Hatch, Wyden Introduce Bipartisan Retirement Savings Bill
Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah and ranking member Ron Wyden, D-Ore., on March 8 introduced the bipartisan Retirement Enhancement and Savings Bill of 2018 (RESA) (Sen....
View ArticleElectronic Billboard Tax Was Constitutional
A local tax on outdoor advertising in Maryland was constitutional and did not violate free speech rights. Tax on Electronic Billboards A media company owned and used outdoor signs in Baltimore. The...
View ArticleNew Mexico Withholding Statement Requirements Changed
New Mexico withholding statement requirements have been revised in recent legislation to: remove exemptions for certain employers and payors; require electronic filing for certain employers and payors;...
View ArticleWeekly Report from Washington, D.C.
Congress remains focused on post-tax reform legislation infrastructure proposals. A fiscal year 2018 omnibus spending bill could be released by the House as early as the week of March 12. Congress...
View ArticleFlorida Senate Passes IRC Conformity Bill
The Florida Senate adopted amendments to a House federal conformity bill. Like the House version, the IRC in effect on January 1, 2018 would be adopted for Florida corporate income tax. Bonus...
View ArticleGeorgia Explains Sales Tax for Research Services
A Georgia Department of Revenue letter ruling discuses how sales tax applies to an out-of-state company’s sales of market research reports and services. Reports in Tangible Format The company’s...
View ArticleCan Quill’s Sales Tax Nexus Rule Survive the Internet?
In a digital age, what circumstances should be considered to create sales tax nexus between a state and an online retailer? Is physical presence a proper baseline for determining whether a state can...
View ArticleWays and Means Crafting IRS Reform Legislation
The House Ways and Means Committee is expected in the coming weeks to release its plan to reform the IRS. The Committee is currently crafting legislation to redesign the IRS and is offering a peak into...
View ArticleState Department Will Be Allowed to Disclose Return Information to...
The IRS has proposed regulations authorizing the State Department to disclose return information to contractors in its passport unit. Disclosing return information to these contractors furthers a tax...
View ArticleFlorida Reaches Agreement on IRC Conformity, Other Tax Issues
The Florida legislature reached agreement on a corporate income tax federal conformity and rate adjustment bill. The changes, if enacted, will apply retroactively to January 1, 2018. Federal Conformity...
View ArticleKentucky Rolling Stock Exemption Limited to Items Involving Trains
The Kentucky sales tax exemption for trains and rolling stock did not apply to a rail transportation company’s purchases of: track items; signal items; and herbicide. Kentucky Rolling Stock Exemption...
View ArticleWhere You Retire Can Have a Taxing Effect
Wolters Kluwer Reviews State Tax Treatments of Retirement Benefits (NEW YORK, NY, March 13, 2018) — When contemplating locations for retirement, warm weather and proximity to family are likely top...
View ArticleLawmakers, White House Continue to Talk Tax Reform
Although tax reform was enacted last December under the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97), the discussion of tax cuts and reform continues to be a priority among lawmakers on Capitol Hill....
View ArticleIRS Ending Offshore Voluntary Disclosure Program (IR-2018-52)
The IRS has announced it will begin to shut down the 2014 Offshore Voluntary Disclosure Program (OVDP). The program will close on September 28, 2018. Therefore, U.S. taxpayers with undisclosed foreign...
View ArticleFAQs Provide Transition Tax Filing, Payment Guidance (IR-2018-53)
The IRS has released Frequently Asked Questions (FAQs) to address a taxpayer’s filing obligations and payment requirements with respect to the transition tax. The FAQ’s instructions are for filing 2017...
View ArticleFlorida Enacts Scholarship Contribution Credit Changes
Florida legislation changes several provisions involving the credit for contributions to nonprofit scholarship funding organizations (SFOs). Addition Adjustments In determining corporate income tax...
View ArticleIdaho Updates IRC Conformity, Passes Other Reform
Idaho Governor C.L. “Butch” Otter has signed significant tax reform legislation. Idaho and IRC Conformity The legislation updates the state’s Internal Revenue Code (IRC) conformity date to: December...
View ArticleWashington Revises Nexus Rules
Washington excise tax rules on interstate sales of tangible personal property and minimum nexus thresholds have been amended. Minimum Receipts Thresholds Establish Nexus Under the amended rules, a...
View ArticleWyoming Exempts Cryptocurrencies
Cryptocurrencies are exempt from Wyoming property tax.Wyoming has enacted legislation that exempts property it defines as “virtual currency”. Virtual Currency in Wyoming For the exemption, “virtual...
View ArticleHouse Lawmakers Examine Tax Extenders
The House Ways and Means Tax Policy Subcommittee held a March 14 hearing in which lawmakers and stakeholders examined the future of various temporary tax extenders post-tax reform. Over thirty tax...
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