Oregon Enacts Qualified Business Income Addition
Oregon has enacted income tax legislation creating: – an addition to federal taxable income for the amount of deductions allowed under IRC Sec. 199A(a); and – a credit for Opportunity Grant...
View ArticleWisconsin Enacts Back-to-School Sales Tax Holiday, Rebate
Wisconsin will a back-to-school sales tax holiday from August 1 through 5, 2018. In addition, taxpayers may qualify for a one-time sales and use tax rebate for individuals raising a child or children....
View ArticleWolters Kluwer Once Again Sweeps Accounting Firm Operations and Technology...
(NEW YORK, NY, April 18, 2018) — For a second year in a row, Wolters Kluwer Tax & Accounting solutions have been recognized as winners across all three award categories in the 2018 Annual...
View ArticleHouse Approved Bipartisan IRS Reform Package
The House on April 18 approved the two largest bills of a bipartisan IRS reform package. The bills aim to restructure the IRS for the first time in 20 years. The 21st Century IRS Bill (HR 5445) was...
View ArticleSouth Dakota v. Wayfair: Will the Court do Anything with Quill?
The U.S. Supreme Court heard oral arguments in South Dakota v. Wayfair, Inc., Docket No. 17-494, on April 17, 2018. In the course of the arguments, the justices seemed to leave no stone unturned. Many...
View ArticleRhode Island Discusses Treatment of IRC Sec. 965 Income
Rhode Island provided guidance on the state income tax treatment of IRC Sec. 965 income for individuals and pass-through entities. Federal Treatment Under the federal Tax Cuts and Jobs Act (P.L....
View ArticleWolters Kluwer Celebrates Earth Day Sustainable Innovative Solutions Make an...
(NEW YORK, NY, April 19, 2018) — Disruptive trends in technology, data and productivity are helping to drive sustainable solutions used by global accounting, audit and tax professionals. By providing...
View ArticleUnsubstantiated Deductions Disallowed; Penalties Proper (Main, CA-9)
The Tax Court properly determined that an attorney carried out his automobile activity with the intent to make a profit. Therefore, he was entitled to deduct substantiated business expenses related to...
View ArticleNebraska Enacts Personal Exemption Credit, Standard Deduction
Recently enacted Nebraska legislation creates a personal exemption credit, establishes a Nebraska standard deduction, and adjusts personal income tax brackets based on the Consumer Price Index for All...
View ArticleNorth Carolina Provides Tax Relief for Taxpayers Affected by April Storms
North Carolina will provide state tax relief for taxpayers affected by severe thunderstorms that occurred on April 15, 2018. The Department of Revenue will waive any penalties assessed against...
View ArticleHawaii Announces Tax Relief for Flood Victims
The Hawaii Department of Taxation (DOT) has announced relief for taxpayers affected by heavy rains and flooding on April 14, 2018, in Kauai county. “2018 Kauai Flood Relief” Qualifying taxpayers must...
View ArticleIRS Issues Tips on What to Do After Tax-Filing Deadline (IR-2018-102)
The IRS has some after filing deadline tips: After Filing Deadline Tips The IRS provided taxpayers an additional day to file and pay their taxes following system issues that surfaced early on April 17;...
View ArticleVirginia Enacts Subtraction for REIT Income
Virginia has enacted a subtraction for income attributable to an investment in a Virginia real estate investment trust (REIT) made between 2018 and 2025. In order to qualify, the REIT must be certified...
View ArticleSFC Examines New Tax Law, Brady Floats Second Phase
The Senate Finance Committee (SFC) held an April 24 hearing to examine early impressions of the new tax law. The Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) was enacted last December. “The new...
View ArticleAlaska House Passes Bill Limiting Federal Credits
Corporate income tax legislation that has passed the Alaska House of Representatives would, if enacted: limit federal credits to the portion earned by Alaskan operations; disallow the exclusion of...
View ArticleNew Jersey Enacts Rules for Prepayment of Property Taxes
New Jersey taxpayers can pay their property taxes before receiving an assessment by making “dedicated prepayments.” The legislation allowing “dedicated prepayments” of property taxes is retroactively...
View ArticleBipartisan House Lawmakers Question IRS Chief on Tax Day Glitch
A bipartisan group of House Ways and Means Committee tax writers sent Acting IRS Commissioner David Kautter an April 24 letter expressing certain concerns. The letter to Kautter lays out lawmakers’...
View ArticleMaryland Phases in Single-Sales Factor Apportionment Formula
Maryland enacted legislation that phases-in use of a single-sales factor apportionment formula for corporate taxpayers. Currently, the standard formula is a three-factor formula (sales, property, and...
View ArticleMaryland Subjects Travel Insurance Premiums to Tax
Maryland enacted legislation requiring insurers issuing or selling travel insurance policies to pay the premium tax on insurance. Insurers must pay the tax on such policies sold in Maryland to:...
View ArticlePennsylvania Senate Passes Bonus Depreciation Bill
Legislation passed by the Pennsylvania Senate decouples Pennsylvania’s income tax from federal bonus depreciation provisions in the Federal Tax Cuts and Jobs Act of 2017 (TCJA). As introduced, the bill...
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