Weekly Report from Washington, D.C.
Congress remained in recess during the week of April 2. Lawmakers are expected to return to Washington, D.C., on April 9. Congress Senate. The Senate Finance Committee (SFC) will hold a hearing on...
View ArticleAICPA Offers Suggestions for Bipartisan IRS Reform Bill
The American Institute of CPAs (AICPA) has offered Congress suggestions in an April 6 letter toward lawmakers’ legislative proposal for reforming the IRS. House Ways and Means Oversight Subcommittee...
View ArticleAlaska Alternative Capital Gains Tax Repeal Proposed
Legislation reported favorably from the Alaska House Committee on Resources proposes to repeal: the 4.5% alternative tax on a corporate income taxpayer’s capital gains; the corporate income tax credit...
View ArticleOklahoma Introduces State Withholding Certificate
In response to the federal Tax Cuts and Jobs Act (TCJA), Oklahoma is introducing a state withholding certificate. Amendments to rules supporting a new form are pending approval by the governor. OK-W-4,...
View ArticleTreasury and IRS Designate Qualified Opportunity Zones (TDNR SM-0341)
The Treasury and the IRS have designated Qualified Opportunity Zones in 15 states and three territories. Private investments in these specific Qualified Opportunity Zones get preferential tax treatment...
View ArticleOK Ballot Question on Gross Production Tax Legally Sufficient
An Oklahoma ballot question on whether to increase the gross production tax was held legally sufficient by the Oklahoma Supreme Court. Initiative Petition No. 416, State Question No. 795 will ask...
View ArticleWisconsin Tackles IRC Conformity
Wisconsin updated its Internal Revenue Code (IRC) conformity date for tax years starting in 2018 and later. In the conformity legislation, the state adopted only three provisions in the federal Tax...
View ArticleGOP Discussing Second Tax Reform Bill; Former Treasury Official Expresses Doubt
While the White House and top Republican tax writers have been considering a “phase two” of tax reform, a former Treasury official has questioned its chances of success. Dana Trier, former Treasury...
View ArticleAlabama Changes Simplified Sellers Use Tax Program
Enacted legislation changes the law regarding the Alabama Simplified Sellers Use Tax Program (SSUT) and conditions for remote entity nexus. Specifically, the bill allows an out-of-state vendor that is...
View ArticleArizona Updates IRC Conformity
Arizona maintained the state’s existing Internal Revenue Code (IRC) conformity date for post-2017 corporate and personal income tax purposes, but updated the conformity date for transaction privilege...
View ArticleKentucky Governor Vetoes Major Tax Legislation
Kentucky Gov. Matt Bevin vetoed major tax legislation that proposed, among other changes, to: update the IRC conformity date for computing corporate and personal income tax liability; replace graduated...
View ArticleMaryland Legislature Sends Single-Sales Factor Bill to Governor
The Maryland General Assembly passed bill that would phase-in use of a single-sales factor apportionment formula for corporate taxpayers. Single-Sales Factor Apportionment Formula Beginning with the...
View ArticleWays and Means Approves Bipartisan IRS Reform Package
The House Ways and Means Committee, in an April 11 markup, approved a bipartisan package of nine bills to restructure the IRS for the first time in 20 years. The IRS reform package was approved in...
View ArticleTax Reform Guidance Will Take Years, IRS Chief Says
Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts...
View ArticleKentucky Expands Qualifying 529 Education Institutions and Expenses
Kentucky legislation amends the definition of education institutions and expenses that qualify under the state’s tax exempt IRC Sec. 529 savings plan. The legislation brings Kentucky qualified...
View ArticleOklahoma Enacts Marketplace Sales Legislation
Oklahoma will require third-party online retailers to collect and remit the state’s sales or use tax. Gov. Mary Fallin has signed a bill enacting “marketplace facilitator” tax collection rules....
View ArticleOregon Enacts 529 Account Addback
Oregon will require taxpayers who use funds withdrawn from a 529 savings network account to pay K-12 expenses to addback the amount of the: withdrawal that is attributable to contributions that were...
View ArticleOregon Updates IRC Conformity, Repeals Tax Haven Law
The Oregon governor signed a bill: updating the state’s income tax Internal Revenue Code (IRC) conformity date to December 31, 2017; altering the treatment of the federal temporary dividends received...
View ArticleOregon Extends Interstate Broadcaster Apportionment Provisions
Oregon has extended its current corporate income interstate broadcaster apportionment provisions for two years. The provisions were originally set to expire January 1, 2017. S.B. 1523, Laws 2018,...
View ArticleKautter Updates Lawmakers on 2018 Tax Filing Season, IRS Operations
Acting IRS Commissioner David Kautter on April 12 provided lawmakers with an update on the 2018 tax filing season and IRS operations. Kautter, testifying before the Senate Finance Committee (SFC), told...
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