Massachusetts Creates Addbacks for TCJA Deductions
Massachusetts budget legislation creates corporate excise tax addbacks for certain federal deductions enacted by the Tax Cuts and Jobs Act (TCJA). What Are the TCJA Deduction Addbacks? The addbacks...
View ArticleMassachusetts Addresses GILTI and Subpart F Income Treatment
Massachusetts enacted budget legislation that addresses the treatment of: – IRC Sec. 951 Subpart F income; and – IRC Sec. 951A global intangible low-taxed income (GILTI). Massachusetts will treat...
View ArticleBooking Agents Must Collect Pennsylvania Hotel Occupancy Taxes
Booking agents are responsible for collecting Pennsylvania state and local hotel occupancy taxes on rent they charge for a room. This includes taxes on: – accommodation fees, and – any other amount...
View ArticleBrady: New Middle-Income Tax Cut Conditionally Expected in 2019
A new, 10 percent middle-income tax cut is conditionally expected to be advanced in 2019, according to the House’s top tax writer. This timeline, although already largely expected on Capitol Hill,...
View ArticleWeekly Report from Washington, D.C.
During the week of October 22, President Donald Trump signed bipartisan legislation, which expands a religious exemption for the Patient Protection and Affordable Care Act’s (ACA) (P.L. 111-148)...
View ArticlePennsylvania Adopts Special Apportionment Factors for Air Freight Forwarding...
Pennsylvania adopted legislation providing for special apportionment factors for air freight forwarding companies. The changes apply to tax years beginning in 2017. What is an Air Freight Forwarding...
View ArticleIRS Plans to Issue Luxury Car Depreciation Cap Relief for 100% Bonus Glitch
The IRS is working on safe harbor relief that coordinates the 100% bonus depreciation deduction with the annual luxury car depreciation caps. A spokesperson from the IRS Chief Counsel’s Office...
View ArticlePractitioner’s Corner: Proposed IRS Rules on Opportunity Zones Provide...
Last year’s tax reform created a new Opportunity Zone program, which offers qualifying investors certain tax incentives aimed to spur investment in economically distressed areas. Treasury Secretary...
View ArticlePennsylvania Neighborhood Assistance Partnership Program Credit Increased
Pennsylvania has increased the total amount of corporate income tax credits available under the Neighborhood Assistance Partnership Program. The credit is available to business firms for contributions...
View ArticleSimulcasting System Subject to Pennsylvania Tax; Intellectual Property...
A closed circuit horse racing simulcasting system was subject to Pennsylvania sales and use tax. However, royalties paid for intellectual property used in operating video poker machines in a casino...
View ArticleOn Remand, Couple’s Refund Claims Denied; Not Entitled to Theft Loss...
A married couple’s refund claims based on losses they sustained due to a fraudulent investment scheme were rejected. The taxpayers were not entitled to a theft-loss deduction in the year claimed...
View ArticleMinnesota Sets Cigarette Sales, Excise Tax Rates for 2019
Minnesota sales tax on cigarettes is 58.8¢ per pack of 20 for 2019. The state excise tax on cigarettes remains at 15.2¢ per cigarette ($3.04 per pack of 20) for during that period. Notice, Minnesota...
View ArticleOhio Issues on Wayfair Nexus Decision
Despite the U.S. Supreme Court’s ruling in South Dakota v. Wayfair, Ohio has not changed its position in regards to the collection of sales tax by out-of-state sellers. Wayfair Decision The Ohio...
View ArticleInitiatives to Prohibit Sales Tax on Groceries
In Washington and Oregon, voters will decide next week on whether groceries should be subject to sales tax. But Washington already exempts most groceries from state sales tax. And Oregon doesn’t even...
View ArticleIowa Releases 2019 Standard Deductions, Income Tax Brackets
Iowa has released the 2019 personal income tax: – standard deduction amounts; and – tax brackets. What are the 2019 Standard Deduction Amounts? The 2019 standard deductions are: – $2,080 for single...
View ArticleVideo Game Software and Hardware Not Like-Kind for Washington Trade-in Purposes
The Washington Board of Tax Appeals (BTA) erred when it reduced sales tax assessments against a video game software and hardware retailer due to customer trade-ins. Property of Like Kind Separately...
View ArticleTrump, Brady Issue Joint Statement on New 10 Percent Middle-Income Tax Credit
President Donald Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., are not done with tax cuts. Republicans will focus on making the tax code better for middle-income taxpayers...
View ArticleProposed Regulations Reduce Section 956 Income Inclusions by Domestic...
Proposed regulations will reduce the Code Sec. 956 amount for certain domestic corporations that own stock in controlled foreign corporations (CFCs). The proposed regulations are intended to ensure...
View ArticleAICPA, ABA Urge Extensive Changes To Proposed Transition Tax Rules
The American Institute of CPAs (AICPA) and the American Bar Association (ABA) Section of Taxation are urging the IRS to make extensive changes to proposed “transition tax” rules. In an October 31...
View ArticleBrookings Panel: Gig Economy Requires Information Reporting Changes
Congress should review information reporting requirements as a result of the gig economy. Panelists at the Brookings Institution seminar, “Taxing the Gig Economy” generally agreed Congress should lower...
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