Diann Smith
Subscribe to Diann Smith's PostsDiann Smith focuses her practice on state and local taxation and unclaimed property advocacy. Diann advises clients at any stage of an issue, including planning, compliance, controversy, financial statement issues and legislative activity. Her goal is to find the most effective method to achieve a client's objective regardless of when or how an issue arises. Diann emphasizes the importance of defining a client's objective - whether it is finality of a frequently audited issue, quick resolution of a stand-alone tax liability, or avoiding competitive disadvantages in the application of a tax. The defined objective then governs the choice of the path to a solution. Read Diann Smith's full bio.
Illinois Confirms Treatment of Deemed Repatriated Foreign Earnings Provisions
By Diann Smith and Stephen P. Kranz on Mar 23, 2018
Posted In Federal Tax, Illinois, Income Tax, Nationwide Importance, Tax Base
On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted in the federal tax reform bill (known as the Tax Cuts and Jobs Act, or “TCJA”). The Department confirmed key aspects of Illinois’ treatment of...
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More States Respond to Federal Tax Reform
By Diann Smith and Stephen P. Kranz on Mar 19, 2018
Posted In Federal Tax, Idaho, Income Tax, Iowa, Minnesota, Nationwide Importance, New York, Tax Base
It’s been nearly three months since the federal tax reform bill (commonly referred to as the Tax Cuts and Jobs Act, or “TCJA”) was enacted and states continue to respond to the various provisions of the TCJA. Recently, there have been notable legislative efforts in New York, Idaho, Iowa and Minnesota. New York Starting with...
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Southeast States Respond to Federal Tax Reform and NJ Senate Leader Talks Tax Surcharge to Limit Corporate “Windfall”
By Diann Smith and Stephen P. Kranz on Mar 9, 2018
Posted In Federal Tax, Georgia, Income Tax, Nationwide Importance, New Jersey, Tax Base, Virginia
Virginia and Georgia are two of the latest states to pass laws responding to the federal tax reform passed in December 2017, known as the Tax Cuts and Jobs Act (TCJA). Both states updated their codes to conform to the current Internal Revenue Code (IRC) with some notable exceptions. Virginia On February 22, 2018, and...
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Update on State Responses to Federal Tax Reform: Illinois and Oregon
By Diann Smith and Stephen P. Kranz on Mar 8, 2018
Posted In Federal Tax, Illinois, Income Tax, Nationwide Importance, Oregon, Tax Base
States are moving to advance different solutions in their efforts to address federal tax reform. Illinois recently introduced legislation to addback the new deduction for foreign-derived intangible income (a topic we’ve previously covered), and its Department of Revenue has issued its position on other aspects of federal reform. Oregon, after resolving a controversy between its...
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McDermott’s Take on State Tax after Reform
By Diann Smith, Mark Nebergall and Stephen P. Kranz on Mar 1, 2018
Posted In Constitutional Issues, Income Tax, Local Tax, Nationwide Importance, Sales Tax
Due to the current impact and the likelihood that states will consider legislation and agency guidance addressing federal tax reform implications for state business taxes, a united, effective, nationwide advocacy effort is needed to ensure the issues are consistently addressed on a multi-state basis. In preparation for anticipated ramifications, a multi-state coalition will need to...
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Tax Takes Video: State Tax after Reform…Where Are We Going?
By Diann Smith and Stephen P. Kranz on Feb 21, 2018
Posted In Allocation/Apportionment, Income Tax, Nationwide Importance, Tax Base
Determining financial statement impact from the state flow through of federal tax reform will be complicated by changes in state tax policy expected to be adopted. In our latest Tax Takes video, McDermott’s Steve Kranz and Diann Smith discuss the issues with Joe Henchman, Executive Vice President of the Tax Foundation. The group suggests options for companies...
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Governor Cuomo’s Amended Budget Bill Would Address the Deemed Repatriation Dividend Provisions
By Diann Smith and Stephen P. Kranz on Feb 20, 2018
Posted In Federal Tax, Income Tax, New York
New York is the latest state to address certain state tax implications of the 2017 federal tax reform bill, the Tax Cuts and Jobs Act. Governor Andrew Cuomo’s 30-day amendments to the Governor’s Budget Bill were released on February 15 and one piece of the amended Bill explicitly addresses the foreign-earnings, deemed federal repatriation provisions...
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Connecticut Responds to the Federal Repatriation Tax
By Diann Smith and Stephen P. Kranz on Feb 16, 2018
Posted In Connecticut, Federal Tax, Income Tax
Earlier this month, Connecticut Governor Dan Malloy released his Governor’s Bill addressing the various state tax implications of the federal tax reform bill enacted by Congress in December 2017, commonly referred to as the “Tax Cuts and Jobs Act.” Among other things, the Governor’s Bill addresses Connecticut’s treatment of the foreign earning deemed repatriation tax...
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Washington Legislature Introduces Revised Uniform Unclaimed Property Act
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Jan 18, 2018
Posted In Nationwide Importance, Unclaimed Property, Washington
On January 10, 2018, a bill was introduced in the Washington State Legislature that would substantially enact the Revised Uniform Unclaimed Property Act (RUUPA) finalized by the Uniform Law Commission (ULC) in late 2016. The bill, House Bill (HB) 2486, is sponsored by Representative Paul Graves at the request of the ULC and would be...
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District of Columbia Takes First Step to Decouple from Federal Tax Reform
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Dec 29, 2017
Posted In District of Columbia, Federal Tax, Franchise Tax, Local Tax
On December 19, 2017, DC Councilmember Mary Cheh introduced the District Tax Independence Act of 2017 (Act), which would require the Chief Financial Officer (CFO) to submit a report outlining the steps and amendments necessary to decouple the District’s tax deduction laws from federal law. As introduced, the Act would require this report by no...
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