Peter L. Faber
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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.
By Alysse McLoughlin, Diann Smith, Mark Nebergall, Peter L. Faber and Stephen P. Kranz 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...
By Peter L. Faber 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...
By Peter L. Faber 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.
By Peter L. Faber 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...
By Peter L. Faber 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...
By Peter L. Faber 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...
By Peter L. Faber 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...
By Peter L. Faber 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...
By Peter L. Faber 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...
By Peter L. Faber 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...