The taxation of Passive Foreign Investment Companies is incredibly complicated because of the various ways these companies can be treated federally.
In this week’s issue of the Bloomberg BNA Weekly State Tax Report, Mary Beth Lougen of Expat Tax Tools brings up frequently asked questions intended to make tax professionals think about what their clients with state residency or domicile who also own a PFIC are facing.
The article can be read in its entirety here.
Some notable developments from the State Tax Developments Tracker–Bloomberg BNA’s new tool for monitoring important developments in all the states:
Washington Issues Excise Tax Advisory on Business and Occupation Deduction for Affiliated Qualified Employers of Record
California State Board of Equalization Issues Tax Guide for Out-of-State Retailers
Illinois Department of Revenue Issues General Information Letter Addressing Taxability of Computer Software Licenses
For more information about this and other state tax issues, sign up for a free trial of the Bloomberg BNA Premier State Tax Library.
In other developments…
Better Out than In: Texas Court Upholds Property Tax Assessment on Stored Natural Gas, by Sutherland
New York – Tax Appeal Tribunal Concludes Unitary Business Exists, Supports Combination, by PwC
Ohio Supreme Court Rules City of Cleveland’s Taxation of Nonresident NFL Players’ Compensation Out-Of-Proportion to Games Played at the Browns’ Stadium, by McDermott Will & Emery
Compiled by Priya D. Nair
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