Latest COST Conscious

ISSUE 21-20; October 8, 2021

Tax Department and State and Local Tax Function Benchmarking Part I – The structure, function, priorities, and collaboration requirements of tax departments continue to evolve. The structure of a corporate tax department can be particularly impactful to the SALT function because many aspects of a business influence SALT. Which of the following best describes the structure of your global corporate

Latest Legislative Alert

ISSUE 21-41; October 12, 2021

Update on Streamlined Sales Tax Governing Board Annual Meeting; COST Requests Withdrawal of Proposed Mississippi Rule Amendments Addressing Taxation of Cloud Computing

Latest Practitioner Connection

ISSUE 21-21; October 15, 2021

Western State Sales Tax Updates – The Western region of the U.S. is full of natural wonder and beautiful destinations that make you want to pause, slow down, and enjoy them. As it turns out, the West has a sales tax landscape to match – full of “wonders” and a constant stream of updates that are best kept track of if you… well, pause, slow down, and enjoy them! Let’s explore some important sales t


Treasury Open to Congressional Changes to IRS Data Collection

October 15, 2021

The Biden administration plans to accept congressional changes aimed at saving its controversial financial data collection policy, a measure Democrats see as a key part of efforts to ramp up tax collection and help pay for their social spending package.

Moderate Democrats Ask Pelosi to Pause Global Minimum Tax Work

October 15, 2021

Three moderate House Democrats are asking Speaker Nancy Pelosi to slow down a piece of President Joe Biden’s tax plan that would change the rules for the minimum levies that U.S. companies pay on their overseas income.

Biden Concedes Economic Plan to Fall Short of $3.5 Trillion (2)

October 15, 2021

President Joe Biden conceded Friday that his economic plan won’t pass Congress with $3.5 trillion in new spending over a decade, the level sought by liberals, but again declared that the legislation will become law.

Amazon Sales Tax Challenge Fails in California Federal Court

October 15, 2021

A California state judge has denied a bid by online merchants to stop the state from collecting back sales taxes from sellers that keep their inventory in Amazon fulfillment centers.

IRS Spells Out Info Needed on Claims for Research Credit Refunds

October 15, 2021

Taxpayers must provide details about the kind of research they perform and how much money they spend on it when they file claims for refunds of the research and experimentation tax credit, the IRS said Friday.

Streaming, Cloud Computing Are State, City Revenue Targets

October 15, 2021

This week in state tax news: Municipalities in 13 states are suing streaming services over unpaid utility franchise fees, inequities in New York City's property tax system are exposed, and a business decision by Amazon results in a tax windfall for some California localities but a loss for many more.

IRS Updates FAQ Process to Address Transparency Concerns (1)

October 15, 2021

The IRS is changing its process for issuing guidance in the form of frequently asked questions, after tax professionals raised concerns about transparency and reliability.

A New Way to Tax Global Corporations, Explained: QuickTake

October 15, 2021

Years of negotiations have produced an agreement to overhaul the global tax system in ways that will change where and how some of the world’s largest companies are taxed. Getting almost 140 nations on board was a huge breakthrough, but the fight isn’t over.

Citgo Loses $2 Million Futures Trading Tax Appeal in Texas Court

October 15, 2021

Citgo has been denied a $2 million tax refund after a Texas appeals court ruled that net proceeds, not gross proceeds, from selling commodity futures should be included in franchise tax calculations.

Spotlight on Enrolled Agent and Firm Owner Manasa Nadig

October 15, 2021

Our Spotlight series highlights the careers and lives of tax professionals across the globe. This week's spotlight is on Enrolled Agent Manasa Nadig. Nadig has more than 20 years of experience in tax preparation and planning and is the Founder-Owner of MN Tax & Business Services, a virtual practice based in southeast Michigan that works with clients worldwide.