KPMG report: Inconsistency in state conformity to the Code
Overlooked complexities imposed by state incorporation of the Code
Overlooked complexities imposed by state incorporation of the Code
State conformity to the federal Internal Revenue Code is not a new topic, but it continues to challenge states and taxpayers whenever Congress amends the Code.
Read a June 2024 report* prepared by KPMG LLP tax professionals that aims to look beyond the more routine conformity issues and explore some overlooked complexities imposed by state incorporation of the Code. The report also highlights recent examples of why paying close attention to the nuances of how states conform to the Code can meaningfully inform taxpayers’ state tax positions.
* This article originally appeared in The Tax Adviser and is provided with permission.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.