Posts Tagged ‘State and Local Tax’
California Opinion Addresses Implications of Stock Sale and Election Under IRC 338(h)(10)
At a glance The main takeaway: The state of California determined that a sale of stock sale with an election under IRC 338(h)(10) to treat the transaction as a sale of assets for income tax purposes required the inclusion of the contingent earnout income and the exclusion from the sales factor of the receipts from…
Read MoreVirginia Ruled That Raw Materials Stored in State are Excluded from the Property Factor
At a glance The main takeaway: A taxpayer and the state of Virginia debated over the meaning of “used” as it relates to the inclusion of raw materials into the property factor for state tax apportionment purposes. Assess the impact: The Virginia Circuit Court’s ruling to exclude the storing of raw materials from the property…
Read MoreTaxpayer’s Gross Receipts from Colocation Services are Subject to Washington B&O Tax
By: Jess Johannesen, SALT Senior Manager At a glance The main takeaway: The distinction between a taxpayer licensing the use of real estate versus leasing or renting real estate can result in different state tax treatment. Assess the impact: The Washington Department of Revenue’s ruling on a taxpayer’s gross receipts could impact businesses providing colocation…
Read MoreColorado and Wisconsin Offer Conflicting Sales Tax Views of Taxpayer’s Online Learning Platform
By: Betsy Goldstein, SALT Manager At a glance The main takeaway: An online learning platform was subject to three different sales tax treatments by multiple states for the same six products and service offerings. Assess the impact: These three rulings illustrate the subjective freedom that each state possesses to deliver different sales tax treatments in…
Read MoreFlorida Applies Service Revenue Sourcing Guidance Based on Location of Deliverables
At a glance The main takeaway: Florida concluded that a taxpayer’s service revenue should be sourced to Florida on a market basis – rather than using a cost-of-performance method – to the extent that the deliverables from those services are forwarded, sent, delivered or provided to a location in Florida. Assess the impact: The variability…
Read MoreState and Local Tax (SALT) Newsletter February 2022
https://info.aprio.com/aprio-salt-newsletter-must-know-state-tax-news-for-your-business
Read MoreCatch Them if You Can: Fraud in the Film Industry
At a glance: The main takeaway: The film industry creates an environment that is uniquely vulnerable to fraud – especially tax-related fraud schemes like tax evasion and payroll fraud. Be aware: Know the signs of fraud in the film industry so you can protect yourself. Knowing what to look for means you can implement controls that stop…
Read MoreState and Local Tax (SALT) Newsletter October 2021
https://info.aprio.com/the-latest-state-and-local-tax-news-september-2021
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