TEI Urges FASB to Withdraw Proposed Updates Requiring Disclosure of Government Assistance Agreements
On February 10, 2016, TEI submitted a comment letter to the Financial Accounting Standards Board concerning the FASB's proposal to require public disclosure of material terms and conditions of government assistance agreements.
TEI Requests CRA Include Employer-Provided Gift Cards in Policy of Not Including Value of Small Gifts as Income to Employees
On February 9, 2016, TEI submitted a letter to the Canadian Revenue Agency recommending that certain employer-provided gift cards be included in the CRA's policy of not including small employer-provided gifts as income to employees. The letter discusses why including gift cards into this policy increases choices for recipient employees and maintains the policy’s purpose of reducing the administrative burdens on employers who would otherwise have to track the value of such gift cards for tax purposes.
U.S. Supreme Court Issues "GVR" Order in First Marblehead Massachusetts Apportionment Case
On October 13, 2015, the U.S. Supreme Court issued an order following TEI's recommendation to issue a "GVR order" in First Marblehead v. Massachusetts Commissioner of Revenue. First Marblehead involves the proper apportionment of financial institution's income under Massachusetts' financial institutions excise tax under the dormant Commerce Clause.
U.S. Supreme Court Rules Maryland Tax Credit is Unconstitutional in Comptroller v. Wynne
On May 18, 2015, the United States Supreme Court issued a decision in Comptroller v. Wynne, holding that Maryland's personal income tax- which did not offer its residents a full credit for income taxes paid to other states on income they earned in those states - was unconstitutional. The majority opinion (5-4), authored by Justice Alito, held that the tax violated the dormant Commerce Clause because it discriminated against interstate commerce. Justices Scalia, Thomas, and Ginsburg authored dissenting opinions on varying grounds.