Grant Thornton LLP identifies Top 10 State and Local Tax issues of 2008
CHICAGO, December 23, 2008 - State and local taxation in the year 2008 was beset by uncertainty, complemented by legislative and legal developments largely unfavorable to the taxpayer. To assist companies, Grant Thornton LLP has released a new State & Local Tax Alert identifying the Top 10 SALT stories of 2008.
"Much like last year, the area of state and local taxation has been beset by uncertainty, complemented by legislation and court decisions that in large part have been unfavorable to taxpayers," said Giles Sutton, a Grant Thornton Tax partner and the State and Local Tax Technical Services practice leader. "Notable areas of controversy this year in SALT include: the increasing lack of uniformity among the states due to federal and state tax developments, the scope of a unitary business, the treatment of related-party expenses in separate reporting states, the continued shift toward combined reporting and the growing presence of economic substance standards, among other items."
"Of course, these SALT-specific issues should be viewed in light of the most significant development of the year, the faltering economy, which is likely to cause substantial impact on most states' budgets for the next several years," said Jamie Yesnowitz, a SALT senior manager in Grant Thornton's National Tax Office. "The economic situation has the potential to drive many policy decisions that will profoundly affect multistate taxpayers."
To read the entire Grant Thornton State & Local Tax Alert; SALT Top Stories of 2008, please go to www.GrantThornton.com/SALTalerts.
- ends -
Tax Professional Standards Statement
This document supports the marketing of professional services by Grant Thornton LLP. It is not written tax advice directed at the particular facts and circumstances of any person. Persons interested in the subject of this document should contact Grant Thornton or their tax advisor to discuss the potential application of this subject matter to their particular facts and circumstances. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed. To the extent this document may be considered written tax advice, in accordance with applicable professional regulations, unless expressly stated otherwise, any written advice contained in, forwarded with, or attached to this document is not intended or written by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.
About Grant Thornton LLP
The people in the independent firms of Grant Thornton International Ltd provide personalized attention and the highest quality service to public and private clients in more than 100 countries. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership, as each member firm is a separate and distinct legal entity.
In the U.S., visit Grant Thornton LLP at www.GrantThornton.com.
