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A Big Thank You to Our Readers

We greatly appreciate our readers over the past year and are pleased to share that we were recently recognized by Law360 as the Tax Group of the Year. In 2018, McDermott’s tax practice made headlines with its various high-profile state and local, US federal and international matters. Through our blogs, thought leadership pieces and tax-focused events, we are dedicated to maintaining our position as a leading firm for tax work and keeping clients abreast of significant and relevant topics in the industry.

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Happy Holidays from McDermott’s SALT Practice

In our holiday tradition, as a thank you to all of our Inside SALT readers and subscribers, we are pleased to present our annual Inside SALT Crossword Puzzle Contest. We hope you’ll enjoy this little diversion that tests your knowledge of key state and local tax developments this year. To enter, please download and print the puzzle by clicking on the image below. After you complete the puzzle, please send it as a PDF file to skranz@mwe.com no later than January 4, 2019, at 11:59 pm EST. The first eligible entrant to submit a complete and correct puzzle wins a $200 Amazon gift card. The contest is open to registered Inside SALT email subscribers from the United States and District of Columbia who are age of majority or older. (To become a subscriber, please enter your email address in the box on the right side of your screen.) Contest ends at 11:59 pm EST on January 4, 2019. Participation is subject to the Official Rules. For complete details, view the...

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Federal Digital Goods Bill: Rules of the Road for State Sales and Use Taxation of Digital Goods and Services

Today, US Senators John Thune (R-SD) and Ron Wyden (D-OR) filed the Digital Goods and Services Tax Fairness Act of 2018 (S.3581) for reintroduction in the United States Senate. A companion version is expected to be reintroduced tomorrow in the House of Representatives by Representatives Lamar Smith (R-TX) and Steve Cohen (D-TN). This bill, if enacted, would establish a national framework for how states apply their sales and use tax systems to sales and uses of digital goods and digital services.  The bill would resolve current uncertainty regarding which state has the right to tax certain sales and whether a state has the right to tax the sale of a digital good or digital service. The bill also would establish uniform, destination-based, sourcing rules for sales of such products and services. Sales of digital goods and services are highly mobile transactions. A customer could have a billing address in one state and download a digital good from the seller’s...

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Finishing SALT: September Wrap-Up & Looking at October

Top Hits You May Have Missed Illinois Department of Revenue Issues Post-Wayfair Guidance Implementing October 1 Economic Nexus Law Reform Pending for Illinois Captive Insurance Framework More States Respond to Federal Tax Reform Speaking Engagements in October: October 1, 2018: Steve Kranz spoke at the Institute for Professionals in Taxation (IPT) 2018 Sales & Use Tax Symposium in Indian Wells, CA regarding Preparing for and Winning Litigation of Sales Tax Cases at the Administrative, Trial and Appellate Levels. October 5, 2018: Peter Faber spoke at the ABA Tax Section in Atlanta, GA about the efforts by the states to circumvent the federal limitations on deducting state taxes. October 9, 2018: Peter Faber spoke at the NYC Department of Finance Seminar in New York, NY about the implications of federal tax reform for the city. October 10, 2018: Peter Faber spoke at the PLI Conference on Mergers and Acquisitions in New York, NY about the aspects of state...

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Tax in the City: March Key Takeaways

McDermott hosted the first Tax in the City® meeting of 2018 in its Chicago office on March 15, 2018. Tax in the City® is a discussion and networking group for women in tax aimed at fostering collaboration and mentorship, and facilitating in-person connections and roundtable events around the country. The Chicago program was one of the best attended Tax in the City® events to date, featuring a CLE/CPE presentation about the State Tax Impacts of Tax Reform by Cate Battin, Alysse McLoughlin and Diann Smith, followed by a discussion of Employee Benefits Impacts of Tax Reform by Diane Morgenthaler. The roundtable portion of the event covered federal tax reform issues, such as effects on partnerships, the GILTI tax, the BEAT tax, followed by an update on South Dakota v. Wayfair, a United States Supreme Court case reexamining the physical presence requirements for state sales tax collection nexus. Key State & Local Tax Takeaways from Tax in the City® Chicago...

