Trump Meets on Tax Reform with Bipartisan Senate Finance Members
President Trump invited bipartisan members of the Senate Finance Committee (SFC) to the White House on October 18 for a meeting on tax reform. Democratic members invited included SFC ranking member Ron...
View ArticleRegulations Modify Treatment of Federal Financial Assistance to Troubled Bank...
Final regulations modify and clarify the treatment of Federal Financial Assistance (FFA) provided to troubled banks and thrift institutions and related parties. The new regulations include substantive...
View ArticleAICPA Experts Highlight Tax Reform
The “Big Six” tax reform framework is driving the major focus of tax reform today, Edward Karl, CPA, AICPA Vice President of Taxation, said on October 18. The framework lays out general principles for...
View ArticleMD Imposed Tax on MI Subsidiary’s Intercompany Loan Interest
A corporation operating in Michigan was liable for Maryland tax on interest income it received on loans made to a parent company in Maryland. The corporation claimed that it had no physical or economic...
View ArticleAirbnb to File New Hampshire Returns for Hosts
Airbnb will have a New Hampshire meal and rooms rentals license as of November 1, 2017. It will collect, file, and remit returns on behalf of Airbnb hosts. Hosts who rent exclusively through Airbnb may...
View ArticlePA Net Loss Carryover Deduction Unconstitutional
The Pennsylvania Supreme Court held that, as it was applied in 2007 to a corporate net income taxpayer, a statutory limitation on the net loss carryover (NLC) deduction violated the state’s...
View ArticleSenators Discuss Bipartisan Tax Reform
A bipartisan group of senators are continuing a dialogue with President Trump on a bipartisan approach toward tax reform. Trump has been looking to gain Democratic support on the Republican tax code...
View ArticleProposed Rules Defining “Political Subdivision” for Tax-Exempt Bond Purposes...
The IRS and Treasury have officially withdrawn the February 2016 proposed definition of “political subdivision.” Interest on obligations of a U.S. state, territory, or possession or of a political...
View Article2018 Inflation Adjustments for Pension Plans, Retirement Accounts Released...
The 2018 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan...
View Article2018 Inflation Adjustment Amounts Released (IR-2017-178; Rev. Proc. 2017-58)
The IRS has released new inflation-adjusted amounts for 2018. These inflation-adjusted figures generally apply to tax years beginning in 2018 or transactions or events occurring in calendar year 2018....
View Article2017 Year-End Tax Planning: Special Tax Briefing Now Available
Year-end 2017 presents a unique set of challenges for taxpayers. At the top of the list are the uncertainties created by the possibilities within proposed tax reform legislation – what changes might be...
View ArticleCA Releases 2017 Rate Schedules, Filing Thresholds
The California Franchise Tax Board has released the 2017 California personal income tax: rate schedules; return filing threshold table; itemized deduction reduction thresholds; personal exemption...
View ArticleRyan Confirms Fourth, Top Rate in Trump/GOP Tax Reform Plan
House Speaker Paul Ryan, R-Wis., confirmed in an October 20 interview that Republican tax reform legislation will propose a fourth, top rate above 35 percent for higher-income taxpayers. Initially, the...
View ArticleFBAR Filing Extension Provided to California Wildfire Victims
The Financial Crimes Enforcement Network (FinCEN) has provided California wildfires victims with an FBAR filing extension. Accordingly, victims in the affected areas of California will have until...
View ArticleWeekly Report from Washington, D.C.
The Weekly Report for October 23, 2017, discusses Congress’s progress in passing tax reform and recent IRS guidance. Marking a significant step forward in the tax reform process, the Senate approved...
View ArticleOhio Talks Changes to Use Tax Nexus
Ohio discusses legislative changes to sales and use tax nexus that become effective January 1, 2018. Specifically, more retailers outside of Ohio may be responsible for collecting Ohio use tax....
View ArticleWolters Kluwer 13th Annual CCH Connections User Conference Kicks Off in San...
New Survey Highlights Key Trends from the Past Decade (SAN FRANCISCO, CA, October 23, 2017) – Wolters Kluwer Tax and Accounting, today kicked off its 13th annual CCH Connections User Conference, one of...
View ArticleWolters Kluwer Unveils Multiple Enhancements to Its Digital Tax Workflow...
CCH Axcess and the CCH ProSystem fx Suite Help Customers Grow, Manage and Protect Their Businesses (SAN FRANCISCO, CA, October 23, 2017) – During the 13th annual CCH Connections User Conference,...
View ArticleNo Changes to 401(k) Plans in Tax Reform, Trump Says
President Trump took to Twitter on October 23 to tell taxpayers that there will be no changes to 401(k) plans in forthcoming Republican tax reform legislation. His reassurance comes after there had...
View ArticleFL Keeps Tax Exemption for Title Insurance Premiums
The Florida insurance premium tax exemption for title insurers will not expire on December 31, 2017. The Department of Economic Opportunity (DEO) determined that the statutory job creation thresholds...
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