Additional Guidance on Foreign Earnings Transition Tax Issued (IR-2018-79;...
The Treasury and IRS have issued a fourth piece of guidance on the foreign earnings transition tax under Code Sec. 965. The transition tax, enacted as part of the Tax Cuts and Jobs Act (P.L. 115-97),...
View ArticleGuidance Addresses Withholding on Transfers of Certain Partnership Interests...
The Treasury Department and the IRS intend to issue regulations, rules, and procedures on how to qualify for exemptions from withholding, or reductions in withholding, on transfers of nonpublicly...
View ArticleIRS Outlines Guidance for Business Interest Deduction Under Code Sec. 163(j)...
The IRS has announced initial guidance for computing the business interest expense deduction under Code Sec. 163(j). In addition, the guidance discusses aspects that will be covered in future...
View ArticleNew York Passes Budget Bill With IRC Conformity, Other Changes
The New York Legislature has passed a budget bill that contains a variety of corporate franchise, personal income, property, sales and use, and other tax changes, including certain Internal Revenue...
View ArticleOhio Updates IRC Conformity
Ohio has updated its Internal Revenue Code (IRC) conformity to incorporate changes to the IRC taking effect after March 30, 2017. The incorporated changes include the federal: – Tax Cuts and Jobs Act;...
View ArticleOklahoma Enacts Changes Affecting Multiple Tax Types
Enacted Oklahoma legislation makes changes affecting the taxation of cigarettes and little cigars, fuel, oil and gas production, and hotel stays. Cigarette & Tobacco Taxes The bill: – imposes an...
View ArticleWolters Kluwer Offers Complimentary TaxWise Online Software to Help US...
(NEW YORK, NY, April 3, 2018) — For the second year in a row, Wolters Kluwer Tax & Accounting is providing its TaxWise® Online 2017 software free of charge to aid in accurately preparing tax...
View ArticleEntity’s Tax-Exempt Status Revoked (Association for Honest Attorneys, TCM)
The IRS properly revoked an organization’s tax-exempt status. The organization was organized primarily to increase public awareness of the legal system. However, its CEO used the organization to engage...
View ArticleKentucky Legislature Passes IRC Conformity, Other Changes
The Kentucky Legislature passed and sent to Gov. Matt Bevin significant income, sales and use, and cigarette tax amendments. Among other changes, the legislation would: update the Internal Revenue Code...
View ArticleWisconsin Legislature Passes Back-to-School Sales Tax Holiday, Rebate
The Wisconsin Legislature has passed a bill that would create: a back-to-school sales tax holiday in August 2018; and a one-time sales and use tax rebate for individuals raising a child or children....
View ArticleHatch Schedules Hearing on 2018 Tax Filing Season, IRS Challenges
Senate Finance Committee (SFC) Chairman Orrin G. Hatch announced on April 4 that the SFC will hold a hearing to examine the 2018 tax filing season and future challenges at the IRS. The hearing is...
View ArticleWithdrawal from NYC Commonly Owned Group Election Allowed
For a limited time, certain New York City taxpayers can withdraw the commonly owned group election made on a 2015 or 2016 combined business corporation tax return. To withdraw the election, all...
View ArticleUtah Apportionment Definitions Revised
Utah legislation revises tax definitions that apply when apportioning corporate business income. Specifically, for tax years beginning on or after January 1, 2018: “optional sales factor weighted...
View ArticleVirginia Worker Retraining Credit Expanded
Virginia has expanded the worker retraining tax credit for tax years after 2017 and before 2022. Manufacturers may claim a credit against corporate and personal income taxes equal to 35% of their...
View ArticleIRS Settlement Officer Properly Verified Written Penalty Approval (Blackburn,...
An IRS settlement officer (SO) properly upheld a trust fund recovery penalty assessed against an individual. Form 4183, Recommendation re: Trust Fund Recovery Penalty Assessment, sufficiently verified...
View ArticleMinnesota Issues Guidance on Filing Returns with Federal Adjustments
Minnesota issued guidance on filing personal income tax returns with Schedule M1NC, Federal Adjustments, before the legislature considers Internal Revenue Code (IRC) conformity. Minnesota law may...
View ArticleNew Hampshire’s Internet Sales Tax Fight Continues
New Hampshire has submitted an amicus curiae or “friend-of-the-court,” brief to the U.S. Supreme Court in the Internet sales tax case of South Dakota v. Wayfair, Inc. In its brief, New Hampshire urges...
View ArticleTennessee Explains Reporting of Repatriated Earnings
Tennessee advises taxpayers on how to report earnings repatriated under IRC Sec. 965 as required by the Tax Cuts and Jobs Act (TCJA). The Internal Revenue Service (IRS) has issued some guidance on the...
View ArticleRacing to Meet the April 17th Tax Filing Deadline?
Wolters Kluwer Outlines Top Tips for Last-Minute Filers (NEW YORK, NY, April 5, 2018) – Every year, millions of taxpayers scramble to beat the clock at tax time. With the April 17th income tax filing...
View ArticleWhite House Remains Focused on Tax Reform – Phase Two
The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, according to President Trump’s top economic advisor. National Economic Council Director...
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