On Washington State voting ballots this year, there is an advisory vote — Advisory Vote No. 8 to be exact — on whether Washington State cannabis businesses should receive tax breaks to which they are technically required. In other words, should marijuana taxes be different than all other taxes?
The Missouri Department of Revenue determined in a letter ruling that Bitcoins are intangible property not subject to tax under Missouri’s Sales and Use Tax Law.
In Search of a New Jersey Gross Income Tax Treasure – Don’t Forget the Alternative Business Calculation Adjustment
Searching for opportunities to reduce our clients’ New Jersey Gross Income Tax costs in the midst of the closing days of our 2014 tax busy season, we revisited one of New Jersey’s relatively recent legislative changes – the Alternative Business Calculation Adjustment.
In Starr International Company, Inc., v. United States, the taxpayer (“Starr International Company, Inc.” or “SICO”) filed a complaint in the United States District Court for the District of Columbia seeking a tax refund from the IRS of approximately $38 million.
It is not every day that Washington’s Department of Revenue issues a determination in which the taxpayer wins. In fact, it is a rare occasion when the Department decides that it was wrong; it is perhaps even rarer for it to publish that it was wrong.
Taxpayer Prevails with Respect to Claimed Research and Development Tax Credits in Eric G. Suder, Et Al. V. Commissioner, TC Memo 2014-201
The decision in this case, issued as a Memorandum decision by the Court, J. Vasquez, reflects the analytical complexity of the Section 41 tax credit rules for qualified research and development costs and further highlights the taxpayer’s burden to prove that it properly claimed the tax credits based on the evidence presented on the record at trial or by stipulation prior to trial, and including the submission of expert reports.
On September 29, Governor Brown signed legislation that is seen as creating a robust new financing tool which will expand the existing mechanism of Infrastructure Financing Districts (“IFDs”) and tries to replace some of the functions of the state’s abolished local redevelopment agencies.
Goodbye Flexible Purpose Corporation, Hello Social Purpose Corporation: Governor Brown Signs S.B. 1301
On September 27, Governor Brown signed into law an amendment to the Corporate Flexibility Act of 2011, which had established the flexible purpose corporation (“FPC”) as a hybrid corporate form then unique to California.
On October 2, 2014, the CFPB announced a research pilot to explore ways to encourage saving among consumers at tax time, with particular focus on tax-time saving practices among low-income consumers.
Strict Construction in the Sixth Circuit: Why Ford Motor Co. Won’t Receive a $445 Million Tax Refund
In a published decision last Wednesday in a tax dispute spanning nearly 30 years, the Sixth Circuit denied Ford Motor Company’s demand for almost $450 million of interest on a tax refund from the IRS.