This GT Alert highlights some of the legislative trends in state and local tax that emerged during Q1 2023.
On April 10, 2023, the U.S. Treasury Department issued proposed regulations identifying certain micro-captive transactions as listed transactions or transactions of interest for purposes of the disclosure rules for taxpayers and material advisors. The proposed regulations are in response to
On April 3, 2023, the U.S. Tax Court ruled in Farhy v. Commissioner[1] that the IRS lacks statutory authority to assess Form 5471 penalties under I.R.C. § 6038(b)(1) or (2). As a result, the IRS cannot proceed with the collection
In the second episode of GT’s state and local tax podcast – GeTtin’ SALTy – host Nikki Dobay talks to Jared Walczak, Vice President of State Projects at the Tax Foundation. They address Tax Foundation’s 2023 State Tax Legislative Initiatives,
In the inaugural episode of GT’s state and local tax podcast – GeTtin’ SALTy – host Nikki Dobay is joined by Morgan Scarborough, VP of Tax Policy at MultiState Associates, to discuss legislative updates in the first quarter of 2023.
On March 24, the Washington Supreme Court in a 7-2 decision upheld the 7% capital gains tax enacted in 2021, concluding the tax violated neither the Washington state Constitution nor the U.S. Constitution. The capital gains tax, effective Jan. 1,
The applicable penalty for the non-willful failure to file a foreign financial account is applied on a per-form basis, not a per-account basis, the U.S. Supreme Court decided Feb. 28 in Bittner v. United States. This ruling, a divided
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California’s youngest tax agency, the Office of Tax Appeals (OTA), may be in for some significant changes based on proposed amendments (Proposed Amendments) to Title 18, Chapter 4.1 of the California Code of Regulations, which were issued by the OTA
Nikki E. Dobay, a shareholder in GT’s State & Local Tax (SALT) Practice, is quoted in a Tax Notes article titled “Business Groups Urge Oregon Lawmakers to End Throwback Rule.”
