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Welcome to the July 2016 issue of the HA&W State & Local Tax (SALT) Newsletter.
With dozens of different taxes imposed by the 50 states (and thousands of local jurisdictions), we recognize how challenging it is to keep up with current issues and developments. This newsletter is designed to provide insights on developments in state and local taxes including new legislation, regulations, rulings and cases addressing issues such as corporate and personal income taxes, sales and use taxes, nexus, franchise/net worth taxes, etc.
This issue of the newsletter includes articles addressing (i) Virginia sales tax obligations arising from intercompany accounting entries, (ii) Washington nexus for a non-U.S. company and the impact of U.S. tax treaties, (iii) recent state tax legislation from various states (iv) Colorado's calculation of state tax credits for taxes paid to other states and (v) an Arkansas sales tax exemption related to hazardous waste.
In case you missed prior issues of this newsletter, please click here.
If you have any comments, questions or suggestions regarding current or future topics, or if you would like to learn more about HA&W’s SALT Practice, please email us at jeff.glickman@hawcpa.com. Thank you.
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Jeff Glickman, J.D., LL.M.
Partner-in-Charge, State & Local Tax Practice |
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Virginia Rules that Intercompany Accounting Entry Creates Sales Tax Liability
By Denisse Beldin, SALT associate
Even though no cash was exchanged, a parent company was assessed sales tax on cost allocations to its subsidiaries. Read More
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Washington Rules that a German Company Had Nexus and Was Not Protected by U.S./German Tax Treaty
By Jess Johannesen, SALT senior associate
Non-U.S. entities and their affiliates should not simply assume that they are protected from state and local tax by a treaty.Read More |
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State Tax Legislation Update
By Jeff Glickman, SALT partner
Among the latest developments in state and local tax, Connecticut has enacted market-based sourcing of sales, and Tennessee will become a truly income-tax-free state for individuals. Read More
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Colorado Reminds Residents that Credit for Taxes Paid to Other States is Based on Colorado Sourcing Rules
By Jeff Weinkle, SALT manager
In addition to tax rate differences, variations in state apportionment methodologies can impact the amount of credit a resident will receive for income tax paid to other states. Read More |
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Arkansas Clarifies Sales Tax Exemption for Hazardous Waste
By Tina Chunn, SALT senior manager
A recent Arkansas legal opinion showcases the potential consequences of assuming that the meaning of terms in a sales tax statute will match the common dictionary definition. Read More
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About HA&W's State & Local Tax Practice
HA&W’s State & Local Tax (SALT) practice advises clients on the state and local tax implications of their business operations, allowing clients to strategically minimize their liabilities and risks. Our team has over 50 years of combined SALT experience working in industry, state departments of revenue, public accounting and private law practice. We specialize in all areas of SALT, including matters related to state tax nexus, corporate and personal income taxes, sales/use tax, franchise/net worth taxes, credits and incentives, and mergers & acquisitions. In addition, we represent clients in administrative matters before state revenue departments around the country, including audit defense and settlement negotiations, pursuing voluntary disclosure agreements and obtaining letter rulings.
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