Virginia Reinstates Coalfield Employment Enhancement Credit
Virginia legislation reinstates the coalfield employment enhancement credit for tax years 2018-2022. The reinstated credit allows taxpayers to claim the credit for: metallurgical coal mined by...
View Article2018 Standard Mileage Rates Updated to Reflect Tax Reform Changes...
The IRS updated the 2018 standard business mileage rate, moving expense mileage rate, and fixed and variable rate (FAVR) allowance. These updates reflect changes made by the Tax Cuts and Jobs Act...
View ArticleInflation Adjustments for 2018 Renewable Energy and Refined Coal Production...
New inflation adjustment factors and reference prices apply to the renewable electricity and refined coal production credits in 2018. Energy producers may claim these credits for 2018 sales of...
View ArticleWithholding and Reporting Rules Apply to IRA Payments to Unclaimed Property...
Trustees must start withholding 10% from individual retirement account (IRA) payments to a state unclaimed property fund, and reporting the payments to the IRA owner. IRA payments to unclaimed property...
View ArticleGeorgia Amends Title Ad Valorem Tax on Motor Vehicles
Georgia legislation amends provisions concerning the alternative ad valorem tax on motor vehicles. Ad Valorem Tax Rate The combined state and local title ad valorem tax is 7% of the motor vehicle’s...
View ArticleProposed Regulations Modify Electronic Filing Requirement for Information...
The IRS has proposed regulations that would change the rules for determining whether a person must file information returns electronically. Under the new rules, all information returns, regardless of...
View ArticleGeorgia Property Tax Appeal Thresholds Decreased
Georgia property tax legislation decreases the fair market value threshold for appealing to a hearing officer certain valuations or assessments Fair Market Value Threshold The following thresholds are...
View ArticleTennessee Enacts E-Filing Perfection Period
Tennessee has enacted a 10-day perfection period that treats corrected returns as filed on the first electronic transmission date. Ch. 1048 (H.B. 2132), Laws 2018, effective October 1, 2018 Login to...
View ArticleIRS Warns Taxpayers Against Impersonation Scams (IR-2018-129; FS-2018-12)
The IRS has warned taxpayers to remain vigilant against phishing emails and telephone scams especially at a time when those who had recently filed returns could be waiting for a response from the...
View ArticleDelaware Creates Angel Investor Credit
The Angel Investor Job Creation and Innovation Act creates a personal income tax credit for qualified angel investments in certain Delaware small businesses. Qualified investors and investment funds...
View ArticleGeorgia Creates Additional High-Technology Exemption
Georgia legislation adds a temporary state sales and use tax exemption for high-technology data centers. The exemption applies to transactions occurring on or after July 1, 2018, and through December...
View ArticleGovernor Signs Iowa Sales and Use, Excise Tax Reform Legislation
Iowa Gov. Kim Reynolds signed significant tax reform legislation on May 30, 2018. The new law affects a number of sales and use taxes along with some excise taxes. Sales and Use Taxes Affected The new...
View ArticleIowa Enacts Major Income Tax Reform
Iowa has enacted major tax reform legislation. The legislation is unchanged from the version that was passed in May (TAXDAY, 2018/05/09, S. 11). Some of the corporate and personal income tax changes...
View ArticleWeekly Report from Washington, D.C.
During the week of May 29, the House Appropriations Financial Services and General Government Subcommittee approved a government budget bill calling for increased IRS funding. The IRS issued guidance...
View ArticleArkansas Sales Tax Holiday Set for August 4-5
The annual Arkansas sales tax holiday for clothing and school-related supplies will begin at 12:01 a.m. on Saturday, August 4, 2018, and end at 11:59 p.m. on Sunday, August 5, 2018. State and local...
View ArticleConnecticut Enacts Pass-Through Entity Income Tax
Connecticut Gov. Dannel Malloy signed legislation that: imposes a 6.99% tax on pass-through entities; creates adjustments for corporate business and personal income taxpayers who claim a federal asset...
View ArticleMichigan Still Evaluating Impact of Federal Tax Reform
The Tax Cuts and Jobs Act (TCJA) brought forth sweeping changes to federal tax law. Along with it came many questions about its impact on Michigan income taxes. Technical implementation of many of the...
View ArticleMontana Adopts Pass-Through Entity Apportionment Rules
Montana has adopted a new rule on apportionment and allocation of income for pass-through entities. Before, the apportionment rule for individuals, estates, and trusts also covered pass-through...
View ArticleFAQs Provide Penalty and Filing Relief for Taxpayers Subject to Code Sec. 965...
Three new FAQs covering the Code Sec. 965 transition tax provide welcome penalty and filing relief for taxpayers who make the election to pay the tax in eight annual installments. The transition tax on...
View ArticleWayfair Debated at Georgetown SALT Conference
The impending decision in South Dakota v. Wayfair, Inc. was certainly a “hot topic” at Georgetown University’s annual SALT conference. Many experts believe that the U.S. Supreme Court will use Wayfair...
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