TEI Issues Policy Statement on Financial Statement Impact of Tax Law Changes
TEI Issues Policy Statements Regarding the Sales Taxation of Business Inputs, Trailing Nexus, and the Confidentiality of Taxpayer Information
TEI Updates Policy Statements Addressing Independent State Tax Tribunals and Contingent Fee Audit Arrangements
TEI Issues Policy Statement Regarding the State Implementation of Federal Partnership Audit Rules
TEI Updates Policy Statement Regarding the Reporting of Federal Income Tax Adjustments
On January 23, 2017, TEI updated its state and local tax policy statement regarding the Reporting of Federal Income Tax Adjustments. The original policy statement, issued in November 2015, noted that states vary substantially regarding the amount of time to report such changes and the triggers for reporting of such changes. TEI thus recommended a reporting time of at least 180 days, uniform triggers, and the option for taxpayers to report changes using a streamlined report similar to the Federal 1120X rather than filing an amended state tax return.
TEI Issues Policy Statement on Retroactive Tax Legislation
On September 20, 2016, TEI issued a new policy statement on retroactive tax legislation. The policy statement takes the position that sound tax policy and administration require governments to provide taxpayers with certainty and fairness, and these principles are not satisfied when legislatures are permitted to enact retroactive tax legislation without meaningful limits.
TEI Issues Policy Statements on Alternative Apportionment and State Tax Haven Legislation
On June 15, 2016, TEI issued two new state and local tax policy statements on alternative apportionment and state tax haven legislation.
TEI Issues Policy Statement on Statutes of Limitation for State and Local Taxes
On April 26, 2016, TEI issued a policy statement on statutes of limitation for state and local taxes. TEI maintains statutes of limitation for assessments and refund claims should be equal; unilateral administrative actions should only toll statutes of limitation for a reasonable, limited period; and when a federal change reopens a state or local statute of limitation, any resulting assessment should be limited to the impact of the federal change on the taxpayer's tax liability unless the taxpayer has signed an agreement extending/modifying the jurisdiction's statute of limitation.
TEI Issues Five State and Local Tax Policy Statements
In November 2015, TEI issued five state and local tax policy statements: (1) Reporting Federal Income Tax Changes, (2) Audit Procedures, (3) Corporate Tax Return Due Dates, (4) State and Local-Imposed Audit Fees, and (5) Interest Rates. TEI's policy statements reflect TEI's position on important state and local administrative and procedural issues. They are intended to enable TEI to respond quickly to issues as they arise across the country and to facilitate advocacy by providing formal position papers TEI's members can use when communicating with taxing agencies.
TEI Issues Policy Statement on Independent State Tax Tribunals
On February 1, 2012, TEI issued a policy statement setting forth the Institute's position encouraging all states to establish pre-payment, independent tax tribunals presided over by individuals possessing a strong knowledge of the tax law.