TEI Issues Policy Statements Regarding the Sales Taxation of Business Inputs, Trailing Nexus, and the Confidentiality of Taxpayer Information
TEI Advocates the Need to Update State Statutes Governing the Reporting Federal Income Adjustments at the SEATA and MSATA Meetings
MTC Adopts Recommendation to Expand the Partnership Workgroup’s Mandate and Use the Interested Parties’ Draft as a Starting Point for a MTC Model Statute Update
TEI Updates Policy Statements Addressing Independent State Tax Tribunals and Contingent Fee Audit Arrangements
TEI Advocates Need to Update State Statutes Governing the Reporting Federal Income Adjustments at the National Conference of State Legislatures Meeting (June 15, 2017)
On January 23, 2017, TEI updated its state and local tax policy statement regarding the Reporting of Federal Income Tax Adjustments. The original policy statement, issued in November 2015, noted that states vary substantially regarding the amount of time to report such changes and the triggers for reporting of such changes. TEI thus recommended a reporting time of at least 180 days, uniform triggers, and the option for taxpayers to report changes using a streamlined report similar to the Federal 1120X rather than filing an amended state tax return.