The Multistate Tax Commission (“MTC”) is set to revamp its transfer pricing collaboration and enforcement initiatives following the first public meeting of its State Intercompany Transactions Advisory Service (“SITAS”) Committee in over four years. At the end of last year, the SITAS Committee appointed its new Chair- Krystal Bolton, who is also an assistant director at the Louisiana Department of Revenue’s field audit income tax division. On March 23rd, Ms. Bolton hosted representatives from state revenue agencies, practitioners, taxpayers, and other members of the public in a virtual conference to overview the history of the SITAS Committee and to present the results of a multistate survey regarding intercompany transactions and transfer pricing.
New York lawmakers recently introduced two bills to expand the application of the New York State False Claims Act (“FCA”). The first intends to require the FCA to apply to non-filers, the second to remove the scienter element (i.e., no longer imposing a “knowing” requirement). Although both bills are retroactive and concerning, removing the scienter element should put all businesses on high alert as enforcement of the tax laws could now be in the hands…
The Baker McKenzie SALT team presented the second session of its monthly webinar series covering coast-to-coast state and local tax developments on August 5, 2020. This month’s SALT Savvy webinar features Baker McKenzie Economist Holly Glenn, who shares her thoughts on the recent transfer pricing developments in Indiana and other states. If you were unable to attend the session, links to the recording and materials are provided below: View the recorded webinar Download the materials
Two states recently unveiled transfer pricing enforcement tactics to, in their view, combat improper intercompany profit shifting.