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Finishing SALT: Inside SALT’s Monthly Recap

Wrapping Up December – and Looking Forward to January You can view all of the topics we discussed over the last month here. Our lawyers appear at the following state and local tax events in January: January 23, 2018: Diann Smith will be presenting “State Transfer Pricing Audits: Effective Strategies to Minimize Your Risk” at the 27th Annual Ohio Tax Conference in Columbus, Ohio. January 24, 2018:  Stephen Kranz is presenting “Handling State Tax Controversies to Win!!” at the 27th Annual Ohio Tax Conference in Columbus, Ohio, solving tax problems holistically to achieve success, understanding the offensive and defensive tools available and the avenues for relief when interacting with the government, planning and building the team to effectively work all avenues the government offers, tools available including Freedom of Information Act (FOIA), policy solutions and litigation, with Jeff McGhehey, Senior Manager, Indirect Tax, The Home Depot.

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Final 2017 Tax in the City Meeting Focuses on Tax Reform

McDermott hosted its last Tax in the City® women’s tax roundtable of the year in its Chicago office on December 14, 2017. The Chicago Year-In-Review event featured a CLE/CPE presentation, “Key Provisions of International Tax Reform,” by Britt Haxton, Kristen Hazel and Sandra McGill, followed by a roundtable discussion on interest expense limitations, changes to net operating loss provisions, pass through tax rates and effects of tax reform on benefits. Additionally, Catherine Battin, Mary Kay Martire and Jane May discussed the SALT perspective on the international tax reform provisions.  A summary of key Illinois income tax changes is below, and a thorough explanation of the new SALT implications in the tax reform bills can be found here. SUMMARY OF KEY ILLINOIS INCOME TAX CHANGES Mid-Year Rate Increase Effective July 1, 2017 From 5.25% to 7% for corporations From 3.75% to 4.95% for individuals, trusts and estates Statute contains guidance on how to allocate...

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Happy Holidays from McDermott’s SALT Practice

In our holiday tradition, as a thank you to all of our Inside SALT readers and subscribers, we are pleased to present our annual Inside SALT Crossword Puzzle Contest. We hope you’ll enjoy this little diversion that tests your knowledge of key state and local tax developments this year. To enter, please download and print the puzzle by clicking on the image below. After you complete the puzzle, please send it as a PDF file to skranz@mwe.com no later than January 5, 2018, at 11:59 pm EST. The first eligible entrant to submit a complete and correct puzzle wins a $200 Amazon gift card. The contest is open to registered Inside SALT email subscribers from the United States and District of Columbia who are age of majority or older. (To become a subscriber, please enter your email address in the box on the right side of your screen.) Contest ends at 11:59 pm EST on January 5, 2018. Participation is subject to the Official Rules. For complete details, click here to...

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Finishing SALT: Inside SALT’s Monthly Recap

Wrapping Up November – and Looking Forward to December You can view all of the topics we discussed over the last month here. Our lawyers appear at the following State and Local Tax events in December: December 4–5, 2017: Peter Faber, Arthur Rosen and Diann Smith spoke at the 36th Annual NYU Institute on State and Local Taxation. December 14, 2017: Catherine Battin, Mary Kay Martire and Jane May are presenting about the SALT aspects of Tax Reform at the Tax in the City® - Year in Review, which will focus on tax reform.

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State Income Tax Implications of Base Broadening Components of House and Senate Tax Reform Bills

While there are differences between the House and Senate tax reform bills that remain to be worked out between the two chambers, both bills are positioned to broaden the tax base and reduce the tax rate. This article highlights the possible impact on state income tax liabilities stemming from the base broadening provisions. Continue Reading.

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