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Multistate Tax  |  July 22, 2022
State Tax Matters
State Tax Matters
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Income/Franchise:
Michigan: New Law Addresses How and When Some Partnerships Must Report Federal Tax Adjustments

S.B. 248, signed by gov. 7/19/22. Applicable retroactively to tax years beginning on and after January 1, 2018, new law addresses how and when some partnerships must report federal tax adjustments to the Michigan Department of Treasury (Department) in response to changes in the federal partnership audit and adjustment process under the federal 2015 Bipartisan Budget Act. The new law mandates partnerships and partners to report final federal adjustments arising from a partnership level audit or an administrative adjustment request and to make payments as required, and it provides that if a taxpayer files a federal adjustments report or an amended return with the Department within the specified time period, the Department may not assess additional tax, interest, and penalties after the expiration of the limitations period. Please contact us with any questions.

 

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In this issue

Income/Franchise
California FTB Extends Filing Deadline for Class Action Settlement Claims Involving LLC Fee Refunds

Illinois DOR Letter Rulings Address Nexus and Bonus Depreciation Adjustments in a Reorganization

Michigan: New Law Addresses How and When Some Partnerships Must Report Federal Tax Adjustments

New York: Affiliate’s Income Must Be Included on Combined Return but Bad Debt Deductions are Proper

Oregon DOR to Conduct Rule Advisory Committee Meeting for PTE Tax Rules on August 2

Sales/Use/Indirect
New Mexico: Updated Guidance Reflects New GRT Deduction on Sales of Some Services to Manufacturers

Gross Receipts
Virginia Supreme Court Says ITFA Exempts Certain Internet Services from Local BPOL Taxation

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