There have been two interesting developments in Arizona as a result of Wayfair . First, the Arizona House of Representatives pushed forward a resolution, H.C.M. 2006, last week to formally ask Congress to enact uniform national legislation to simplify sales tax or similar tax collection by all states and to reduce the burden of tax compliance on remote sellers. In addition, the Arizona Senate pushed forward S.C.M. 1003, requesting Congress to do the same, on February 13.
Second, Arizona has also advanced a bill that would create a separate office, the Arizona E-Commerce Compliance Office (AECO), for the sole purpose of monitoring the Arizona Department of Revenue and ensuring that the Department complies with the U.S. Constitution’s Commerce Clause limitations on taxing interstate activity.
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AMA works with legislators to increase affordable housing, prevent harmful regulations | AZ Big
The state of Arizona has been experiencing unprecedented levels of growth . Since 2006, the state's renter population has increased by 383,460 people, while the state's overall population has simultaneously grown by over one million people.
Our state's strong economy, low taxes, and business-minded leadership has been attracting citizens from places like California, Oregon, and Illinois, where local laws disincentivize development and hinder growth.
Still The Least Dangerous Branch: Supreme Court Unanimously Rules That Federal Common Law Does
On February 25, 2020, the United States Supreme Court issued a unanimous opinion vacating a decision by the U.S. Court of Appeals for the Tenth Circuit applying federal common law to determine the allocation of a corporate tax refund among group members.
United Western Bancorp (the “ Parent ”), owned United Western Bank, a bank placed in receivership (the “ Bank ”) during the Great Recession. Parent filed a consolidated tax return on behalf of itself and the Bank. Parent, who found itself in bankruptcy, claimed a $4.1 million refund, which stemmed from losses the Bank incurred.
Utica works on zoning rules for townhouse rentals | The Times
In a contentious and lengthy public hearing over changes in short-term property rentals, Grand Bear unit owners debated their problems with lodge owners during a Utica Planning Commission meeting Thursday.
The hearing, continued from a November meeting, dealt with amendments to an existing ordinance which would, according to Utica attorney Herb Klein, clarify under "what conditions and/or circumstances in which zoning districts short-term vacation home rentals may be allowed."
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India Seeks Tax Overhaul at OECD to Boost Tax from Tech Cos: ET
Indian government is seeking a tweak in methodology for assessing taxes at Organization for Economic Co-operation and Development that will help it in collecting more tax from global tech companies, The Economic Times reported citing people it didn't identify.
Aberdeen Global Premier Properties Fund Announces Payment Of Monthly Distribution
Under U.S. tax rules applicable to the Fund, the amount and character of distributable income for each fiscal year can be finally determined only as of the end of the Fund's fiscal year. However, under Section 19 of the Investment Company Act of 1940, as amended (the "1940 Act") and related Rules, the Fund may be required to indicate to shareholders the estimated source of certain distributions to shareholders.
The following table sets forth the estimated amounts of the sources of the distribution for purposes of Section 19 of the 1940 Act and the Rules adopted thereunder. The table has been computed based on generally accepted accounting principles.
U.S. GAO - Private Pensions: IRS and DOL Should Strengthen Oversight of Executive Retirement Plans
Executive retirement plans allow some executives to defer their pay and related income taxes to future years. We looked at these plans and found:
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Our recommendations to IRS and the Department of Labor are to improve information about these plans and strengthen oversight.
Executive retirement plans allow select managers or highly compensated employees to save for retirement by deferring compensation and taxes. As of 2017, more than 400 of the large public companies in the Standard & Poor's 500 stock market index offered such plans to almost 2,300 of their top executives, totaling about $13 billion in accumulated benefit promises.
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