Iowa Tax Reform Legislation Sent to Governor
The Iowa House and Senate passed significant tax reform legislation. The bill now goes to Iowa Gov. Kim Reynolds. The bill incorporates some provisions of the previously passed senate bill (TAXDAY,...
View ArticleJCT, CBO FY 2019 Budget Requests Approved
Budget requests for congressional scorekeepers have been approved by House appropriators. The House Appropriations Committee on May 8 unanimously approved fiscal year (FY) 2019 budget requests for the...
View ArticleKentucky STABLE Accounts Get Favorable Tax Treatment
Kentucky enacted legislation that provides individuals who contribute to a STABLE savings account with favorable income tax treatment on: – earnings; and – distributions. What is a STABLE account? IRC...
View ArticleMaryland Enacts Classroom Supplies Deduction
Maryland enacted legislation creating a personal income tax deduction for classroom supplies purchased by a teacher. The deduction is available for tax years beginning after 2017. Teachers Who Can...
View ArticleMaryland Expands Student Loan Debt Credit
Maryland enacted legislation expanding the personal income tax credit for student loan debt to include graduate school debt. Previously, only undergraduate school debt was eligible for the credit....
View ArticleOklahoma Allows Transition Tax Installment Payment Election
Recently enacted Oklahoma legislation allows any taxpayer that elects to make installment payments of federal tax under IRC Sec. 965(h) to also pay any state income taxes due on such income in...
View ArticleMother’s Day Spending Habits
Wolters Kluwer Takes a Look at Sales Taxes Associated with Mother’s Day Spending (NEW YORK, NY, May 10, 2018) — With Mother’s Day nearly upon us, consumers will spend an estimated $23.1 billion this...
View ArticleCustomer Contract Revenue Recognition Accounting Method Change Provided (Rev....
The IRS has provided an automatic consent procedure for taxpayers to change to an accounting method that uses new standards issued by the Financial Accounting Standards Board (FASB) and the...
View ArticleExtraterritorial Income Transition Rule Allowed Continued Benefits (DWA...
An animated film company continued to receive tax benefits for transactions entered into in 2005 and 2006 under the extraterritorial income (ETI) transition rule. The transition rule in Section 101(d)...
View ArticleGeorgia Expands Less Developed Area Hiring Credit
Georgia expanded the hiring tax credit for business enterprises in less developed areas. Businesses in a county that contains a federal military installation are now eligible. The installation must...
View ArticleGeorgia Expands “Dealer,” Adds Use Tax Notice Requirement
Enacted Georgia legislation expands the sales and use tax definition of “dealer” and imposes a new use tax notice requirement. The legislation is effective January 1, 2019, and applies to sales made on...
View ArticleOklahoma Amends Small Employer Quality Jobs Incentive
Recently Oklahoma legislation changes the eligibility requirements for Small Employer Quality Jobs Incentive Act incentive payments. The legislation increases the initial employment threshold for...
View ArticleHatch, Wyden Focus on IRS Reform
The top lawmakers on the Senate Finance Committee (SFC) are focusing on IRS reform. Currently, SFC Chairman Orrin G. Hatch, R-Utah and ranking member Ron Wyden, D-Ore., are reviewing the House’s...
View ArticleAdvance Pricing Agreement Template Issued
Taxpayers have a new template for requesting an Advance Pricing Agreement (APA) under Rev. Proc. 2015-41, I.R.B. 2015-35, 263. Also, the IRS released a filled-in and annotated example template and a...
View ArticleWeekly Report from Washington, D.C.
Congress appropriated funds to keep its scorekeepers in business and the House is crafting a “family-friendly, phase-two” tax reform bill. Meanwhile, the IRS has released an automatic change of...
View ArticleAlabama Opens for Amnesty Applications on July 1
The 2018 Alabama tax amnesty application period opens on July 1, 2018. It runs through September 30, 2018. The Department of Revenue has launched a website dedicated to the program. As previously...
View ArticleConnecticut Legislature Approves Pass-Through Entity Tax
The Connecticut General Assembly approved legislation that would impose an income tax on pass-through entities effective for tax years beginning after 2017. What pass-throughs pay the tax? The...
View ArticleDistrict of Columbia Enacts New Lodging Tax
Hotels in the District of Columbia must pay a new 0.3% transient lodgings tax as of October 1, 2017. The new tax is paid in addition to existing District taxes on hotels and other transient lodgings....
View ArticleTexas Announces Tax-Free Weekend for Water and Energy Saving Products
Shoppers can buy water-saving and energy-saving products tax-free in Texas from May 26 through 28, 2018 (Memorial Day weekend). Water-Saving Products WaterSense products: Shoppers can avoid paying...
View ArticleNo Reasonable Reliance on Attorney, Accountant; Penalty Sustained (RB-1...
A sham partnership was liable for an accuracy-related penalty because. The partnership failed to show it relied in good faith on professional advice. The partnership participated in a Son-of-BOSS deal....
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