The Pa. Revenue Department May Be Rewriting Act 52

Law360, New York ( May 12, 2014, 3:47 PM EDT) -- On April 14, 2014 the Pennsylvania Department of Revenue issued Notice 2014-1, which requires those taxpayers having elected method 1 with receipts from investment assets and activities to use method 2. These taxpayers have 30 days from the date of the notice to recalculate the tax due in accordance with the notice and make any additional payments due as a result. All financial institutions with any activity in Pennsylvania should carefully consider the notice. For example, if a financial institution owns a note secured by a mortgage or lien on Pennsylvania real estate or personal property, it should consider the applicability of the Pennsylvania bank shares tax....

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