Friday, June 17, 2011
Presidents FY 2012 Budget Proposal
The Joint Committee on Taxation has just released its description of the new revenue proposals in the President's FY2012 budget. According to Software Finance and Tax Executives Council President Mark Nebergall the proposal contains provisions with respect to cost sharing arrangments which should be carefully monitored.
Thursday, June 16, 2011
Washington - DOR Tax Avoidance Transactions Draft Rule
The Washington Department of Revenue recently released its public draft rule implementing Sections 201 through 203 of 2ESSB 6143 (ch. 23, 1st Sp. Sess, Laws 2010), effective May 1, 2010.
The current draft incorporates comments on the Februray 2011 draft which were received from the DOR's stakeholder group. The draft narrows the range of transactions potentially subject to a tax avoidance analysis. It also clarifies when the analysis may be applied retroactively, as well as provides safe harbor provisions.
It is expected that the DOR will begin the formal rulemaking process shortly. During the formal rulemaking process there will be additional opportunities to provide comments on the rule.
Comments on the draft rule can be addressed to Kate Adams at KateA@DOR.WA.GOV
The current draft incorporates comments on the Februray 2011 draft which were received from the DOR's stakeholder group. The draft narrows the range of transactions potentially subject to a tax avoidance analysis. It also clarifies when the analysis may be applied retroactively, as well as provides safe harbor provisions.
It is expected that the DOR will begin the formal rulemaking process shortly. During the formal rulemaking process there will be additional opportunities to provide comments on the rule.
Comments on the draft rule can be addressed to Kate Adams at KateA@DOR.WA.GOV
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