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MTC Adopts New Model Statute For Combined Reporting

Law360 ADVERTISEMENT By Paul Williams · August 4, 2021, 6:42 PM EDT The Multistate Tax Commission adopted model legislation Wednesday that state legislatures can copy to carry out the so-called Finnigan apportionment method, which treats members of a business group as one taxpayer. To view the full article, register now. ADVERTISEMENT × Sign up now for free access to this content Enter your details below and select your area(s) of interest to receive Law360 Tax Authority daily newsletters Email (NOTE: Free email domains not supported) First Name Phone Number (###-###-####) PLEASE NOTE: A verification email will be sent to your address before you can access your trial.

Inside the state of state tax policy

Inside the state of state tax policy
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[Podcast] Data Processing, PL 86-272, and the MTC Partnership Tax Project | BakerHostetler

[Podcast] Data Processing, PL 86-272, and the MTC Partnership Tax Project | BakerHostetler
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United States: The Multistate Tax Commission is primed to revamp its Multistate Transfer Pricing Collaboration and Enforcement Initiatives

Global Compliance News June 9, 2021 4 Mins Read Share In brief The Multistate Tax Commission (MTC) is set to revamp its transfer pricing collaboration and enforcement initiatives following the first public meeting of its State Intercompany Transactions Advisory Service (SITAS) Committee in over four years. At the end of last year, the SITAS Committee appointed its new Chair- Krystal Bolton, who is also an assistant director at the Louisiana Department of Revenue’s field audit income tax division. On 23 March, Ms. Bolton hosted representatives from state revenue agencies, practitioners, taxpayers, and other members of the public in a virtual conference to overview the history of the SITAS Committee and to present the results of a multistate survey regarding intercompany transactions and transfer pricing.

Where individual, corporate, and passthrough entity taxation meet

Where individual, corporate, and passthrough entity taxation meet By Mo Bell-Jacobs, J.D.; Bridget McCann, CPA; and Steve Wlodychak, J.D., LL.M. Related Editor: Bridget McCann, CPA By now, most practitioners are well aware of the annual limitation enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, in 2017 that limits the amount of state and local taxes individuals can deduct for federal income tax purposes to not more than $10,000 ($5,000 in the case of a married individual filing a separate return) (the SALT cap). 1 No doubt most are also aware of the ensuing legislation at the state level to offer taxpayers a workaround to the SALT cap by enacting passthrough-entity-level taxes, which arguably impose the tax liability for owners of passthrough entities (PTEs) (such as partnerships, LLCs treated as partnerships, and S corporations) instead directly on the PTE.

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