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 UP Bill Would Retroactively Require Reporting of Gift Cards and B2B Transactions
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Apr 25, 2017
Posted In Constitutional Issues, Illinois, Nationwide Importance, Unclaimed Property
Earlier this year, an unclaimed property rewrite bill (HB 2603) was introduced in the Illinois House that would require holders to retroactively report a number of property types currently exempt. The provision would require a retroactive period of 10 report years. Items that are currently exempt that would become reportable include gift cards and property...
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DC Council Introduces False Claims Expansion – Taxpayers Beware!
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Apr 24, 2017
Posted In District of Columbia, False Claims Act, Michigan, Nationwide Importance, Procedure
Last month, a bill (The False Claims Amendment Act of 2017, B22-0166) was introduced by District of Columbia Councilmember Mary Cheh that would allow tax-related false claims against large taxpayers. Co-sponsors of the bill include Chairman Jack Evans and Councilmember Anita Bonds. Specifically, the bill would amend the existing false claims statute to expressly authorize...
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Delaware Proposes Unclaimed Property Regulations – No April Fools
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Apr 7, 2017
Posted In Audits, Constitutional Issues, Delaware, Nationwide Importance, Procedure, Unclaimed Property
On Saturday, April 1, 2017, the Delaware Department of Finance (DOF) promulgated two regulations that would repeal all existing unclaimed property regulations and replace them with a single DOF regulation containing a revised Reporting and Examination Manual. The Secretary of State (SOS) also promulgated a regulation that outlines the method of estimation to be used...
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Unclaimed Property Gift Card Legislation to Watch
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Feb 7, 2017
Posted In New Hampshire, Oregon, Unclaimed Property
Most states are well off to the races with their 2017 legislative sessions and several states have gift card legislation pending that would impact unclaimed property holders. Oregon On January 9, 2017, a bill (SB 113) was introduced in the Senate that would create a new unclaimed property reporting obligation for gift cards, which would apply...
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Breaking News: Unclaimed Property Legislation Passes Delaware General Assembly
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Jan 26, 2017
Posted In Delaware, Nationwide Importance, Procedure, Uncategorized, Unclaimed Property
On January 26, 2017, the Delaware House approved comprehensive unclaimed property rewrite legislation (SB 13) that was passed by the Senate (with committee amendments) last week. Our summary of many of the key provisions of the bill (as introduced) is available here. Because the amended version of SB 13 has now passed both chambers of...
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Breaking News: Delaware Unclaimed Property Legislation – Lipstick on a Pig?
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Jan 12, 2017
Posted In Delaware, Nationwide Importance, Procedure, Unclaimed Property
The Delaware General Assembly has introduced legislation that would significantly rewrite the Delaware unclaimed property statute by repealing the three current subchapters and replacing them with a single unclaimed property subchapter. This article highlights key proposed changes in the bill. Read the full article.
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Revised Uniform Unclaimed Property Act Finalized for State Enactment—Legislative Drafting Notes and Interpretative Comments Added
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Nov 18, 2016
Posted In Audits, Constitutional Issues, Nationwide Importance, Procedure, Unclaimed Property
The fourth iteration of a uniform unclaimed property act—entitled the Revised Uniform Unclaimed Property Act (RUUPA or Act)—has been finalized by the Uniform Law Commission for state enactment. The new Prefatory Note, Legislative Notes, and Comments components offer further explanatory guidance on the Act. Read the full article.
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BREAKING NEWS: No Physical Presence Required for Ohio CAT Imposition
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Nov 17, 2016
Posted In Constitutional Issues, Income Tax, Nationwide Importance, Nexus, Ohio, Sales Tax
Today, the Ohio Supreme Court issued its much-anticipated slip opinions in the three companion cases challenging Ohio’s Commercial Activity Tax (CAT) economic nexus standard. See Crutchfield Corp. v. Testa, Slip Op. No. 2016-Ohio-7760; Newegg, Inc. v. Testa, Slip Op. No. 2016-Ohio-7762; and Mason Cos., Inc. v. Testa, Slip Op. No. 2016-Ohio-7768. In ruling 5-2 in...
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New Delaware Unclaimed Property Decision Further Complicates Landscape
By Diann Smith, Eric D. Carstens and Stephen P. Kranz on Sep 29, 2016
Posted In Audits, Constitutional Issues, Delaware, Interest and Penalties, Nationwide Importance, Procedure, Unclaimed Property
Another federal judge slams Delaware’s unclaimed property audit methodology but rejects the holder’s reliance on the priority rules as a defense to the audit demands. See Marathon Petroleum Corp. et al. v. Cook et al., No. 1:16-cv-00080-LPS (D. Del., Sept. 23, 2016). The court recognized the unjustness of Delaware’s audit approach, but followed a previous case...
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BREAKING NEWS: Discussion Draft of Online Sales Simplification Act of 2016 Released
By McDermott Will & Emery, Diann Smith and Stephen P. Kranz on Aug 25, 2016
Posted In Audits, Constitutional Issues, Nationwide Importance, Nexus, Sales Tax, Transaction Taxes
Today, the Chairman of the House Judiciary Committee, Rep. Goodlatte from Virginia, released the long-anticipated discussion draft of the Online Sales Simplification Act of 2016. Highlights of the bill include: The bill implements the Chairman’s much-discussed ‘hybrid-origin’ approach. The bill removes the Quill physical presence requirements for sales tax collection obligations under certain circumstances. States...
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