Law Firm News
Today's Date: Bookmark This Website
US Supreme Court lets Equifax tax ruling stand
Recent Court Cases | 2014/07/01 14:45
The U.S. Supreme Court said Monday that it won't hear an appeal from credit bureau Equifax Inc. involving what it considered an adverse tax ruling in Mississippi.

The appeal was a reaction to a 2013 Mississippi Supreme Court decision that Equifax had to prove that it didn't earn any taxable income in the state. The state Department of Revenue examined Equifax's income and allocated some to Mississippi, ruling it owed taxes and penalties.

The Mississippi court upheld the Revenue Department's calculation of the company's taxes based on revenue earned in Mississippi, thus increasing its tax liability from zero to over $700,000, according to court documents.

The Council on State Taxation, Georgia Chamber of Commerce and The Institute for Professionals had filed "friend of the court" briefs in the case.

Lawmakers responded during the 2014 session by passing a law to change how the state collects taxes.

A key part of the law could make it harder for the state to rule that multistate corporations are paying too little in taxes to Mississippi. It says the Department of Revenue would have to present clear and convincing proof before it could reallocate how a company splits its income among states, and only do so in "limited and unique, nonrecurring circumstances."

The Department of Revenue estimates all changes in the law, including a phase-in of lower interest rates for overdue taxes, will cost Mississippi $100 million a year.


[PREV] [1] ..[1339][1340][1341][1342][1343][1344][1345][1346][1347].. [2190] [NEXT]
All
Law Firm Legal News
Attorney Legal Opinions
Lawyer World News
Court and Trial
Legal News Interview
Trending Legal Issues
Top Attorney News
Recent Court Cases
Latest Law Firm Issues
Judge to weigh Louisiana AG..
Trump says he’s in ‘no rus..
Trump says he’s in ‘no rus..
HK defends its immigration p..
Ex-UK lawmaker charged with ..
Court sides with the FDA in ..
US immigration officials loo..
Trump asks supreme court to ..
Turkish court orders key Erd..
Trump administration says So..
Austria’s new government is..
Mexico says it will impose r..
Trump signs order designatin..
Trump administration says it..
Defense secretary defends Pe..


   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
 
 
© www.legal-news-world.com. All rights reserved.

These articles provided on the web site has been prepared by Legal News World as a service for the legal community and is not meant to be seen as professional legal advice. These contents do not substitute for a consultation with a licensed attorney for your legal matters. Legal News World is intended to give you the latest updates on the hot legal topics going on in the world. It not be used to assess a specific legal situation.Lawyers Web Design by Law Promo.