Tax Services: Independence, Technical Prowess and Proven Expertise in Dealing with Complex Tax Valuation Issues

By: Duff And Phelps  09-12-2011

In this byline article, Sullivan urges property owners to be vigilant about their property value when the new assessments come out on May 1 in Colorado.

In this byline article, Kapoor emphasizes that transfer pricing in most cases is more than a compliance issue.

Coming on the heels of strong 2010 retail results, the Internal Revenue Service (IRS) added a bit of New Year's cheer by issuing two favorable pronouncements on January 5 regarding the tax treatment of gift cards issued by retailers for returned merchandise.

On December 16, 2010, the U.S. House of Representatives (the "House") voted to approve Senate amendments (S. Amdt. 4753) to House bill 4853 (H.R. 4853), also referred to as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act.

As the holiday season swings into full gear this upcoming week, the Federal Courts issued retailers an early present in the form of a favorable decision enjoining the State of New Jersey from implementing legislation impacting the State's authority to collect unredeemed gift card balances as unclaimed property.

With year-end around the corner, now is the time to review your company's state tax liability and credit utilization. Many companies in the midst of year-end planning may find themselves with unused state tax credits and should be looking for opportunities to monetize them.

During this webcast presenters shared recent legislative, administrative and judicial developments that impact corporations across a broad range of industries. They also shared best practices to assist companies who are trying to adapt to the changing environment.

Property tax departments are challenged more than ever before to perform tasks with fewer resources and reduced budgets. The property tax process can be costly, especially if the paperwork is handled manually. Oftentimes, property tax bills are misplaced or property tax bills are paid more than once. Automating the property tax payment process significantly reduces the cost and time associated with the old fashioned way of AP processing.

Based on the lobbying efforts of many multi-national companies Delaware has taken a major first step in liberalizing its unclaimed property provisions. The concern among the Delaware legislature was that many of the large corporations who might fall subject to a Delaware unclaimed property audit would re-incorporate outside of the state, and erode the tax base the state receives from its franchise taxes paid based on the number of issued shares issued by a Delaware incorporated entity. The franchise tax is the largest revenue base for the state, with unclaimed property collections comprising the second largest revenue source. On June 29, 2010, the Delaware legislature passed a bill reforming the state's unclaimed property provisions.

Duff & Phelps’ Gregory Burkart published in Smart Grid News.

One of the major challenges corporate tax departments face is ensuring the incentives secured are actually realized.

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