New 199A Deduction Rules Modify, Expand Proposed Regs, Add Safe Harbor for...
New IRS guidance fills in four more pieces of the 199A deduction puzzle: The IRS modified and finalized proposed regs that it issued last August. New proposed regs provide rules for previously...
View ArticleWolters Kluwer and Xero Partner to Save Professionals Time This US Tax Season
Wolters Kluwer and Xero Partner to Save Professionals Time This US Tax Season CCH Axcess™ Financial Prep now integrates with Xero to help tax and accounting professionals create a data driven workflow...
View ArticleIRS Issues Final Passthrough Deduction Rules Days Before 2019 Filing Season...
The IRS has released final regulations on tax reform’s new qualified business income (QBI) deduction just days before the 2019 tax filing season kicks off. This year’s filing season is slated to begin...
View ArticleMTC Workgroup Discusses Updating P.L. 86-272 Statement
The Multistate Tax Commission (MTC) held the first work group call to discuss updating its Statement of Information regarding the federal Interstate Income Tax Law (P.L. 86-272). P.L. 86-272 prohibits...
View ArticleNew York Governor’s Budget Plan Includes Numerous Tax Changes
New York Gov. Andrew M. Cuomo released a budget with various corporate franchise, personal income, sales and use, and other tax changes. The governor proposes to: extend the top personal income tax...
View ArticleHearing on User Fees of Enrolled Agents and Enrolled Retirement Plan Agents...
The Treasury and the IRS have cancelled a public hearing on proposed regulations concerning imposing user fees for enrolled agents and enrolled retirement plan agents (NPRM REG-122898-17, published in...
View ArticleFlorida Amends Capital Investment Credit Rule
Florida amended a rule on the capital investment credit that corporate income taxpayers can claim. The amended rule: – clarifies the amount of the carryover for unused credits; and – provides new...
View ArticleHawaii Might Impose General Excise Tax Duties on Marketplace Facilitators
Hawaii might amend its general excise tax laws to provide that marketplace facilitators are deemed sellers of tangible personal property. They would be subject to tax on their receipts from sales made...
View ArticleOregon Introduces Conformity Legislation
Legislation to update Oregon’s income tax Internal Revenue Code conformity was introduced. The new conformity date would be December 31, 2018. What is the Current Conformity Date? Oregon’s current IRC...
View ArticleOregon Introduces Tax Rate Bills
Multiple bills were introduced in the Oregon Legislature that would make changes to the income tax rates. Corporation Excise (Income) Tax Increases For tax years beginning in 2019, H.B. 2156 would...
View ArticleOregon Introduces Legislation to Expand Definition of Unitary Business
Legislation was introduced in the Oregon House that would expand the definition of a unitary business for corporate income tax purposes. If enacted, corporations incorporated in the United States or a...
View ArticleSenate Democratic Tax Writer Questions IRS, Treasury on Legality of Employee...
Senate Finance Committee (SFC) member Sen. Mark R. Warner, D-Va., has asked the IRS and Treasury for its legal justification in recalling furloughed employees for the 2019 tax filing season. The IRS...
View ArticleAlaska Governor Calls for Constitutional Amendments in SOS Address
In his first State of the State (SOS) address, Alaska Gov. Michael J. Dunleavy announced three constitutional amendments he plans to introduce. The amendments, which will be what he called “the...
View ArticleFlorida Amends Estimated Tax Rule
Florida amended a rule on estimated corporate income tax payments. The amended rule explains how the scholarship contribution credit can impact estimated tax liability. It also provides an example....
View ArticleMississippi Corrects Harrison County Hotel Tax Information
The Mississippi DOR has corrected information concerning Harrison County hotel-motel taxes. Local jurisdiction hotel-hotel tax information can be viewed at...
View ArticleTelecom Providers May Claim Texas Sales Tax Refund
Telecommunication providers may claim a Texas sales tax refund for qualifying purchases. Service Providers Eligible for Refund The refund is available to service providers of: – cable television; –...
View ArticleState Entity-Level Tax on Pass-Through Entities
A number of states impose an entity-level tax on pass-through entities (PTEs). Under federal tax law, a PTE is not taxed at the entity level. The income or loss flows through to the owners, partners,...
View ArticleNeal Cancels Hearing on Treasury Shutdown Impacts; Bills to End Government...
The House’s top tax writer has canceled the January 24 hearing set to examine the impacts of the partial Treasury and IRS shutdown. The ongoing, longest government shutdown in U.S. history began on...
View ArticleNew Jersey Discusses Registration of Managerial Members for Combined Groups
Due to the enactment of New Jersey mandatory combined reporting, managerial members of each combined group are required to register with the Division of Taxation. Registration will generate an...
View ArticleNorth Dakota Might Impose Sales and Use Tax Duties on Marketplace Facilitators
Marketplace facilitators without a physical presence in North Dakota might be considered retailers with sales and use tax duties if they: – facilitate sales of property or services that are subject to...
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