When state tax developments in the form of court decisions, rulings, proposed and enacted legislation, policy organization proposals, etc. are released daily, what do you do with them?
First of all, do you read them? Do you even scan them?
If you do more than scan and you even read them, what next? Do you simply file them away and say, 'that is interesting.' Or do you take the development and attempt to determine its application to your company's facts or client facts?
Do you take a proactive approach or reactive approach?
Do you contact states to comment on proposed legislation to help form it or guide it to a fair and just enactment? Do you identify risks that may cause your company or client exposure upon audit? Do you identify refund opportunities?
Or better yet, do you read the state tax development in detail and turn it upside down to look at it from a different perspective that may yield unexpected benefits?
With so many state tax developments happening daily, it can be difficult to determine what is worth reading and what isn't. But even after you make that judgment call, it can be even more difficult to determine what it means for you? Why should you care? What can you do with it?
We need to leverage these state tax developments to their fullest extent to provide proactive benefits to our company and clients. We also need to leverage each other's expertise. We don't need to fight the struggle for clarity alone.
That is what I am all about. Working to make this 'game' of state taxation easier. Let's leverage knowledge and each other. To that end, please contact me with your questions and I may answer them in a future blog post. No obligation. All information kept confidential.
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2016 Survey of State Tax Departments
Bloomberg BNA recently released its annual Survey of State Tax Departments. I recommend you get your free copy and gain additional insight to what states are thinking. The answers may not be totally reliable, but they will help you make informed decisions.
Bloomberg BNA is also holding a webinar on May 20th regarding the survey.