Trump, House GOP Lawmakers Discuss Tax Cuts 2.0
President Donald Trump and House GOP tax writers discussed “Tax Cuts 2.0” in a July 17 meeting at the White House. The next round of tax cuts will focus primarily on the individual side of the tax...
View ArticleIncluding Donor Information on Returns to End for Many Exempt Organizations
Many tax-exempt organizations will no longer have to report the names and addresses of their larger contributors, including: exempt organizations that are not public charities; nonprofit recreational...
View ArticleAlaska Enacts MTC Apportionment for Public Utilities
Alaska legislation will require public utilities to apportion their income in accordance with the Multistate Tax Compact. Three-Factor Apportionment Effective January 1, 2019, public utilities...
View ArticleIndiana Issues IRC Conformity Guidance
Indiana has released a bulletin covering the most significant changes enacted in its IRC conformity law. The bulletin discusses: inclusion of IRC Sec. 965 income; inclusion of global intangible...
View ArticleMinnesota Hosting SST Meeting to Discuss Wayfair
Minnesota is hosting an emergency Streamlined Sales Tax (SST) meeting on July 19, 2018, to discuss South Dakota v. Wayfair, Inc. On July 25, 2018, Minnesota will announce when remote sellers have to...
View ArticleWyden Report Critiques GOP’s Tax Reform
The Senate Finance Committee’s (SFC) leading Democrat has released a report critiquing Republicans’ 2017 overhaul of the tax code. The report, focusing primarily on international tax reform, was...
View ArticleMaryland Issues Wayfair Guidance
Maryland issued guidance for online sellers after the recent decision in South Dakota v. Wayfair, Inc. advising them to review the decision. Wayfair struck down the requirement that a vendor must be...
View ArticleMissouri Passes First-Time Home Buyer Deduction
Beginning January 1, 2019, Missouri allows residents to: open first-time, home buyer savings accounts; and deduct contributions to the accounts on their income tax returns. The deduction provisions...
View ArticleNew Jersey Residential and Parking Project Credit Increased
New Jersey legislation amends the grant and corporate income tax credit program for certain residential redevelopment and mixed-use parking projects. Specifically, the legislation: increases the...
View ArticleSenate Finance Approves Trump’s IRS Commissioner Nominee
The Senate Finance Committee (SFC) advanced President Donald Trump’s nomination of Charles Rettig for IRS Commissioner. The SFC approved the nomination on July 19 by a 14-to-13 party line vote....
View ArticleTax Cuts 2.0 Outline Expected Next Week
House GOP tax writers are gearing up to release a “Tax Cuts 2.0” outline next week. The legislative outline of House Republican tax proposals, also known on Capitol Hill as tax reform “phase two,” is...
View ArticlePlans Can Use Forfeitures to Fund Future Qualified Matching or Nonelective...
New IRS regulations let employers use plan forfeitures to fund qualified matching contributions (QMACs) or qualified nonelective contributions (QNECs) to retirement plans under the 401(k) safe harbor...
View ArticleHawaii County Adopts Surcharge
The County of Hawaii has adopted a 0.25% general excise tax and use tax surcharge. The Hawaii county surcharge is effective from January 1, 2019, to December 31, 2020. Activities Subject to the County...
View ArticleIndiana Wayfair FAQ Page Talks Enforcement
Indiana intends to enforce sales tax collection laws for remote sellers that meet its economic thresholds on October 1, 2018. Possible Delay in Enforcement Currently, a declaratory judgment action is...
View ArticleSST Meets to Discuss Wayfair
The Streamlined Sales Tax (SST) Governing Board held an open discussion of South Dakota v. Wayfair, Inc. on July 19, 2018. Wayfair struck down the requirement that a vendor must be physically present...
View ArticleHouse Approves Increased IRS Funding Bill
The House has approved a government spending package, which would increase IRS funding by $186 million. The House-approved package would provide the IRS close to $11.6 billion for fiscal year (2019)....
View ArticleHatch, Wyden Introduce Bipartisan IRS Reform Bill
The Senate Finance Committee’s (SFC) leadership has introduced a bipartisan bill to reform certain IRS administrative policies. The measure aims to increase taxpayer rights protections, reform laws...
View ArticleWeekly Report from Washington, D.C.
During the week of July 16, the Senate Finance Committee (SFC) advanced President Donald Trump’s nomination of Charles Rettig for IRS Commissioner. The SFC approved the nomination on July 19 by a...
View ArticleTexas Provides Guidance on Wayfair Decision
Texas expects to amend its sales tax nexus rules to include an economic presence standard in the wake of the decision in Wayfair v. South Dakota. Guidance issued by the Comptroller advises that the...
View ArticleAssessment Extensions for Individual Returns Included Partnership Items
The Tax Court reaffirmed that assessment extensions for individual returns applied to partnership items, even though the partnerships’ tax years ended before the taxpayers’ tax years. Background The...
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