Wisconsin Announces Remote Seller Deadlines
Wisconsin announced deadlines for remote sellers that must register and collect sales and use tax beginning October 1, 2018. In addition, Wisconsin added some common questions and answers to its...
View ArticleCharles Rettig Confirmed as New IRS Commissioner
Charles P. “Chuck” Rettig was confirmed as the new IRS Commissioner on September 12. Rettig will oversee the implementation of tax reform enacted last December under the Tax Cuts and Jobs Act (TCJA)...
View ArticleWolters Kluwer Interview: A Three-Part Series on the New Code Sec. 199A...
Last year’s tax reform created a new 20-percent deduction of qualified business income for passthrough entities, subject to certain limitations. The Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) created...
View ArticleMTC Sends Model Partnership Audit Statute to Public Hearing
The model partnership audit statute drafted by Multistate Tax Commission will be discussed in a public hearing. The hearing will be held for a draft version of the MTC’s’s proposed uniform statute on:...
View ArticleOut-of-State Retailers Must Begin Collecting Colorado Sales Tax Soon
Out-of-state retailers must collect sales tax if they meet Colorado’s economic nexus requirements. Collection requirements will begin on December 1, 2018. This new rule is issued in the wake of the...
View ArticleNorth Carolina Discusses Income Tax Credits for Partnerships
A partnership that qualifies for a North Carolina corporate or personal income tax credit can claim the credit. It must then distribute the credit to each of its partners based on the partner’s...
View ArticleWisconsin Remote Seller Economic Nexus Rule Takes Effect October 1
Wisconsin’s s remote seller economic nexus rule for sales and use tax is effective beginning October 1, 2018. The emergency rule expires February 27, 2019. The rule is consistent with the U.S. Supreme...
View ArticleHouse Ways and Means Committee Approves Tax Reform 2.0 Package
House Republican tax writers have advanced a “Tax Reform 2.0” legislative package. The measure is expected to reach the House floor for a full chamber vote by the end of this month. The House Ways and...
View ArticleProposed Regulations Provide Guidance on GILTI Inclusion
Much-anticipated proposed regulations provide guidance for determining the amount of global intangible low-taxed income (GILTI) that a U.S. shareholder of a controlled foreign corporation must include...
View ArticleAnnual Inflation Adjustments for 2019 Projected by Wolters Kluwer
Annual inflation-adjusted amounts for tax year 2019, as projected by Wolters Kluwer, reflect several increased thresholds and ceilings. These projections include 2019 tax brackets, the standard...
View ArticleMaine Enacts Conformity Legislation
A Maine income tax conformity bill became law without Gov. Paul LePage’s signature. The legislation also makes various other changes to the state’s income tax laws. For details on the legislation’s...
View ArticleMassachusetts Amends Manufacturing Corporation Regulation
Corporations classified as manufacturing corporations can receive certain Massachusetts corporate excise tax benefits. These include: – the use of a single sales factor apportionment formula; and – the...
View ArticleIllegal Activities Remain Taxable in Michigan
Michigan imposes income tax and sales tax on both legal and illegal activities. Taxation of Illegal Activities The retail sale of marihuana by dispensaries or provisioning centers is subject to sales...
View ArticleNorth Carolina Discusses Sourcing of Software Service Contract Renewals
North Carolina created an exception to local sales tax sourcing rules for renewals of software service contracts. Sourcing a renewal to the address where the buyer received the software is acceptable...
View ArticleSouth Dakota Enacts Economic Nexus Thresholds
Many remote sellers and marketplace providers must soon get a South Dakota sales tax license and pay sales tax. South Dakota enacted two economic nexus laws in response to the U.S. Supreme Court’s...
View ArticleHurricane Florence Victims Get Tax Relief (IR-2018-187)
Hurricane Florence victims get tax relief from the IRS. Individuals who reside or have a business in the following North Carolina counties may qualify for relief: Beaufort, Brunswick, Carteret, Craven,...
View ArticleWeekly Report from Washington, D.C.
During the week of September 10, 2018, House Republican tax writers advanced a “Tax Reform 2.0” legislative package. The Treasury Inspector General for Tax Administration (TIGTA) noted that the IRS...
View ArticleMTC Establishes Marketplace Facilitator and Wayfair Work Group
The Multistate Tax Commission (MTC) has established a work group to help states discuss marketplace facilitator ideas and implement Wayfair. Weekly Conference Calls Public call-in meetings are being...
View ArticleMassachusetts Issues Draft IRC Sec. 965 Guidance for Corporations
Massachusetts issued draft guidance that explains the impact on corporate excise taxpayers of IRC Sec. 965 income. The guidance includes a chart that shows where to report the income on various tax...
View ArticleNorth Carolina Victims of Hurricane Florence Granted Tax Relief
The president has declared a federal disaster area in North Carolina due to Hurricane Florence, which began on September 7, 2018. The disaster area includes the following counties: Beaufort Bladen...
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