State and Local Thinking -- April 2015

State and Local Thinking April 2015State and Local Thinking

SALT Alerts

SALT Alerts are available via Twitter.

Maryland enacts tax amnesty program
Maryland has enacted legislation requiring the Maryland comptroller to establish a tax amnesty program to be held from Sept. 1 to Oct. 30, 2015. The program applies to state and local income tax, withholding taxes, sales and use taxes, and admissions and amusement taxes. Read the SALT Alert.

Mississippi Chancery Court again holds dividends received exclusion statute violates Commerce Clause
The Chancery Court of Hinds County, Miss., held that the state’s corporate income tax dividends received exclusion statute violates the Commerce Clause of the U.S. Constitution because the exclusion is limited to dividends received from affiliates that are doing business in Mississippi and that file income tax returns in the state. Read the SALT Alert.

Arizona enacts tax amnesty program to begin Sept. 1, 2015
Arizona has enacted legislation requiring the director of the Department of Revenue to establish a tax amnesty program, termed a “tax recovery program,” to be held from Sept. 1 to Oct. 31, 2015. Read the SALT Alert.

Tax webcasts and events

Lessons learned and hot topics in executive compensation
Wednesday, April 29, 3 p.m. ET
This webcast covers several hot topics including lessons learned from the 2015 proxy season,  long-term incentive plan design and trend updates, and technical updates on the executive compensation-related requirements of the Dodd–Frank Wall Street Reform and Consumer Protection Act, pay for performance and tax considerations.  Sign up now.

Achieving the benefits of legal entity optimization webcast
Thursday, April 30, 3 p.m. ET
Legal entity optimization can provide your organization with a fresh view of the current effectiveness of your corporate structure, streamline the legal entity chart, reduce compliance costs and free your employees for more-strategic activities. This webcast will cover the legal entity optimization process, recent trends and legislative changes that affect corporate structures and common business issues, and considerations encountered.  Sign up now.

Replay past tax webcasts
Archived webcasts are available for a year after the original broadcast.

Understanding India’s budget 2015–16
The government of India has presented a budget that looks beyond this fiscal year. Tax professionals from Grant Thornton India and Grant Thornton LLP address highlights of the 2015-16 budget, along with major policy initiatives and an overview of the long-awaited goods and services tax.  Replay the webcast.

Affordable Care Act: Understanding the tax and financial statement impacts
Significant tax regulations and guidance related to the Affordable Care Act (ACA) took effect on Jan. 1, 2015, and may affect an organization’s financial statements and tax liability. The employer-shared responsibility requirements may expose your organization to significant nondeductible excise taxes; the ACA’s complexities and related reporting requirements may require your organization to upgrade, develop or license new software to track eligibility and complete IRS forms; and under ASC 450 (or IAS 37), your organization may need to record a contingent tax liability.  Replay the webcast.

Latest China tax updates webcast
China has issued a series of significant tax rules over the past year. Foreign investors with operations in China must understand these developments and the opportunities and challenges they create. This webcast focuses on the latest tax rules, their possible effect on you and actions to address the challenges and capture the opportunities. Topics include the latest developments relevant to non-People's Republic of China tax residents such as the general anti-avoidance rule, base erosion and profit shifting, and indirect transfer of the shares of Chinese companies.  Replay the webcast.

Corporate tax issues: Interest expense limitations and consolidated group continuation rules
This webcast discusses certain interest expense deductibility limitations that may apply to corporations. It also covers the rules for determining whether a consolidated group terminates or continues in certain common circumstances. The discussion includes practical examples. Replay the webcast.

Tax accounting quarterly update: March 2015
This webcast covers developments and significant issues that can affect your financial statements, including accounting for income and non-income taxes. The focus is on the financial reporting implications of these developments. This is part of a series of quarterly webcasts sponsored by Grant Thornton's Tax Accounting and Risk Advisory Services practice. Replay the webcast.

OECD BEPS: Developments affecting US-based companies, Part 2
In Part 1 of our Base Erosion and Profit Shifting (BEPS) webcast series, we presented the U.S. business community's views regarding transfer pricing and international tax aspects of the Organization for Economic Cooperation and Development's (OECD's) recent BEPS releases. This event presents various non-U.S. views and reactions to the BEPS releases. Focusing on professionals from the UK and Australia, we discuss the issues, reactions, viewpoints and challenges of the OECD releases relative to non-U.S. tax jurisdictions.  Replay the webcast.

Thought leadership from our State and Local Tax professionals

Publications and speaking engagements
  • April 23: Council on State Taxation (COST) 2015 Spring Audit Session/Income Tax Conference, " States’ Treatment of Tax Attributes in Mergers, Acquisitions and Other Business Restructurings – Beware the SALT Traps for the Unwary," guest speaker, Jeremy Jester, SALT senior manager.

Tax professionals

Meet Candice Polsky, managing director in the Philadelphia office
Candice Polsky is a managing director in the SALT practice in the Philadelphia office. She has more than 20 years of tax experience in both public accounting and private industry, focusing on state and local income/franchise tax compliance for C corporations and flow-through entities.

In addition to having extensive compliance experience, she has handled numerous nexus studies, state audits and voluntary disclosure agreements. Candice has also spent time at Grant Thornton’s shared services center in Bangalore, India, training professionals and acting as a liaison between the U.S. and Bangalore offices.

Before joining Grant Thornton, Candice was a senior manager in the SALT practice at LECG-SMART and a tax manager with Elko & Associates Ltd., a local public accounting firm. She started her career as a member of the SALT team at Andersen LLP.

Candice earned an MBA from Temple University, a JD and master of laws in Taxation from Villanova University, and a BA in English from Duke University.

Tax professional standards statement
This document supports Grant Thornton LLP’s marketing of professional services and is not written tax advice directed at the particular facts and circumstances of any person. If you are interested in the subject of this document, we encourage you to contact us or an independent tax professional to discuss the potential application to your particular situation. Nothing herein shall be construed as imposing a limitation on any person from disclosing the tax treatment or tax structure of any matter addressed herein. To the extent this document may be considered to contain written tax advice, any written advice contained in, forwarded with or attached to this document is not intended by Grant Thornton LLP to be used, and cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.