IRS Welcomes Prospects of Tax Reform, Simplification, SB/SE Commissioner Says
The IRS is closely watching for any congressional tax reform developments on Capitol Hill, IRS Small Business Self Employed (SB/SE) Division Commissioner Mary Beth Murphy said on August 22. Murphy...
View ArticleGift Tax Paid by Donees Not Deductible Estate Expense (Sommers Est., TC)
A decedent’s estate was disallowed an estate tax deduction in amount equal to the gift tax liability that was includible in the decedent’s gross estate on a gift made within three years of the...
View ArticleTexas to Hold Tax Amnesty
Effective September 1, 2017, the Texas Comptroller of Public Accounts must establish, for a limited duration, a tax amnesty program to encourage voluntary reporting by delinquent taxpayers who do not...
View ArticleTreasury Releases Semiannual Regulatory Agenda
The federal government has released its half-year regulatory agenda. The Regulatory Flexibility Act requires the government to publish an agenda of regulations every six months. Treasury Semiannual...
View ArticleDC Tobacco Tax Rate Changes
On October 1, 2017, the tax rate for cigarettes in the District of Columbia will increase to $2.94 per package. The rate increase is due to an increase in the surtax from 42 cents to 44 cents per...
View ArticleTexas Pallet Manufacturer Not Eligible for Retail Franchise Tax Rate
The 0.5% Texas franchise tax rate for entities primarily engaged in retail or wholesale sales did not apply to sales made by a pallet manufacturer. Generally, the rate applies when more than 50% of a...
View ArticleWolters Kluwer Captures Top Honors in 2017 Golden Bridge Awards®
Cloud-based TeamMate+ Expert Solution Honored with a Gold Award (NEW YORK, NY, August 24, 2017) — The Tax and Accounting division of Wolters Kluwer has earned six Golden Bridge Awards®, including the...
View ArticleRates Used in Computing Special Use Value Issued (Rev. Rul. 2017-16)
A listing of the average annual effective interest rates on new loans under the Farm Credit System has been issued by the IRS. The rates are used in computing the special use value of farm real...
View ArticleOregon Enacts and Increases Motor Vehicle Taxes
An Oregon law enacts a privilege tax, a use tax, and an excise tax on motor vehicle sales and increases payroll, motor fuel, and motor vehicle taxes. Revenues from the new taxes and tax increases will...
View ArticleVirginia Tax on International Export Sales Unconstitutional
The Virginia Supreme Court has held that the imposition of a Business, Professional, and Occupational License (BPOL) tax is unconstitutional as it applies to a duty-free retailer’s international export...
View ArticleWhite House Not Expected to Release Separate Tax Reform Plan
The White House is not expected to release a separate tax reform plan from that of Republican lawmakers, a senior official within the Trump administration has said. The White House will likely turn to...
View ArticleIRS Extends Deadline to Recover Overpayments Related to Arbitrage Bonds (Rev....
This IRS has added 60 days to the deadline for issuers of tax-exempt bonds and other tax-advantaged bonds to file a claim to recover overpayments to the United States with respect to the arbitrage...
View ArticleWeekly Report from Washington
According to this week’s report, Congress remains in recess, but tax reform discussions continue between lawmakers and the White House. And, the IRS is keeping a close watch on the tax reform efforts....
View ArticleIllinois Sales Tax Registration to Renew Annually
As of July 1, 2017, certificates for sales tax registration issued by Illinois will renew on an annual basis. Before, certificates renewed every five years. Despite the change, certificates issued...
View ArticleIRS Provides Relief to Victims of Hurricane Harvey (IR-2017-135)
Victims of Hurricane Harvey that began on August 23, 2017, in parts of Texas may qualify for tax relief from the IRS. Taxpayers in the counties of Aransas, Bee, Brazoria, Calhoun, Chambers, Fort Bend,...
View ArticleExcess Premium Assistance Credits Are Increase in Tax (McGuire, TC)
Married taxpayers were required to report excess premium assistance credits received to subsidize coverage from a Marketplace Exchange under Code Sec. 36B as an increase in tax. The excess credits were...
View ArticleTexas Tax Relief After Hurricane Harvey
Texas announces that tax relief is available for taxpayers affected by Hurricane Harvey and those helping with disaster recovery. Texas will waive or exempt hotel taxes and sales taxes. Also,...
View ArticleIRS Warns of Fake Charity Scams Related to Hurricane Harvey (IR-2017-137)
The IRS is warning taxpayers about fake charity scams related to Hurricane Harvey. These charity scams mimic legitimate charities and persuade people to send money or provide personal financial...
View ArticleIllinois Enacts Sales and Use Tax for Consumer Rentals
Illinois has enacted two 6.25% taxes on transactions involving merchandise rented or used by consumers. Illinois will impose: the rental purchase agreement occupation tax (rental sales tax) on...
View ArticleNew York City Enacts Tobacco Taxes, License Rules
New York City has enacted a package of legislation that changes the taxation and sales licensing of cigarettes, electronic cigarettes, and tobacco products, including: expanding the retail dealer...
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