State and Local

Tax

AICPA Backs Income Tax Simplification Bill for Mobile Workforce

A bipartisan bill that would simplify and standardize state income tax collection for employees who travel across state lines for temporary work assignments has received support from more than 250 organizations, including the AICPA.
A&A

GASB Proposal Looks to Ease Transition to Pension Standards

The Governmental Accounting Standards Board (GASB) on July 2 issued for public comment a proposed statement on the transition provisions of GASB's new pension standards for state and local governments.
A&A

GASB Seeks Public Input on Two Measurement Concept Proposals

The GASB is seeking public comment on a proposed concepts statement it issued on June 20 that would guide the GASB when establishing standards regarding the measurement of assets and liabilities for state and local governments.
Tax

2013 NFL Draft: Who's #1 . . . After Income Taxes?

Nobody wants to come in second instead of first. But depending on how the pieces of the tax puzzle fit together, second place could be a lot more profitable. Take a look at this recent scenario in which the number two draft choice netted well over a quarter million dollars more than the number one.
Tax

Is This the Year for Tax Reform?

Is 2013 shaping up to the year of tax reform? "There are more proposals this year than we have seen in the last five years, and an unprecedented number of major state tax reform proposals," said Harley Duncan, a managing director at KPMG.
Tax

Is Pole Dancing a Tax-Exempt Art Form?

If the owners of the Upstate New York strip club Nite Moves have their way, the Supreme Court will be taking up that question. They are challenging a $124,921 tax bill levied by state tax authorities and affirmed by appeals court judges.
Tax

How to Prepare Clients for the Marketplace Fairness Act

The Marketplace Fairness Act gives states the authority to enforce sales tax collection requirements on most retailers for online sales purchased by residents of the state, even if the retailers have no physical presence in that state.
Tax

MLB Free Agents Scramble to Minimize Tax Hit

With the election behind us and a strong probability of more tax hikes ahead, Major League Baseball free agents have rushed to the negotiating table in the hope of pulling as much of their future income as possible into 2012.
Tax

Ex-Miami Marlins Face Tax Tsunami in Canada

Multimillion-dollar contracts are nothing unusual in major league baseball, and neither is trading. But the problem for five recently traded Marlins is that their remaining contracts will be paid out subject to much higher taxes.
Education & Careers

IRS Needs Advisory Committee Members

The IRS is seeking applications for vacancies on the Advisory Committee on Tax Exempt and Government Entities (ACT). The committee provides a venue for public input on relevant areas of tax administration.
A&A

New GASB User Guide Helps Taxpayers Understand School District Finances

How can taxpayers follow how their money is being spent on public education? What is the difference between a school district's budget and its financial statements? Answers to these questions, and many others, can be found in GASB's new user guide, What You Should Know about Your School District's Finances.
Tax

Federal and State Tax Returns Due on Tuesday, April 17

Individual taxpayers have an extra day to file income tax returns, extensions, and estimated tax payments this year due to the Washington D.C. holiday, Emancipation Day, which is Monday, April 16.
Practice

'Cash Mob' Sensation Reviving Local Businesses

In a retail market dominated by generic superstores, pop-up corner pharmacies, and faceless online shopping, it has become increasingly difficult for "main street" businesses - the very businesses that provide the individual stamp and distinctive character of their communities - to survive.
Tax

California to tax scofflaws: Pay up or lose your driver's (or CPA) license

The California State Assembly has approved Assembly Bill 1424, the Delinquent Taxpayer Accountability Act, aimed at the state's worst tax debtors. The bill delivers a clear message: pay your back taxes or we'll suspend your driver's license and/or professional licenses.
Tax

Amazon, California reach agreement in sales tax battle

Lawmakers in California say they've reached a truce with Amazon in a contentious disagreement over whether the online bookseller should collect state sales tax.
A&A

NASBA, AICPA announce online mobility tool designed to help CPAs practice across state borders

The NASBA and the AICPA have launched an online tool designed to help CPAs navigate the new practice privilege requirements, commonly referred to as mobility laws, that allow CPAs to practice across state borders.
A&A

With pension fund dwindling, Central Falls, RI, enters bankruptcy

The smallest city in Rhode Island has landed in bankruptcy court after making retirement benefits promises it was unable to keep, a dilemma facing many municipalities across the country.
Tax

State and Local Tax: e-books are not subject to New York State sales and use tax

In an advisory opinion, the New York State Department of Taxation and Finance has concluded that a California seller's sales of e-books are not subject to sales and use tax.
Tax

California tax amnesty program opens August 1

Taxpayers who have underreported their California income tax liabilities through the use of abusive tax avoidance transactions or offshore financial arrangements will be permitted to obtain a waiver of most penalties under an amnesty program beginning in August.
A&A

GASB to propose changes to accounting for state pensions

The Government Accounting Standards Board (GASB) will propose changes later this month to the method used by most U.S. state and local governments when they report unfunded pension liabilities on their balance sheets. The proposed changes could result in an increase in the amount of liabilities governments will report.

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