Nordstrom in Tax Dispute
Baltimore Maryland tax authorities and Nordstrom Inc. are headed to state tax court Wednesday over a corporate income-tax dispute.
Maryland authorities say Nordstrom owes just over $1 million for corporate income taxes that the retailer put into holding companies registered in Delaware. Maryland’s neighboring state charges no corporate income tax, and Maryland tax authorities routinely challenge companies they believe are hiding revenues in that state.
Last month, a Maryland tax judge awarded the state $1.1 million in corporate income taxes from a subsidiary of another apparel retailer, The Talbots Inc.
Maryland has assessed Nordstrom a total of $2.1 million for corporate income taxes the state believes was shifted to two Delaware holding companies. The total includes more than $1 million in taxes and a similar amount in interest and penalties.
In a statement, a Nordstrom spokesman said the retailer is contesting the charge. Spokesman Michael Boyd says Nordstrom pays millions in taxes to Maryland every year and does not believe it has evaded any payments. The sides meet in Maryland Tax Court on Wednesday.
Nordstrom has five locations in Maryland.
Integrated Silicon Solution names cfo
SAN JOSE, Calif. Integrated Silicon Solution has announced the appointment of John Cobb to the position of cfo and vp of finance and administration effective May 12.
In Cobb’s most recent experience, he held the position of cfo and vp of finance and administration of power integrations, a San Jose, Calif.-based fabless analog semiconductor company, for five years.
Rocky Mountain Chocolate names new vps
DURANGO, Colo. Rocky Mountain Chocolate Factory has announced the appointment of two new officers to its management team. Donna Coupe has been hired as vp of franchise support at the company and Jeremy Kinney has been promoted to vp of finance.
Coupe has over 16 years prior experience with Rocky Mountain Chocolate Factory, during which time she served as retail store manager, field consultant and director of franchisee support.
Kinney has approximately nine years of experience with Rocky Mountain Chocolate Factory and has held a variety of operational and financial positions, including director of retail operations and operations analysis, and corporate controller.