Trump to Nominate Michael Desmond as IRS Chief Counsel
President Trump has announced his intent to nominate Michael J. Desmond as IRS chief counsel and assistant general counsel at Treasury. Desmond, currently a tax attorney, has run his own law firm in...
View ArticleWays and Means Democrats Criticize IRS of Overreach
House Ways and Means Democrats, in a March 5 letter to Acting IRS Commissioner David J. Kautter, criticized the Service’s interpretation of certain provisions within the Tax Cuts and Jobs Act of 2017...
View ArticleTaxpayers’ Made Excess Roth IRA Contributions; Excise Tax Imposed (Mazzei, TC)
The taxpayers, not their Roth IRAs, owned foreign sales corporation (FSC) stock purchased by their Roth IRAs. The form of the Roth IRAs’ purchase of the FSC stock did not accord with its substance....
View ArticleGeorgia Enacts IRC Conformity Update, Rate Cuts
Georgia has adopted legislation that: updates the corporate and personal income tax federal Internal Revenue Code (IRC) conformity date to February 9, 2018, with certain exceptions; lowers the top...
View ArticleIllinois Introduces Marketplace Fairness Act
Illinois could require remote retailers to collect sales tax when they meet certain sales thresholds in Illinois. A bill providing for such thresholds, called the Marketplace Fairness Act, was...
View ArticleOregon Tax Bill Includes IRC Conformity
The Oregon House passed a tax bill that updates the state’s Internal Revenue Code (IRC) conformity date. The bill would: update the conformity date to December 31, 2017; change how the federal...
View ArticleWolters Kluwer Offers New Tax Cuts and Jobs Act Self-Study Courses
(NEW YORK, NY, March 6, 2018) – Wolters Kluwer Tax & Accounting is now offering a series of self-study courses that focus on the implications of the Tax Cuts and Jobs Act. Developed with the latest...
View ArticleIRS Needs More Funding, Mnuchin Tells Lawmakers
Treasury Secretary Steven Mnuchin told House lawmakers in a March 6 hearing that the IRS needs additional funding to properly implement the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). Mnuchin’s...
View ArticleOPR Highlights Important Process Change
The IRS Office of Professional Responsibility (OPR) on March 6 issued an alert highlighting an important process change. The OPR has modified its investigation procedures to give practitioners an...
View ArticleFlorida House Passes IRC Conformity, Rate Reductions
The Florida House of Representatives passed legislation that would: adopt the IRC in effect on January 1, 2018 for determining corporate income tax liability; require an addition adjustment for the...
View ArticleIRC Conformity Bill Passes Indiana House
An Indiana House bill the would update the state’s income tax Internal Revenue Code (IRC) conformity date and change corporate income tax rates. Specifically, the House passed the bill to: updated the...
View ArticleKentucky House Passes Cigarette Tax Increase, Opioid Tax
The Kentucky House of Representatives passed a budget bill containing: an increase in cigarette taxes; and a new tax on opioid distributors. Proposed Cigarette Tax Increase If enacted, a cigarette...
View ArticleNew Mexico Enacts Small Business Sales Tax Holiday
New Mexico enacted a sales tax holiday for small businesses on Thanksgiving weekend in both 2018 and 2019. The “Small Business Saturday” tax holiday will run for 24 hours on the first Saturday after...
View ArticleOregon Stays Connected to Federal Extenders
Oregon did not disconnect from the federal extenders in the Bipartisan Budget Act of 2018. Oregon taxpayers may claim: the Oregon tuition and fees subtraction (code 308 if taxpayers claimed the federal...
View ArticleSenate Democrats Aim to Rollback GOP Tax Cuts to Finance Infrastructure
Senate Democrats outlined a plan on March 7 to rollback GOP tax cuts and benefits enacted under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97 ). The income would finance a $1 trillion infrastructure...
View ArticleAlabama Tax Amnesty Program Enacted
The Alabama Tax Delinquency Amnesty Act of 2018 has been enacted. The amnesty program will be held from July 1, 2018, to September 30, 2018. Eligibility for Alabama Tax Amnesty The program applies to...
View ArticleFlorida to Vote on Constitutional Amendment for Taxes
Floridians will vote on whether to add a supermajority vote requirement for taxes to the state constitution. The proposed constitutional amendment would require a supermajority vote in both chambers of...
View ArticleHawaii Might Tax Remote Sellers Making $100,000 in State
Hawaii might subject out-of-state businesses making $100,000 or more in the state to general excise tax. Legislation passed by the Senate would also: add a definition of “marketplace provider”; include...
View ArticlePayment Processors, Others Might Be Subject to Hawaii Tax as Sellers
Hawaii might require some providers of services on behalf of another seller to be subject to tax as sellers. Services on Behalf of Sellers Those who might be subject to general excise and use tax as...
View ArticleTax Implications of March Madness
Wolters Kluwer Reminds March Madness Enthusiasts That the Ides of April Soon Follows It’s March Madness time and office pool participants are studying the NCAA brackets. Wolters Kluwer Tax &...
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