Washington ~ Sales and Use Tax: Purchaser of Assets Was Liable For Unpaid Taxes
A taxpayer that purchased the assets of several Washington businesses was liable for use tax and/or deferred sales tax because there is a conclusive presumption that the selling price does not include...
View ArticleRevised Senate ACA Repeal, Replace Bill Could be Unveiled This Week
Senate Republicans may unveil a revised draft of the Better Care Reconciliation Act of 2017 (TAXDAY, 2017/06/23, C.1) by the end of the week, leading to a possible floor vote as early as the week of...
View ArticleWhite House Committed to Tax Reform This Year, Mnuchin Says
Treasury Secretary Steven Mnuchin has reiterated the Trump administration’s goal of achieving comprehensive tax reform in 2017. “We’re absolutely committed to getting tax reform done this year,” he...
View ArticleConnecticut ~ Corporate, Personal Income Taxes: Tax Preparer Restrictions,...
Legislation has been enacted that changes the Connecticut corporation business tax return filing deadline, the date used to compute estimated tax underpayment penalties, and the filing deadline for W2s...
View ArticleDelaware ~ Tobacco Tax: Rate Increases Enacted and Vapor Products Added As...
Effective September 1, 2017, the tax on Delaware cigarettes is increased to $2.10 (currently, $1.60) per pack of 20 cigarettes. The tax on all tobacco products other than vapor products, moist snuff,...
View ArticleHawaii ~ Corporate, Personal Income Taxes: IRC Conformity Legislation Enacted
Legislation has been enacted that generally conforms Hawaii corporate and personal income tax laws to the Internal Revenue Code (IRC) as amended as of December 31, 2016, for taxable years beginning...
View ArticleWashington ~ Sales and Use, Business and Occupation Taxes: Nexus Provisions...
Legislation has been enacted that extends Washington sales and use tax to remote sellers, “marketplace facilitators,” and “referrers” that meet certain criteria and expands economic nexus provisions....
View ArticleRevised Senate GOP ACA Repeal, Replace Bill Expected Thursday; Senate August...
Senate Republicans will be unveiling the text of their revised Patient Protection and Affordable Care Act (ACA) (P.L. P.L. 111-148) repeal and replace bill on July 13, Senate Majority Leader Mitch...
View ArticleCash-Basis Taxpayers May Elect to Deduct Estimated Sold Waste Disposal...
The Tax Court has ruled that cash-method taxpayers are allowed to make an election under Code Sec. 468 to currently deduct estimated reclamation, closure and post-closure costs with respect to mining...
View ArticleMissouri ~ Sales and Use Tax: Various Changes to Local Sales Tax Provisions...
Legislation has been enacted that modifies various provisions relating to local Missouri sales taxes, as discussed below. Zoological sales tax: The legislation provides that a local sales tax approved...
View ArticleMissouri ~ Personal Income Tax: Tax Rates to Go Down in 2018
A majority of Missouri residents and small business owners will see their personal income tax bills go down in 2018, according to Missouri Sen. Will Kraus. Pursuant to S.B. 509, Laws 2014, beginning in...
View ArticleNew York ~ Property Tax: Assessment Relief Enacted for Property Impacted by...
Enacted New York legislation creates the Lake Ontario and Connected Waterways Assessment Relief Act, which provides for property assessment relief in the form of a reduced assessment for owners that...
View ArticleWashington ~ Sales and Use, Miscellaneous Taxes: Governor Signs Bill to...
Gov. Jay Inslee has signed legislation that modifies renewable energy system tax incentives. The legislation reduces the maximum incentive rate provided for each kilowatt-hour of electricity generated...
View ArticleWashington ~ Personal Income Tax: Seattle Tax on High-Income Earners Approved...
The Seattle City Council has approved legislation (Council Bill 119002) to impose a personal income tax at the rate of 2.25% on income over $250,000 per year for individuals or $500,000 per year for...
View ArticleLawmakers Discuss Corporate Tax Reform
Comprehensive tax reform in 2017 is a known, bipartisan priority among congressional tax writers, but the details of what that package will look like remain uncertain. Specifically, House Republicans...
View ArticleCalifornia ~ Corporate Income Tax: Non-Marketing Services Sourced to State...
In a Chief Counsel Ruling, the California Franchise Tax Board (FTB) ruled that, under the corporation franchise and income tax apportionment rules, a taxpayer that contracts with health plans to manage...
View ArticleConnecticut ~ Sales and Use Tax: 2017 Back-to-School Holiday Will Be Held...
The Connecticut Department of Revenue Services advises that the 2017 back-to-school sales tax holiday will be held from August 20 to August 26, 2017. During the holiday, many items of clothing and...
View ArticleHawaii ~ Personal Income Tax: Tax Rate Changes, New Earned Income Tax Credit,...
Hawaii legislation has been enacted that changes the personal income tax rates, establishes a state earned income tax credit, and repeals the sunset date for prior amendments made to the food/excise...
View ArticleIllinois ~ Motor Fuel Tax: Motor Fuel Reporting Requirements Changed
Beginning on July 1, 2017, the Motor Fuel Tax Law, 35 ILCS 505/1, et seq., requires liquefied natural gas (LNG) to be reported using diesel gallon equivalents (DGEs). Fuel distributors are required to...
View ArticleWashington ~ Multiple Taxes: Governor Signs Revenue Legislation
Gov. Jay Inslee has signed excise tax legislation, including new sections covering business and occupation tax (B&O) exemption for agricultural fertilizer and seed, as well as tax relief for...
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