Senate GOP May Forgo Certain ACA Repeal Tax Cuts
Senate Republicans continue discussions on their healthcare bill, the Better Care Reconciliation Act of 2017 (BCRA), which would repeal and replace, in part, the Patient Protection and Affordable Care...
View ArticleFinal Regulations Provide Streamline Tax-Exempt Status Application Process...
Temporary and proposed regulations issued in 2014 authorized the IRS to create a streamlined process for eligible organizations to use in applying for tax exempt status under Code Sec. 510(c)(3), and...
View ArticleProposed Senate Bill Repealing and Replacing ACA Released: Special Tax...
The Senate GOP, on June 22, released a proposed bill to repeal and replace the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148). The bill is similar in scope to the American Health Care...
View ArticleCalifornia ~ Sales and Use Tax: BOE Required to Administer and Collect...
The Legislature finds and declares that the transactions and use tax (i.e., district tax) approved by Los Angeles County voters on the March 7, 2017, ballot as “Measure H” is valid and authorized and...
View ArticleLouisiana ~ Multiple Taxes: Sunset Dates for Various Credits Enacted
Louisiana Gov. John Bel Edwards as signed legislation that terminates corporate income, personal income, and corporate franchise tax credits for the following effective January 1, 2020: — Accessible...
View ArticleNorth Carolina ~ Multiple Taxes: Rate Reductions Enacted in Veto Override
The North Carolina General Assembly has overridden Gov. Roy Cooper’s veto of the biennium budget bill (TAXDAY, 2017/06/28, S.22), which will reduce corporate income tax rates from 3% to 2.5% and the...
View ArticleNorth Carolina ~ Sales and Use Tax: Mill Machinery, Fulfillment Facility...
The North Carolina privilege tax on mill machinery is repealed and replaced by a sales and use tax exemption, a sales and use tax exemption is enacted for large fulfillment facilities, and an annual...
View ArticleNo Revised Senate ACA Repeal/Replace Bill Yet As Congress Begins July 4th Recess
Lawmakers have left Washington for the start of their July 4 holiday recess without releasing an updated draft of Senate Republicans’ Better Care Reconciliation Act of 2017 (BCRA) (TAXDAY, 2017/06/23,...
View ArticleNew Pre-Approved Plan Opinion Letter Procedures Issued (Rev. Proc. 2017-41)
The IRS has issued new procedures for issuing opinion letters regarding the qualification in form of pre-approved plans. The new procedure modifies the IRS’s historic approach to pre-approved plans in...
View Article2017 Cumulative List of Changes in Plan Qualification Requirements Issued...
The IRS has released the cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans for 2017 (2017 cumulative list). The cumulative list identifies...
View ArticleWeekly Report from Washington, D.C.
Lawmakers have started their Independence Day recess. The IRS released guidance for tax-exempt organizations and cautioned taxpayers and tax professionals about scams. Congress House. A House...
View ArticleFlorida ~ Sales and Use Tax: Emergency Rule Regarding Back-to-School Tax...
An emergency rule regarding the Florida back-to-school sales and use tax holiday is adopted. The holiday periods runs from 12:01 a.m., August 4, 2017, through 11:59 p.m., August 6, 2017. The rule...
View ArticleLouisiana ~ Sales and Use Tax: Medical Devices Used by Patients Exempt
Beginning July 1, 2017, sales and purchases of medical devices used by patients under the supervision of a physician are exempt from all Louisiana state sales and use taxes. Formerly, this exemption...
View ArticleNew Hampshire ~ Corporate Income Tax: IRC Conformity Updated and BPT/BET Rate...
Governor Sununu of New Hampshire has approved legislation that reduces the tax rates of the business profits tax and the business enterprise tax, updates the state’s conformity with the Internal...
View ArticleNew York ~ Personal Income Tax, Practice and Procedure: Suspension of...
The New York Supreme Court upheld the Division of Taxation’s notice of proposed driver license suspension referral issued to the taxpayer for unpaid personal income taxes because the suspension issued...
View ArticleOregon ~ Multiple Taxes: IRC Conformity Updated
Oregon Gov. Kate Brown has signed legislation that conforms Oregon’s corporate excise (income), personal income and property taxes to the Internal Revenue Code (IRC) as amended on December 31, 2016...
View ArticleKansas ~ Personal Income Tax: Changes to Net Operating Losses for Individuals...
For personal income tax purposes, the Kansas Department of Revenue has issued a notice informing taxpayers that for tax years beginning after December 31, 2016, there is no requirement for an...
View ArticleOhio ~ Sales and Use Tax: Budget Bill Enacts Expands Nexus Provision,...
Ohio Gov. John R. Kasich has signed the fiscal year 2018-2019 state budget, which expands the presumption of “substantial nexus” and authorizes additional exemptions and local taxes. Substantial nexus...
View ArticleOhio ~ Multiple Taxes: Budget Bill Eliminates Some Personal Income Tax...
Ohio Gov. John Kasich has signed the 2018-19 Ohio budget, which eliminates some personal income tax rates and makes other income and public utility excise tax changes. The governor also released his...
View ArticleOhio ~ Multiple Taxes: Amnesty, Cigar Tax Enacted; Property Tax Appeal...
Tax changes under the Ohio biennial budget bill involve an amnesty for certain tax types, and changes to severance, cigarette, tobacco products, utility excise, and property taxes, as well as the...
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