Peter L. Faber Peter L. Faber

Subscribe to Peter L. Faber's Posts
Peter L. Faber focuses his practice on corporate and business tax planning and controversy work involving federal, state and local taxes. Peter's state and local tax practice has included tax planning for corporate acquisitions, divestitures and restructurings, combined report planning, electronic commerce and nexus issues, cloud computing issues, residence matters, alternative apportionment issues and a variety of other matters. Read Peter Faber's full bio.

McDermott’s Take on State Tax after Reform


By , , , and on Mar 1, 2018
Posted In Constitutional Issues, Income Tax, Local Tax, Nationwide Importance, Sales Tax

Due to the current impact and the likelihood that states will consider legislation and agency guidance addressing federal tax reform implications for state business taxes, a united, effective, nationwide advocacy effort is needed to ensure the issues are consistently addressed on a multi-state basis. In preparation for anticipated ramifications, a multi-state coalition will need to...

Continue Reading



New SALT Implications in Proposed House and Senate Tax Reform Bills


By on Nov 30, 2017
Posted In Federal Tax, Nationwide Importance

The federal tax reform legislation is a work in progress, and its final form will undoubtedly be affected by political considerations and lobbying by interested parties. Both the House and Senate bills deserve careful study by taxpayers and their representatives, as many of the provisions will have an effect on state and local taxes. Continue...

Continue Reading



SALT Implications of the House and Senate Tax Reform Bill


By on Nov 14, 2017
Posted In Allocation/Apportionment, Constitutional Issues, Income Tax, Nationwide Importance, Transaction Taxes

Many provisions of the House and Senate tax reform proposals would affect state and local tax regimes. SALT practitioners should monitor the progress of this legislation and consider contacting their state tax administrators and legislative bodies to voice their opinions. Continue Reading.

Continue Reading



State and Local Tax Aspects of Republican Tax Reform Framework


By on Sep 29, 2017
Posted In Allocation/Apportionment, Federal Tax, Income Tax, Local Tax, Nationwide Importance, Property Tax, Tax Base, Transfer Pricing

The White House and Republican congressional leadership released an outline this week to guide forthcoming legislation on federal tax reform. The states conform to the federal tax laws to varying degrees and the extent to which they will adopt any federal changes is uncertain. This memorandum outlines some of the key areas—individual taxation, general business...

Continue Reading



Implications of Federal Partnership Audit Rules for State and Local Taxation


By on Aug 1, 2017
Posted In Federal Tax, Income Tax, Nationwide Importance

The new federal partnership income tax audit rules, scheduled to take effect on January 1, 2018, will have significant implications for the state and local taxation of partnerships and their partners. Most, but not all, states that impose a net income-based tax adopt by reference the federal definition of taxable income, but those that do...

Continue Reading



SALT Implications of Final Section 385 Debt-Equity Regulations


By on Oct 26, 2016
Posted In Federal Tax, Income Tax, Local Tax, Nationwide Importance

The recently released final regulations under Internal Revenue Code Section 385, addressing the circumstances under which related company debt will be classified as equity for federal income tax purposes, will have a significant impact on state and local taxes. Federal tax practitioners, as well as state and local tax practitioners, must address their implications. Read...

Continue Reading



SCOTUS Asked to Hear Appeal Involving Constitutionality of Retroactive Tax Legislation


By on Oct 18, 2016
Posted In Constitutional Issues, Income Tax, Nationwide Importance, Washington

The Supreme Court of the United States has been asked to hear an appeal in a case involving the circumstances in which retroactive tax legislation will be constitutional. In Dot Foods, Inc. v. State of Washington Department of Revenue, 372 P.3d 747 (Wash. 2016), the Washington State Supreme Court upheld legislation retroactively removing a corporate...

Continue Reading



SALT Implications of Proposed Section 385 Debt/Equity Regulations


By on May 18, 2016
Posted In Audits, Federal Tax, Income Tax, Local Tax, Nationwide Importance, New York

On April 4, 2016, without warning, the US Department of the Treasury proposed a new set of comprehensive regulations under section 385. There had been no advance indication that regulations were even under consideration. Although the Treasury indicated that the proposed regulations were issued in the context of addressing corporate inversions, their application went well...

Continue Reading



NYS Tax Department Relaxes Investment Income Identification Rules


By on Jan 11, 2016
Posted In Income Tax, New York

The New York State Department of Taxation and Finance has announced that it would extend the time for certain taxpayers to identify stocks as being held for investment so that income from those stocks would be tax-exempt [TSB M-15(4.1)C, (5.1)I]. Instead of having to make the identification on the date on which the stock is...

Continue Reading



NYS Tax Department Revised Sales Tax Publication Answers Some Questions but Not Others


By on Dec 4, 2015
Posted In New York, Nexus, Sales Tax

The New York State Department of Taxation and Finance (Department) has just revised its Guide to Sales Tax in New York State, Publication 750. The Guide will be particularly useful for companies that are just starting to do business in New York State. It provides a well-organized and easy-to-read outline of the steps that should...

Continue Reading



STAY CONNECTED

TOPICS

ARCHIVES