The Tax Exchange - September 2017
Due to the recent hurricanes in the southern U.S., many employers are looking for ways to provide financial assistance to their employees who have been impacted by these major disasters. There are several tax-advantaged methods employers can use to provide financial support to these employees.
In response to the devastation from Hurricane Harvey, the IRS, Texas and other states have provided guidance on extended filing deadlines. Texas taxpayers should consider a number of sales and use tax benefits created to help taxpayers rebuild and repair their businesses after natural disasters.
As the September 15 deadline draws ever closer and taxpayers and return preparers alike begin to ramp up filing efforts again, it’s important to remain cognizant of changes in reporting requirements that may have occurred for the tax year.
Most commonly impacting drop-shipment transactions, “double throwback” of receipts to the sales factor refers to a scenario where a taxpayer is not subject to tax in both the state where goods are shipped by a vendor and the state where the customer is located.
A Chevron Australia spokesman indicated the company reached a “reasonable resolution” with the Australian Taxation Office (ATO) on the transfer pricing dispute over an intercompany loan.
When the 2017 legislative session kicked off in January, states were not yet discussing tax amnesties as a mechanism to relieve budget deficits and revenue shortfalls.