in Ben Wheeler, Texas


BEN WHEELER, Texas — The daily routine at Pam Lassetter’s home is anything but ordinary. Even feeding the fish is a family affair. “The cats, the dog, the miniature horse - they like feeding the...