Tax Report - Institute for Professionals in Taxation

Oct 22, 2014 - Fort Lauderdale, FL. Program .... Income Tax professionals in the Bio-Tech/Life Science/ ...... Tax Director (Orlando, Florida) – Starwood Hotels.
1MB Sizes 3 Downloads 92 Views
Tax Report

Institute for Professionals in Taxation®

Excellence Through Tax Education

October 2014

Income Tax Symposium

Property Tax Symposium

Program Registration Hotel Reservation

Program Registration Hotel Reservation

November 9 - 12, 2014 Marriott Harbor Beach Resort Fort Lauderdale, FL

Income Tax IPT’s Amicus Brief to the Tennessee Supreme Court Supporting the Application for Permission to Appeal in Vodafone Americas Holdings, Inc. v. Roberts On September 9, 2014, IPT filed a brief in the Tennessee Supreme Court as amicus curiae in support of the taxpayers’ Application for Permission to Appeal in Vodafone Americas Holdings, Inc. v. Roberts. In Vodafone, the Tennessee Court of Appeals, in a 2-1 decision, upheld the Revenue Commissioner’s issuance of a variance under Tennessee’s codification of UDITPA Section 18 to require the taxpayer to apportion its income using market-based sourcing in lieu of the statutorily-prescribed cost of performance method. The brief was authored and IPT is represented in the case by Carolyn Schott of Sherrard & Roe, PLC. Reprinted as an article in this issue are the substantive portions of the brief, which argues that the Court should grant review in Vodafone because, if the Court of Appeals decision is allowed to stand, taxpayers will be unable to rely on the Tennessee statutes as written and because any change in the state’s apportionment policy should be made by the state legislature after careful consideration rather than by the tax administrator or the courts. Carolyn W. Schott, Esq. Sherrard & Roe, PLC Nashville, TN Phone: (615) 742-4589 E-mail: [email protected] Article begins on page 4

November 9 - 12, 2014 Marriott Harbor Beach Resort Fort Lauderdale, FL

Credits and Incentives

Sales Tax Lemon Law Sales Tax Refunds —the Bitter and the Sweet

Class 7c: The Newest Property Tax Incentive in Cook County

Although the provisions of state lemon laws differ from state to state, they generally require the manufacturer of a car that does not meet the warranty requirements to furnish a comparable replacement or to refund the purchase price, which in many states includes refunding sales tax paid by the customer. This article examines the refund policies in twenty-one states and shows that, although the purpose of lemon laws is to protect consumers rather than to enrich state coffers, sales tax refunds are unavailable to manufacturers in a number of states.

In a rare move, the Cook County, Illinois, government recently added a new, streamlined and less restrictive property tax incentive intended to encourage development and revitalization of properties before blight occurs. This article discusses the key provisions of the new “Class 7c” incentive and highlights how it differs from and improves upon the existing property tax incentives available in the county.

J. Elaine Bialczak, Esq. Compton & Associates, LLP Marietta, GA Phone: (770) 988-9059 E-mail: [email protected]

Minah C. Hall, Esq. True Partners Consulting LLC Chicago, IL Phone: (312) 235-3316 E-Mail: [email protected] Jennifer Carroll, Esq. True Partners Consulting LLC Dallas, TX Phone: (469) 212-2690 E-Mail: [email protected]

Article begins on page 10 Article begins on page 13

In this Issue President's Corner . . . . . . . . . . . . . . . . . . . . . . . . . 3 Counsel's Corner . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Property Tax Symposium . . . . . . . . . . . . . . . . . . . 19 Income Tax Symposium . . . . . . . . . . . . . . . . . . . 20 Pharma/Biotech/Life Science Regional Seminar . 21 TTARA Annual Meeting . . . . . . . . . . . . . . . . . . . . 22

Property Tax Calendar . . . . . . . . . . . . . . . . . . . . . State Business Income Taxation Book . . . . . . . . CMI Corner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CMI Candi