Alston & Bird Tax Blog

State & Local Tax

NY Tribunal Disallows Broker-Dealer Sourcing for Receipts from a Disregarded LLC

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Our State & Local Tax Team discusses a decision from the New York Tax Appeals Tribunal that holds that a single member of a broker-dealer is not entitled to use broker-dealer sourcing in NY. Decision impacts millions at stake for NY taxpayers Taxpayers relied on prior guidance from the NY Division of Taxation The Tribunal reverses a widespread view on disregarded LLCs Read the full advisory here. [...]Read more

Weekly Client Update Continues on New TCJA Proposed Regulations

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Stay engaged with the aftereffects of the Tax Cuts and Jobs Act and the new IRS regulations. Our weekly client update continues with four scheduled sessions. Sign up here. March 19 - Global Intangible Low-Taxed Income (GILTI) March 26 - Notice 2019-1: Previously Taxed Earnings and Profits (PTEP) April 2 - Foreign Tax Credits April 9 - Section 864(c)(8) – Effectively Connected Income and Sales of Partnership Interests In case you missed them, here are links to revisit our previous sessions: State & Local Tax Opportunity Zones Anti-Hybrid Rules Outbound Case [...]Read more

Prospects of Technical Corrections in the New Congress

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In case you missed our live broadcast, please check out Scott Harty, Carolyn Smith, Earl Pomeroy, and Jack Cummings as they walk through key elements of the new regulations and address the prospects of technical corrections. Click here to listen. If you are interested in signing up for one of our future weekly webinars covering topics such as section 199A, BEAT, GILTI, foreign tax credits, opportunity zones, or state & local tax, click here. [...]Read more

Controlling Interest Transfer Taxes (Part Two)

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Some states impose a controlling interest transfer tax (CITT) in a simple, straightforward manner, but, as a whole, most states’ CITT statutes suffer from ambiguous terms, complicated calculations, and a lack of guidance. Even the states with seriously solid music scenes. In their second article for the Journal of Multistate Taxation and Incentives reviewing states’ CITT statutes (you can find the first one here), Clark Calhoun and Kathleen Cornett discuss the remaining nine states (including the District of Columbia) that tax the transfer of a controlling interest in an entity that owns real [...]Read more

‘Wayfair’: What Are the Practical Retroactivity Concerns?

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What is the practical risk that states attempt to apply Wayfair retroactively? And should taxpayers rush to limit exposure for historical periods by entering into voluntary disclosure agreements with states that might assess tax retroactively under Wayfair? In an article originally published in Bloomberg BNA’s Weekly State Tax Report, Zach Gladney and Charles Wakefield explain why applying Wayfair retroactively would be misguided and unsuccessful. To read the full article, click here. [...]Read more