US Supreme Court lets Equifax tax ruling stand
Headline Legal News
The U.S. Supreme Court said Monday that it won't hear an appeal from credit bureau Equifax Inc. involving what it considered an adverse tax ruling in Mississippi.
The appeal was a reaction to a 2013 Mississippi Supreme Court decision that Equifax had to prove that it didn't earn any taxable income in the state. The state Department of Revenue examined Equifax's income and allocated some to Mississippi, ruling it owed taxes and penalties.
The Mississippi court upheld the Revenue Department's calculation of the company's taxes based on revenue earned in Mississippi, thus increasing its tax liability from zero to over $700,000, according to court documents.
The Council on State Taxation, Georgia Chamber of Commerce and The Institute for Professionals had filed "friend of the court" briefs in the case.
Lawmakers responded during the 2014 session by passing a law to change how the state collects taxes.
A key part of the law could make it harder for the state to rule that multistate corporations are paying too little in taxes to Mississippi. It says the Department of Revenue would have to present clear and convincing proof before it could reallocate how a company splits its income among states, and only do so in "limited and unique, nonrecurring circumstances."
The Department of Revenue estimates all changes in the law, including a phase-in of lower interest rates for overdue taxes, will cost Mississippi $100 million a year.
Related listings
-
Court rejects appeal of gay jury selection case
Headline Legal News 06/25/2014A federal appeals court on Tuesday refused to reconsider its ruling granting heightened legal protections to gays and lesbians, prompting three dissenting judges to warn of far-reaching implications in same-sex marriage cases in the Western United St...
-
Court: No blanket exemption for police dashcams
Headline Legal News 06/13/2014The state Supreme Court has ruled that state dashboard cameras can't be withheld from public disclosure unless they relate to pending litigation. Five of the high court's members said Thursday that the Seattle Police Department wrongly used a state s...
-
High court won't hear California's prison appeal
Headline Legal News 06/10/2014The U.S. Supreme Court on Monday let stand a lower court ruling that California bears responsibility for nearly 2,000 disabled parolees housed in county jails. The decision could leave state taxpayers liable for problems at some of the jails, said Je...
Any contracts or any transactions can go awry at any time
We know your business means a lot to you and want to understand all the aspects of your business so that we can help you in the best ways possible. We don’t discriminate depending on the size of your company. Our mission statement is to represent all business owners and entrepreneurs by navigating them through the rough waters of business litigation and guiding them to success.
We are attorneys who want to make sure we understand your business objectives and goals before we start providing you with legal counsel individualized to your business. We know what it means to be dedicated to your business. After all, we are a business as well. And just like you, we want to provide the best service we can to our clients.
Any contracts or any transactions can go awry at any time. Sometimes, making important business decisions without legal help from business attorneys could cost you your business.We don’t want you or your business to be misconstrued by anyone. Our attorneys make sure that we communicate with you often to make sure we are giving you the legal guidance you need at all times. We make sure we are responsive in a timely-manner with every single one of our clients to help them identify risks and prevent legal battles before they arise.