New International Tax Forms for 2018: GILTI and FDII
International taxpayers will spend additional time on tax compliance with new forms for GILTI and FDII in 2018. Draft forms to meet filing requirements under new IRC Sec. 951A and new IRC Sec. 250 are...
View ArticleTexas Makes Tax Relief Available for Additional Counties Declared Disaster Areas
More Texas taxpayers are eligible for tax relief after their counties were named disaster areas. The disaster declaration was issued for flooding and severe weather in September and October 2018....
View ArticleRettig Wants to Modernize, Gain Respect for the IRS
IRS Commissioner Charles Rettig reportedly gave his first speech since being confirmed as the 49th chief of the Service at the American Institute of CPAs (AICPA) November 13 National Tax Conference in...
View ArticleThe Federal Partnership Audit Rules and California Taxes
California modified its tax laws to address the federal partnership audit rules. California added state reporting and payment requirements for adjustments under the federal rules. The state...
View ArticleDraft Form 8994 and Instructions for Claiming Family and Medical Leave Credit...
Draft versions of 2018 Form 8994, Employer Credit for Paid Family and Medical Leave, and detailed instructions explaining how to complete and file the form are now available. Return preparers will want...
View ArticleTax Reform Implementation Tops Rettig’s To-Do List
Tax reform implementation is at the “top” of IRS Commissioner Charles Rettig’s list of areas on which he will focus as chief of the agency. Rettig discussed his areas of focus and IRS priorities at the...
View ArticleGeorgia Special Session Addresses Jet Fuel Tax, Hurricane Relief
A special session of the Georgia Legislature convened November 13, 2018, and will address tax issues. The governor’s call for the special session can be viewed at...
View ArticleOhio Requires Electronic Filing of Tobacco Tax Returns
Taxpayers required to file Ohio cigarette, tobacco products, and master settlement agreement returns must do so electronically beginning January 1, 2019. Electronic Filing Tobacco tax returns, reports,...
View ArticleDemocratic Senators Introduce Retirement Savings Bill to Restore Obama-Era...
The Senate Finance Committee’s (SFC) top ranking Democrat has introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last year. The myRA program was...
View ArticleEnrolled Agent Application, Renewal Fees to Double (NPRM REG-122898-17)
Becoming and remaining an enrolled agent or enrolled retirement plan agent will soon cost more. The IRS is proposing to more than double the fees for becoming and renewing as an enrolled agent to $67....
View ArticleIdaho Issues Rule on Pass-Through Entity Treatment of IRC Sec. 965 Income
Idaho has adopted a temporary rule that addresses how pass-through entity owners and beneficiaries should report IRC Sec. 965 income on the Idaho income tax return. Pass-Through Entity Treatment of IRC...
View ArticleCalifornia-Based ISP Had Nexus with Idaho
An internet service provider incorporated outside of Idaho with one Idaho-based employee had corporate income tax nexus with Idaho. The Idaho State Tax Commission (STC) determined the taxpayer was...
View ArticleWeekly Report from Washington, D.C.
During the week of November 12, the Senate Finance Committee’s (SFC) top ranking Democrat introduced a bill to restore a retirement savings program known as myRA that was terminated by Treasury last...
View ArticleNebraska Announces Advantage Act Wage and Investment Requirements
The average annual wage and investment requirements for the Nebraska Advantage Acts have been announced. Nebraska Advantage Act An applicant must meet the following average annual wage (wage) and...
View ArticleOklahoma Addresses Treatment of IRC Secs. 965 and 951(A) Income
Oklahoma has issued guidance on the treatment of: – foreign earnings subject to the federal IRC Sec. 965 repatriation transition tax; and – global intangible low-taxed income (GILTI) included in...
View ArticleGrassley Intends to Chair Senate Finance Committee
Senator Charles “Chuck” Grassley, R-Iowa, will pursue chairmanship of the Senate Finance Committee (SFC) in the 116th Congress. Additionally, Grassley was unanimously nominated by Senate Republicans to...
View ArticleUNICAP Regs Finalize Modified Simplified Production Method, Treatment of...
Final regulations issued under the uniform capitalization (UNICAP) rules adopt a new simplified method (the “modified simplified production method”) for determining additional Code Sec. 263A costs...
View ArticlePossible Safe Harbors for Employers Offering Individual Coverage HRAs (Notice...
The IRS is seeking comments on how to integrate individual coverage HRAs with (1) the applicable large employer’s shared responsibility payment rules, and (2) with the employer self-insured plan...
View ArticleSan Francisco Voters Approve Economic Nexus, Marijuana Business Tax
San Francisco voters at the November 6, 2018 general election approved Proposition D, which adds: – economic nexus provisions; and – a new marijuana business tax. Economic Nexus Beginning January 1,...
View ArticleConnecticut Provides Guidance for Marketplace Facilitators and Sellers
Effective December 1, 2018, marketplace facilitators must collect and remit Connecticut sales tax on behalf of their marketplace sellers. Who is a Marketplace Facilitator? A “marketplace facilitator”...
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