Michigan Explains Taxability of Professional Athlete Income
Nonresident professional athletes must use the “duty days” method to determine the amount of income tax due to Michigan. Personal Service Income The formula for calculating the income tax due, is the...
View ArticleMinnesota Increases Interest Rate
The interest rate for Minnesota tax underpayments and refunds increases to 5% (from 4%) for 2019. Interest Rates, Minnesota Department of Revenue, December 18, 2018 Login to read more tax news on CCH®...
View ArticleNebraska Provides Guidance on 2019 Personal Property Changes
Changes have been made to the definition of “adjusted basis” for purposes of calculating Nebraska personal property tax and to the recovery period for certain farm machinery. Adjusted Basis For...
View ArticleDC Explains How Sales Tax Increase Applies
District of Columbia issued a notice advising on how the sales and use tax increases will apply to contracts and leases Sales and use tax rates increased in the District, effective October 1, 2018....
View ArticleMassachusetts Amends Manufacturing Income Tax Rule
Massachusetts adopted final amendments to corporate excise tax rules on manufacturing corporation classification. Corporations that qualify for the classification can: – use a single sales factor...
View ArticleMichigan Explains Alternative Apportionment Procedures
Certain procedures and standards must be used in requesting an alternative apportionment method under the Michigan Business Tax (MBT), Corporate Income Tax (CIT), and Michigan Income Tax Act (MITA)....
View ArticleTrump Demands Border Security Funding as Partial Government Shutdown Looms
President Donald Trump has said that he will not sign a Senate-approved stopgap spending bill to avert a government shutdown at midnight on December 21. The president will not sign the Senate-approved...
View ArticleHouse Approves Lame Duck Catch-All Tax, IRS Reform Package
While Capitol Hill was buzzing on December 20 with talk of a possible government shutdown, the House approved a broad, catch-all tax and IRS oversight package. However, the measure is not expected at...
View ArticleProposed Regulations Address Treatment of Foreign Person’s Transfer of...
Proposed regulation provide guidance under Code Sec. 864(c)(8) on the transfer by foreign persons of interests in a partnership that is engaged in the conduct of a trade or business in the United...
View ArticleJCT Issues General Explanation of Public Law 115-97; Tax Reform Bluebook
The nonpartisan Joint Committee on Taxation (JCT) has released its much anticipated general explanation of last year’s tax reform. The JCT’s “bluebook” notes more than 70 possible technical corrections...
View ArticleFinal Partnership Audit Regime Regulations Issued (T.D. 9844)
The IRS has issued final regulations implementing the centralized partnership audit regime. The final regulations, among other items, make changes to: – the definition of item or amount with respect to...
View ArticleWeekly Report from Washington, D.C.
During the week of December 17, President Donald Trump said that he will not sign a Senate-approved stopgap spending bill to avert a government shutdown at midnight on December 21. The House approved a...
View ArticleBig Savings on Books to Get You Ready for Tax Season
Are you ready for tax season? Most provisions of the Tax Cuts and Jobs Act, which Congress passed in 2017, will impact your work as you begin to file 2018 returns. The new year is just around the...
View ArticleColorado Readopts Wayfair Emergency Regulation
The Colorado Department of Revenue has readopted temporary emergency regulations to provide guidance to retailers and consumers in light of the Wayfair v. South Dakota decision. The regulations are...
View ArticleWashington Announces B&O Economic Nexus Thresholds
For 2019, the Washington economic nexus thresholds applicable to apportionable activities for business and occupation (B&O) tax purposes will be: – receipts threshold, $285,000; – property...
View ArticleColorado Adopts Market-Based Corporate Income Sourcing Rule
Colorado has adopted temporary emergency regulations to provide guidance on 2018 legislation (TAXDAY, 2018/06/08, S.4). The legislation implemented revised corporate income tax apportionment methods,...
View ArticlePharmaceutical Company CEO’s Case Remanded to Determine Willful Failure to...
A pharmaceutical company CEO’s case was remanded to determine if he willfully failed to file an accurate Report of Foreign Bank and Financial Account (FBAR). In a case of first impression, it was...
View ArticleBig Savings on Books to Get You Ready for Tax Season
Are you ready for tax season? Most provisions of the Tax Cuts and Jobs Act, which Congress passed in 2017, will impact your work as you begin to file 2018 returns. The new year is just around the...
View ArticleMassachusetts Updates Directive on Exemptions for Federal Employees
Massachusetts updated a directive on: – the sales and use tax exemption for purchases by federal employees; and – the room occupancy excise tax exemption for room rentals by federal employees. Sales...
View ArticleNebraska Issues IRC Sec. 965 Transition Tax Guidance
Nebraska has issued guidance on the treatment of foreign earnings subject to the federal IRC Sec. 965 repatriation transition tax enacted by the Tax Cuts and Jobs Act (P.L. 115-97). Under IRC Sec. 965,...
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