Bloomberg BNA State Tax Advisory Board Members Offer Analysis on Contentious Issues and Hottest Trends

ARLINGTON, Va., Jan. 30, 2012 /PRNewswire-USNewswire/ -- Members of the Bloomberg BNA State Tax Advisory Board and other state tax experts convened recently to discuss critical state tax issues impacting businesses across the country. Their insights and views are contained in a new Bloomberg BNA special report, State Tax Advisory Board Roundtable, published on January 27. Through this unique perspective, tax practitioners will be better able to address and plan for emerging and evolving state tax trends and controversies.

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The discussion covered state tax cases before the U.S. Supreme Court, nexus, sourcing issues arising from electronic commerce, pass-through entities, cloud computing, enforcement procedures, and Pub. L. No. 86-272. Each discussion topic is divided into a section that includes an explanation of the issues being discussed and additional background information on each of the cases and other legal developments referred to by the participants.

One of the most challenging aspects of state tax law is the gray area that accountants and lawyers must gauge when offering advice to a client or employer. As the pace of technological innovations such as cloud computing continues to accelerate, practitioners must often apply archaic state tax code provisions to new types of transactions.

The result often is that "we think we know what the rules are, but when you apply those rules to [electronically delivered] products you really can't tell whether it is or isn't taxable," said roundtable participant James W. Wetzler—Director of Deloitte Tax LLP's New York City office and former Commissioner for the New York Department of Taxation and Finance.

The uncertainty surrounding many aspects of state tax law can also present opportunities for practitioners that can identify and exploit them. For example, New York-based companies with a significant number of customers outside the state should consider filing tax refund claims as a result of recent rulings adopting a market-based sourcing approach, said Richard Genetelli—the founder of the Genetelli Consulting Group.

State Tax Advisory Board Roundtable is an example of the detailed, substantive reports that are part of a subscription to Bloomberg BNA's Premier State Tax Library, a comprehensive state tax service that provides in-depth coverage of cutting-edge issues impacting intra- and inter-state commerce and taxation. For a copy of this Special Report and a Free Trial to Bloomberg BNA's Premier State Tax Library, contact Bloomberg BNA Customer Service at 800.0372.1033.

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SOURCE Bloomberg BNA