Welcome to the latest Reed Smith update on recent developments in Massachusetts state tax. In this update, we'll discuss the following developments:
- Corporate excise tax implications of the Department's decision to treat software as tangible personal property
- The corporate excise tax treatment of excess inclusion income
- A challenge to the Department's authority to adjust net operating loss ("NOL") carryforwards
- Sales tax sourcing appeals pending at the Appellate Tax Board ("ATB")
- The application of the manufacturing classification to sales companies included in a combined report
- The sales tax directive on economic nexus, and the recently issued proposed regulation that replaced the directive
- Administrative and budget updates
- The latest in Massachusetts tax controversy.
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This article is presented for informational purposes only and is not intended to constitute legal advice.