Daily Tax Report: State
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IRS Changes Its Position on Frequently Asked Questions
This month, the IRS announced a new process for frequently asked questions (FAQs) on newly enacted tax legislation. Here’s why it matters—and why it’s not enough.
Michigan Lawmakers Urge $300M Revival of Tax Incentive Program
A bipartisan team of Michigan lawmakers introduced bills Wednesday that would revive a defunct state tax incentive program after the state lost out on Ford Motor Co. electric vehicle plants.
L.A. Track Sues US Racing, BUSR Alleging Illegal Horse Betting
Horse racetrack Los Angeles Turf Club Inc. and Pacific Racing Association filed suit Wednesday in the Central District of California alleging that online entities US Racing and BUSR promote and market illegal online betting on California horse races.
SALT Cap Changes Still in Play as Democrats Trim Biden Plan (1)
The scaled-back spending package Democrats are wrangling over in Washington could still include a measure to expand or temporarily remove the cap on the federal deduction on state and local taxes.
Maryland Digital-Ad Case Assigned to New Judge After Recusal (1)
The tech industry’s legal challenge to Maryland’s tax on digital advertising has been assigned to a new federal judge after the judge who initially oversaw the the case abruptly withdrew.
SALT Cap Temporary Boost More Likely Than Repeal, Democrat Says
Democratic Rep.
SALT Cap Changes Still on Table as Democrats Debate Agenda: Neal
House Ways and Means Chair
One More Thought: Mount Rushmore of Tax Havens (Video)
The trove of secret files, dubbed the Pandora Papers, reveal a tax haven that may be closer than you think. David Westin reflects on the tens of millions of dollars sheltered by trust companies in South Dakota in this edition of One More Thought on Bloomberg Wall Street Week.
Up Next
Industry Impact Analysis
Delivery Services Face Patchwork of Sales Tax Collection Duties
The ripple effects of the Supreme Court’s groundbreaking Wayfair decision on taxing sales across state borders is now impacting third-party delivery services like Grubhub and Uber Eats.
Biden’s Capital Gains Plan Triggers Inheritance Tax Concerns
A Biden administration proposal to increase the capital gains rate on inherited wealth has ratcheted up interest in taxes levied upon death or transfer of wealth.
Cryptoartists Also Need Creativity Figuring Out State Sales Tax
If the cryptoart market continues to make headlines with its current pace of growth, it’s likely only a matter of time before state tax departments and legislatures will be looking for their piece of the action.