Senate Finance Committee Holds Hearing on Individual Tax Reform
The Senate Finance Committee (SFC) held a September 14 tax reform hearing examining the individual side of the tax code. The hearing was intended to be the first in a series of hearings leading up to...
View ArticleGuidelines for Equivalency Determinations Updated (Rev. Proc. 2017-53)
The procedures for equivalency determinations have been updated to reflect changes to the regulations that have been implemented since the simplified procedures were originally released in Rev. Proc....
View ArticleWolters Kluwer Projects Inflation-Adjusted Tax Brackets and Other Amounts for...
As a service to our readers, Wolters Kluwer has prepared projected inflation-adjusted tax brackets for the 2018 Tax Rate Tables, the standard deduction, personal exemption and other tax amounts for use...
View ArticleGeorgia Provides Hurricane Irma Tax Relief
Georgia offers tax relief to the victims of Hurricane Irma. The Department of Revenue is postponing, until January 31, 2018, certain deadlines for individuals and businesses that: are located in...
View ArticleMassachusetts Enacts Veterans Credit, Revises Earned Income Credit
Legislation making appropriations for the Massachusetts 2018 fiscal year has been enacted a veterans employment credit. The credit may be claimed against both corporate excise and personal income tax...
View ArticlePennsylvania School District’s Selective Appeal Policy Ruled Unconstitutional
A school district in Pennsylvania could not appeal the property tax assessments of commercial properties, while not also appealing assessments of other types of property. The state Supreme Court held...
View ArticleTaxpayers Urged to Pay Tax in Virginia Amnesty Program
Gov. Terry McAuliffe urges taxpayers to participate in the 2017 Virginia Tax Amnesty Program. Taxpayers have the opportunity to pay back taxes with no penalties and half the interest between September...
View ArticleWisconsin Passes Budget Bill
The Wisconsin Assembly has passed the budget bill for 2017, which would make significant changes to: personal income tax; corporation franchise and income tax; and sales and use tax. Possible Income...
View ArticleGOP Not Yet United on Tax Reform Bill
As top congressional Republicans and the White House prepare to release a tax reform framework during the week of September 25, intraparty consensus on a final tax plan remains elusive for GOP members...
View ArticleWeekly Report from Washington, D.C.
The IRS continued to announce relief for victims of Hurricanes Harvey and Irma. The Senate Finance Committee held the first of what is expected to be a series of tax reform hearings. GOP leaders in the...
View ArticleMassachusetts Explains Relief for Taxpayers In Disaster Areas
Massachusetts offers tax relief to income taxpayers affected by Hurricane Harvey or Hurricane Irma. Taxpayers are not required to take any action to get relief for personal income or corporate excise...
View ArticleRhode Island Offers Tax Relief for Taxpayers in Hurricane Areas
Individuals and businesses in an area impacted by the recent hurricanes may ask for tax deadline relief in Rhode Island. Also, calendar-year C corporations can file 6-month extensions. Disaster Tax...
View ArticleVirginia Provides Tax Relief to Hurricane Harvey Victims
Virginia will provide extensions and penalty waivers to taxpayers who are unable to meet their filing and payment obligations because of Hurricane Harvey. Virginia Tax intends to grant similar relief...
View ArticleNew Inflation Estimates from Wolters Kluwer Offer First Look at Impact for...
Quick, Go-to Guidance on Latest Figures Now Available (NEW YORK, NY, September 18, 2017) — An early glimpse at the income tax picture for 2018, as projected under current tax law, is now available...
View ArticleProposed Regs Clarify Use of Truncated TINs on Forms W-2 (NPRM REG-105004-16)
The IRS has issued proposed regulations that permit employers to voluntarily truncate employees’ Social Security numbers (SSNs) on copies of Forms W-2 , Wage and Tax Statement, that are furnished to...
View ArticleAICPA Requests IRS Change, Delay Partnership Audit Rules; More Regulations...
The America Institute of CPAs (AICPA), among others, recommended during a September 18, hearing that the IRS make changes to improve the proposed rules on partnership audits. The hearing focused on the...
View ArticleFlorida Extends Filing Deadlines Due to Hurricane Irma
The Florida Department of Revenue has extended certain tax filing deadlines due to Hurricane Irma. The extensions apply to businesses that are registered with the Department of Revenue in each of...
View ArticleSale-Leaseback Price Was Not Market Value
In Ohio, the sale-leaseback price of an office building does not reflect the market value of the building for property tax purposes. The Ohio Supreme Court held that a sale-leaseback is not an arm’s...
View ArticleWolters Kluwer Honored as “Americas Tax Technology Firm of the Year” by...
CCH AnswerConnect Continues to Earn Industry Recognition (NEW YORK, NY, September 19, 2017) — Wolters Kluwer has been named “Americas Tax Technology Firm of the Year” by International Tax Review. The...
View ArticleSenate Finance Committee Holds Hearing on Business Tax Reform
The Senate Finance Committee (SFC) held a hearing September 19 to discuss overhauling the business tax reform. On September 14 the SFC examined individual tax reform Bipartisan Agreement SFC Chairman...
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