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This podcast for the week of January 14, 2019, covers state and local tax developments in New Jersey, New Mexico, and Pennsylvania, as well as a multistate update on Wayfair developments.

All of this week’s TWIST episodes

Insight

NJ: Guidance issued on treatment of GILTI and FDII; Combined group composition

The NJ Division of Taxation recently released two technical bulletins that provide guidance on GILTI and FDII.

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Insight

NM: Dept. failed to establish deviation from financial institution apportionment factor was warranted

Recently, a New Mexico Hearing Officer ruled that the Department of Taxation and Revenue failed to establish that deviation from a financial institution’s apportionment factor was warranted.

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Insight

PA: Corporate tax bulletin provides hedging and other receipts are excluded entirely from the sales factor

The Pennsylvania Department of Revenue recently issued a Corporation Tax Bulletin addressing the sales factor treatment of hedging related receipts.

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Insight

Multistate: Wayfair-related developments

States covered include Texas, Virginia, Missouri, South Carolina, and Pennsylvania.

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©2020 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.