Latest COST Conscious

ISSUE 22-01; January 14, 2022

COST Member Legislative and Policy Priorities Part II – In Part I of this series, we inquired about the importance of certain state tax issues to our members. As this year’s state legislative sessions begin, in Part II of this series, we would like to better understand which of COST's Proactive Legislative Initiatives are most important to your company.

Latest Legislative Alert

ISSUE 22-03; January 25, 2022

COST Opposes New Massachusetts Gross Receipts Tax Proposal; COST to Testify Against Digital Advertising Tax Proposals in Massachusetts

Latest Practitioner Connection

ISSUE 22-02; January 21, 2022

SALT Outlook: Our predictions for 2022 – The news headlines in 2021 continued to be dominated by the pandemic, and the same can be said of state and local tax (SALT) policy and litigation. After nearly two years, the pandemic still casts a shadow over many aspects of our lives, so it’s not surprising that many of the major SALT developments in 2021 saw state and local governments reacting to the c


Mississippi Lawmakers Send Medical Marijuana Bill to Governor

January 26, 2022

A medical marijuana proposal won final approval from a veto-proof majority of Mississippi lawmakers on Wednesday.

Sanders: Glad to Hear SALT Change No Longer in Economic Plan (1)

January 26, 2022

(Updates with Senator Bob Menendez saying SALT remains a priority in third bullet.)

Congress Asks IRS to Stop Fines for Taxpayers Caught in Backlog

January 26, 2022

The Internal Revenue Service is under pressure from a large group of lawmakers to stop penalties and pause automated collections from taxpayers whose returns have been caught in processing backlog.

Final Act Starts Clock on Prosecuting Tax Assessment Evasion (1)

January 26, 2022

A federal appeals court clarified that the six-year clock for prosecutors to bring a case against a defendant for evading tax assessment begins with the final act that was necessary for committing the offense.

IRS Mum on Penalty Relief Request Amid Difficult Tax Season (1)

January 26, 2022

The IRS has been quiet in response to calls from a coalition of diverse tax-preparer organizations to provide penalty relief for taxpayers.

PPP Rules Barring Strip Clubs Likely Don’t Violate Free Speech

January 26, 2022

Small Business Administration rules barring strip clubs from receiving government-backed pandemic relief loans likely don't violate First Amendment free speech protections, a Seventh Circuit panel ruled in overturning a lower court's injunction.

Hoboken Balks at $241 Million School With Its Own Ice Rink

January 26, 2022

Hoboken voters sent a clear message that a $241 million school-construction proposal was excessive, rejecting a tax hike as the Board of Education’s solution for the New Jersey city’s swelling population.

BTAX OnPoint: Treasury Proposes Passive Foreign Investment Regs

January 26, 2022

The Treasury Department issued proposed regulations relating to passive foreign investment companies (PFICs). The agency published the guidance (REG-118250-20) on Jan. 25.

Biden Rounds Up Corporate Endorsements for Stalled Economic Plan

January 26, 2022

President Joe Biden on Wednesday sought to revive his stalled economic plan, Build Back Better, hosting corporate executives at the White House who support the legislation.

Third Round of Stimulus Checks Fully Paid Out, IRS Says

January 26, 2022

The IRS announced Wednesday that it is done distributing economic impact payments of up to $1,400 a person, the third round of stimulus money sent out since the beginning of the Covid-19 pandemic.