Oregon Advises on Treatment of IRC Sec. 965 Income
Individuals in Oregon must add back the federal deduction for repatriation income under Internal Revenue Code (IRC) §965. Federal Tax Deferred on §965 Income Oregon issued guidance to personal income...
View ArticleConviction for Obstructing Tax Law Administration Reversed (Marinello, SCt.)
An individual’s conviction for obstructing tax law administration was reversed. The government failed to show that the individual knew a “proceeding” was pending when he engaged in the obstructive...
View ArticleEmergency Regulations Adopted for Appeals From CDTFA
The California Department of Tax and Fee Administration (CDTFA) has adopted emergency appeals regulations for purposes of the taxes it administers. These regulations: implement sections of the...
View ArticlePreliminary CA Report on IRC Conformity Revised
The California Franchise Tax Board (FTB) revised its preliminary report on certain provisions of the federal Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). Among other things, the report addresses...
View ArticleHouse Approved Omnibus Spending Bill Fixes TCJA “Grain Glitch,” Increases IRS...
The House on September 22 by a 256-to-167 vote approved the $1.3 trillion fiscal year 2018 government spending bill, unveiled late the night before, which includes several tax provisions and increases...
View ArticleGlobal Intangible Low-Taxed Income Subtraction Goes to Georgia Governor
A Georgia bill containing an income tax subtraction from dividends received for global intangible low-taxed income (IRC §951A) goes to the governor. The change would apply to tax years beginning...
View ArticleIllinois Advises on Reporting §965 Repatriation Income
Illinois issued reporting requirements for the IRC §965 foreign income repatriation enacted by the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97). The guidance applies to all tax practitioners and...
View ArticleIRC Conformity Bill Goes to Ohio Governor
The Ohio Senate has concurred in the House amendments to an Internal Revenue Code (IRC) conformity bill. The bill now goes to the governor. Ohio Conforms to New Federal Tax Code The bill incorporates...
View ArticleTrump Signs Government, IRS Funding Bill; Tax Provisions Included
Just hours before government funding was set to expire, President Trump on March 23 signed the bipartisan Consolidated Appropriations Act, 2018 (HR 1625), averting a government shutdown. The omnibus...
View ArticleWeekly Report from Washington, D.C.
President Trump signed a $1.3 government spending bill, which contains several tax provisions and increases funding for the IRS. House Ways and Means Chairman Kevin Brady, R-Tex., announced that an IRS...
View ArticleIdaho Enacts Click-Through Nexus
Enacted Idaho legislation amends the definition of “retailer engaged in business in the state” for purposes of sales and use tax to include: – any retailer that has an agreement, directly or...
View ArticleIdaho Updates IRC Conformity
Recently enacted Idaho legislation updates the state’s Internal Revenue Code (IRC) conformity date to: – December 21, 2017, for tax year 2017; – December 31, 2017, applicable to IRC Sec. 965...
View ArticleIndiana Enacts Cloud Services Exemption
Cloud services will be exempt from Indiana sales tax, effective June 30, 2018. Under a new law, the right to access to prewritten software will not be a retail transaction if the end user accesses the...
View ArticleHouse Lawmakers Release Bipartisan IRS Reform Proposal
A bipartisan proposal to redesign the IRS for the first time since 1998 was released on March 26. House Ways and Means Oversight Subcommittee Chairman Lynn Jenkins, R-Kan., and ranking member John...
View ArticleAlabama Extends Deadlines for Storm Victims
Alabama extends deadlines to file tax returns for individuals and businesses that were affected by severe weather on March 19, 2018. Those taxpayers affected by the storms in the declared emergency...
View ArticleNew York Allows Withdrawal of Group Election in Some Cases
For a limited time, certain New York taxpayers can withdraw the commonly owned group election made on a 2015 or 2016 combined return. For the withdrawal to be allowed, all corporations in the original...
View ArticleIRS Proposes Changes to Summons Interview Regulations (NPRM REG-132434-17)
The IRS has proposed changes to the summons interview regulations. These changes restrict the role nongovernment attorneys can play in audits and litigation. Under the new rules nongovernment attorneys...
View ArticleIRS Chief Outlines Tax Reform Implementation
The IRS is already working on implementing tax reform, according to IRS Acting Commissioner David Kautter. The current chief of the Service discussed at a Tax Executives Institute event this week in...
View ArticleCalifornia Releases Summary of 2017 Federal Legislation
The Franchise Tax Board issued a second preliminary report explaining certain federal tax law provisions enacted in 2017 and any corresponding California income and franchise tax laws. The first...
View ArticleFlorida Enacts Local Business Tax Exemption for Honorably Discharged Veterans
A Florida local business tax exemption is enacted for veterans, spouses of veterans, certain servicemembers, and low-income persons. The following are entitled to an exemption from a business tax and...
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