State and Local Thinking -- May 2015

State and local Thinking May 2015State and Local Thinking
SALT Alerts
SALT Alerts are available via Twitter.

Missouri enacts legislation for sourcing services and intangibles under optional single factor formula
On May 6, the state of Missouri enacted legislation expanding the optional single factor apportionment method for corporate income tax purposes to the sale of services and intangibles. Read the SALT Alert.

Washington Department of Revenue rules on application of economic nexus to B&O tax
The Appeals Division of the Washington Department of Revenue has held that a business with more than $250,000 in total annual service-taxable receipts in Washington has substantial nexus in Washington for purposes of the state’s business and occupation (B&O) Tax. Read the SALT Alert.

Missouri enacts tax amnesty program to begin Sept. 1, 2015
On April 27, Missouri enacted legislation authorizing the Missouri Department of Revenue to administer a tax amnesty program from Sept. 1 to Nov. 30, 2015. Read the SALT Alert.

New York state enacts FY15-16 budget legislation providing extensive New York state and city tax reform
On April 13, Gov. Andrew Cuomo signed the final version of the FY15-16 New York state budget legislation, which he described as the result of the hardest budget negotiation he has dealt with since taking office. Read the SALT Alert.

North Dakota adopts single sales factor election and changes to Multistate Tax Compact
On April 20, North Dakota Gov. Jack Dalrymple signed legislation allowing taxpayers to elect to apportion their income to North Dakota based on an apportionment method that phases in the use of the single sales factor. Read the SALT Alert.

District of Columbia issues sales tax regulations on taxable services, including health clubs and household goods storage
The District of Columbia Office of Tax and Revenue recently promulgated sales and use tax regulations to provide guidance on the taxation of certain services. Read the SALT Alert.

Oregon Supreme Court holds electricity is tangible personal property for apportionment purposes
The Oregon Supreme Court has held that the sale of electricity constituted the sale of tangible personal property for Oregon corporation income tax apportionment purposes and should be sourced to the ultimate destination.  Read the SALT Alert.

Tax webcasts and events
After the acquisition: Critical actions for tax departments
Wednesday, June 3, webcast
After an acquisition, the tax department and CFO need to take critical actions related to compliance, software, integration and people. The webcast discusses opportunities for better strategic alignment to ease post-acquisition challenges, as well as critical issues and opportunities in state and local taxation, and compensation and benefits.  Sign up now.

Using a family office to accomplish your objectives
Wednesday, June 17, webcast
Preserving and organizing wealth, managing risk and transferring wealth are common key objectives of today’s family offices. It's important to understand the role, structure and functions of a family office.  Sign up now.

Tax accounting quarterly update: June 2015
Thursday, June 18, webcast
Learn about developments and significant issues that can affect your financial statements, including the accounting for income and nonincome taxes. The webcast will focus on the financial reporting implications of these developments.  Sign up now.

Replay past tax webcasts
Webcasts are accessible for one year after the initial broadcast.

Achieving the benefits of legal entity optimization
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.  Replay the webcast.

Lessons learned and hot topics in executive compensation
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 and pay for performance.  Replay the webcast.

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
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 U.S.-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 Organisation 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

U.S. Supreme Court ruling may result in refund claims and revenue shortfalls in Maryland
The U.S. Supreme Court has held that the Maryland tax system impermissibly exposed taxpayers to the possibility of double taxation and violates the fair apportionment requirement of the Commerce Clause. The decision may lead to refund claims or require legislative action, and may result in unintended revenue shortfalls in Maryland. Read more.

Tax professionals
Meet Saylor Sims, SALT senior manager in the Phoenix office
Saylor Sims is a SALT senior manager in the Phoenix office. He provides corporate and individual clients with tax guidance and planning related to multistate and federal tax matters. He also regularly represents clients in the tax aspects of mergers and acquisitions, and in federal and state audit matters.

Before joining Grant Thornton LLP, Saylor worked for nearly five years at accounting firm CliftonLarsonAllen and more than 10 years at two Big Four accounting firms.

Saylor has been a regular lecturer on tax topics including multistate tax, partnerships, S corporations and C corporations.

He earned a JD from the University of South Carolina School of Law and a BS in Accounting, with honors, from the University of South Carolina.

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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.