On January 31, 1996, Tax Executives Institute filed the following comments with the Virginia legislature opposing proposed legislation to permit localities to hire accounting firms to conduct audits of local taxes
Of those spending more time on state and local taxes
, increased compliance requirements and in creased enforcement were each cited by 43% of the respondents as primary causes of the escalating work load.
Specifically, tax executives are charged with the responsibility to manage the burden of state and local taxes
and to ensure compliance with the manifold forms of income, excise, payroll, sales and use, and alternative tax systems.
In short, many companies underestimate the impact of state and local taxes
on their bottom lines.
you know about the state and local taxes
corporations must pay.
The highest percentage increase in state and local taxes
was on tobacco products, which rose 6.
Thus, after wrestling with the issue for more than half a decade, the IRS declined to answer it, "officially" leaving open the question of what rule is to be applied to certain liabilities -- in particular, state and local taxes
-- during the six-year interregnum between the enactment of the Deficit Reduction Act of 1984 and the promulgation of the regulations.