Utah Sales Tax Rate to Increase
The Utah sales tax rate will increase to 4.85% as of April 1, 2019. Currently, the rate is 4.7%. The State Tax Commission issued a bulletin reminding taxpayers of the rate increase. The bulletin also...
View ArticleBlue Book: Increased Charitable Contributions by Individuals
The Blue Book issued by the Joint Committee on Taxation (JCT) includes a technical correction for charitable contributions by individuals to public charities. The fix would clarify how the temporary...
View ArticleIRS Answers Questions About Shutdown’s Impact on Tax Court Cases – Update
The Tax Court has resumed operations as of January 28, 2019. However, the IRS has provided answers to some questions posed by taxpayers and tax professionals about the government shutdown’s impact on...
View ArticleMTC Adopts Model Statute for Reporting Federal Partnership Audit Adjustments
The Multistate Tax Commission adopted its proposed Model Uniform Statute for Reporting Adjustments to Federal Taxable Income and Federal Partnership Audit Adjustments. The statute was drafted in...
View ArticleVermont Governor Proposes Tax Cuts, Increased Credits
In his budget address, Vermont Gov. Phil Scott proposed to: – eliminate the personal income tax on military retirement pensions by the end of the 2020 legislative session; – increase the downtown and...
View ArticleWeekly Report from Washington, D.C.
During the week of January 21, the House’s top tax writer canceled the January 24 hearing set to examine the impacts of the partial Treasury and IRS shutdown. The IRS released final regulations...
View ArticleTrump, Congress Reach Deal on Three-Week Stopgap Spending Bill to Reopen...
The longest partial government shutdown in U.S. history is expected to end on January 25. President Donald Trump and congressional leaders reached an agreement to reopen the government with a...
View ArticleInterest in the 1202 Exclusion Increases with its Benefits, says ABA Webinar
Tax advisors report increased client interest in the Section 1202 exclusion of gain on qualified stock because the benefits of the exclusion have become greater. But, according to panelists at a recent...
View Article2019 Tax Filing Season Begins; Returns Due April 15 (IR-2019-07)
The tax filing season has begun. The IRS has started accepting and processing 2018 federal individual income tax returns. The deadline to submit 2018 tax returns and pay any taxes due is Monday, April...
View ArticleDC Passes Permanent Sales Tax Laws for Digital Music, Books, Games
Digital goods, including music, books, movies and games, are subject to sales and use tax in the District of Columbia. As noted, in prior temporary legislation, sales tax law for digital goods was...
View ArticleDC Passes Permanent Sales Tax Nexus Bill
District of Columbia passed a permanent sales tax nexus bill that requires remote sellers to collect DC sales tax if they have economic nexus, effective January 1, 2019. The Act includes sales...
View ArticleIowa Releases 179 Expensing Guidance
Iowa released guidance for income taxpayers regarding the phase-in of the full federal IRC Sec. 179 deduction amount. For 2018, the maximum Iowa section 179 deduction will be different depending on the...
View ArticleMassachusetts Releases Draft Guidance on International TCJA Provisions
Massachusetts released draft guidance on its treatment of selected international provisions in the Tax Cuts and Jobs Act (TCJA). The guidance applies to: – corporate excise taxpayers; and – personal...
View ArticleMississippi Releases Guidance on Effects of TCJA
Mississippi has issued guidance for personal and corporation income taxpayers on the effects of the Tax Cuts and Jobs Act (TCJA). Mississippi reminds taxpayers that many aspects of the TCJA will not...
View ArticleTax Refunds Will be Issued on Time, Mnuchin Says
Despite the 35-day partial government shutdown, tax refunds are expected to be issued timely this year. To that end, Treasury and the IRS are prepared for the 2019 tax filing season, which began on...
View ArticleMichigan Explains Taxation of Recreational Marihuana
Michigan legislation authorizing the retail sale and excise taxation of recreational marihuana was passed effective December 6, 2018. However, marihuana sales will not begin immediately. The Department...
View ArticleOklahoma Prefiles Bill with Economic Nexus Changes
A bill containing potential economic nexus changes has been prefiled in the Oklahoma Legislature. Current Law Under current law, by July 1, 2018, and by June 1 of each calendar year starting this year,...
View ArticleMobile and Web Data Analytics Services Are Not Subject to Tennessee Sales and...
Mobile and web data analytics services are not subject to Tennessee sales and use tax. Remotely accessed computer software is used to provide such services. However, the true object of the services is...
View ArticleCurrent Plan Liability Rates Set for January 2019 (Notice 2019-13)
The IRS has released the interest rates for pension plan years beginning in January 2019, including: the 30-year Treasury bond weighted average interest rate, the unadjusted segment rates, the adjusted...
View ArticleKansas Announces Q2 Local Rate Changes
The Kansas DOR has announced the local sales and use tax rate changes below for the quarter beginning April 1, 2019. The DOR has also updated its historical chart listing state and local sales and use...
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