Nebraska Offers 2018 Property Tax Relief
Nebraska property owners will receive property tax relief in 2018. Property Tax Credit Act The Property Tax Credit Act provides a real property tax credit based on the credit allocation valuation of...
View ArticleIRS Updates 402(f) Notice Safe Harbor Language
The IRS has updated its safe harbor Code Sec. 402(f) notice explanations for recipients of eligible rollover distributions. The updates reflect legislative changes and guidance since the IRS last...
View ArticleIndirect Owners Received Actual and Constructive Dividends from CFCs
Controlled foreign corporations (CFCs) in Hong Kong and Cyprus paid actual and constructive dividends to the taxpayers who indirectly owned them. The distributions from the Hong Kong CFC also did not...
View ArticleAlabama Provides Tax Relief to Victims of Hurricane Florence
Tax relief is offered to Alabama taxpayers who have been affected by damage caused by Hurricane Florence. The tax relief will mirror IRS measures in the same declared disaster areas. Filing Date...
View ArticleLouisiana Adopts e-Filing Regulations
Louisiana regulations require electronic filing for income tax returns when taxpayers meet certain thresholds. Mandatory e-filing applies to: corporate income tax returns; corporation franchise tax...
View ArticleBrady Asks IRS to Issue Updated Virtual Currency Guidance
The House’s top tax writer has urged the IRS to issue updated guidance on virtual currencies. House Ways and Means Committee Chairman Kevin Brady, R-Tex., led a September 19 letter co-authored by four...
View ArticleCustomer Contract Revenue Recognition Accounting Method Change Modified
The IRS modified procedures to allow early adopters to recognize revenues described in the new financial accounting standards issued by the Financial Accounting Standards Board (FASB) and International...
View ArticleState Department’s Contract Employee Could Not Exclude Foreign Earned Income
A U.S. citizen working in Germany for the U.S. Department of State under a personal services agreement was a U.S. government employee for federal income tax purposes. Therefore, his wages were not...
View ArticleIdaho Provides Tax Relief to Victims of Hurricane Florence
Idaho is extending deadlines to file and pay state taxes for victims of Hurricane Florence to match the extension set by the IRS. What is the Extended Deadline? Taxpayers from designated disaster areas...
View ArticleSouth Carolina Will Require Remote Sellers to Collect Tax Starting November 1
South Carolina will collect sales tax from remote sellers starting November 1, 2018. The state has laws allowing it to require remote sellers to collect sales tax, but has not enforced them. The state...
View ArticleSouth Carolina Provides Relief for Taxpayers Affected by Hurricane Florence
South Carolina will provide tax relief for taxpayers affected by Hurricane Florence on a case-by-case basis. The Department of Revenue (DOR) will waive any penalties assessed for failure to timely file...
View ArticleWolters Kluwer Empowers Tax & Accounting Firms to Simplify Preparation of...
First cloud-based trial balance offering that integrates with CCH Axcess NEW YORK September 20, 2018 –(BUSINESS WIRE)– Wolters Kluwer Tax & Accounting today announced the launch of CCH Axcess™...
View ArticlePhase-In Period for Dividend Equivalent Payment Regulations Extended Further...
Taxpayers have been provided with additional guidance for complying with the Code Sec. 871(m) regulations on dividend equivalent payments for 2019, 2020, and 2021. The Treasury Department and the IRS...
View ArticleAlabama Begins Online Voluntary Disclosure and Nexus Submissions
Beginning October 1, 2018, Alabama will start accepting the following through online portals: – voluntary disclosure agreement applications; and – nexus questionnaires. For October, the Department of...
View ArticleIllinois Sales Thresholds for Remote Sellers Addressed in Emergency Rules
Emergency rules on nexus for remote sellers making sales in Illinois have been issued by the Illinois Department of Revenue. Legislation enacted earlier this year requires remote retailers to collect...
View ArticleHurricane Florence Victims Receive Mississippi Tax Relief
Mississippi is following federal extensions granted to victims of Hurricane Florence. What is the Extended Deadline? Taxpayers from counties that are designated federal disaster areas will have until...
View ArticleNorth Carolina Provides Tax Relief for Taxpayers Affected by Hurricane Florence
North Carolina will provide state tax relief for taxpayers affected by Hurricane Florence. Type of State Relief Offered The Department of Revenue will waive any penalties assessed against affected...
View ArticleCCH Axcess Data Insights and TeamMate Analytics from Wolters Kluwer,...
CCH Axcess Data Insights and TeamMate Analytics from Wolters Kluwer, Recognized for Technology Excellence in the K2 Quality Awards Honored for Best Practice Management Technology and Audit Technology...
View ArticleIRS Proposes to Remove Section 385 Documentation Regulations (NPRM...
The IRS has proposed to remove the Section 385 documentation regulations provided in Reg. §1.385-2. Although the proposed removal of the documentation rules will be applicable as of the date the...
View ArticleMoving Expense Reimbursements Incurred Prior to 2018 Are Excluded from...
Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes. The 2017 Tax Cuts and...
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