Virginia Tax Amnesty Program Ends Next Week
Virginia’s 2017 Tax Amnesty program ends at midnight on Tuesday, November 14, 2017. At the end of the amnesty period, the state will assess an additional 20% penalty on any remaining amnesty-qualified...
View ArticleSenate Finance Committee Markup of Tax Reform Bill Scheduled
The Senate Finance Committee (SFC) announced on November 10 that it will begin to mark up its tax reform proposal on November 13 at 3:00 p.m. Senate Republicans released a Chairman’s Mark on November...
View ArticleTax Cuts and Jobs Act: Updated Special Tax Briefing Now Available
The House Ways and Means Committee advanced to the full House the proposed Tax Cuts and Jobs Act (HR 1) on November 9, 2017. The committee approved, along party lines, a number of amendments to the...
View ArticleWeekly Report from Washington, D.C.
The Weekly Report from Washington, D.C. for November 13, rounds up the latest on the tax legislation moving through Congress and IRS Commissioner John Koskinen’s last days on the job. Pending tax...
View ArticleVermont Seeks Comments on Nexus
A Vermont bulletin on nexus for corporate income tax is open to public comments. In addition, the bulletin includes rules for foreign business entities that do business in Vermont. Corporate Income Tax...
View ArticleHouse Will Not Support Full Repeal of SALT Deduction, Brady Says
The State and Local Tax (SALT) deduction will remain, in some form, in the final congressional tax reform legislation, according to House Ways and Means Committee Chairman Kevin Brady, R-Tex. When...
View ArticleSenate Tax Reform Bill Markup Kicks Off
The Senate Finance Committee (SFC) began a markup of its tax reform proposal on November 13, starting a committee debate that is expected to last most of the week. Senate Republicans released a Joint...
View ArticleAccounting Change Procedures for Qualified Foreign Plan Election Modified...
The IRS has modified its procedures for obtaining consent to an accounting method change after a qualified foreign plan election. The new procedure specifies that the section 481 adjustment period with...
View ArticleNew York Park Pension Income Was Not Taxable
New York park pension income was not subject to New York income tax. By working in the public park system, the taxpayer had been employed by the state. Income from Park Pension New York does not tax...
View ArticleTennessee Taxes Cloud-Based Services
Subscription charges made for cloud-based employee scheduling services were subject to Tennessee sales and use tax. Tennessee taxes the use of computer software, even when customers do not possess the...
View ArticleModified Senate Bill to Include ACA Individual Mandate Repeal
A modified Senate Republican tax reform bill is expected to include the repeal of the Patient Protection and Affordable Care Act’s (ACA) (P.L. 111-148) individual mandate. Several GOP senators...
View ArticleCalifornia Cannabis Tax Rates Provided
Beginning January 1, 2018, harvested cannabis in California is subject to a cultivation tax. Also, both cannabis and cannabis products are subject to a cannabis excise tax. The California Department of...
View ArticleCompany Properly Excluded from Colorado Return
A taxpayer was not required to include a holding company for foreign entities in its Colorado combined returns. The taxpayer was a parent company of the holding company and formed the company to own...
View ArticleWolters Kluwer Expert Offers Keen Insights on the Tax Cuts and Jobs Act in...
(NEW YORK, NY, November 15, 2017) – Wolters Kluwer Tax & Accounting is offering the timely live webinar, Tax Legislation Update: Tax Cuts and Jobs Act, hosted by nationally recognized tax expert...
View ArticleSenate GOP Modifies Tax Reform Proposal
Senate Finance Committee (SFC) Republicans are making significant changes to their tax reform proposal, including permanent corporate tax rate cuts but temporary tax relief on the individual side of...
View Article2018 Vehicle Depreciation Limits Projected to Drop
Based on inflation factors now available, Wolters Kluwer has projected a drop is some of the annual “luxury vehicle” depreciation caps for use in connection with vehicles first placed in service in...
View ArticleHouse Passes Tax Reform Bill; Updated Tax Cuts and Jobs Act Special Tax...
The House on November 16 approved its sweeping tax reform package-the Tax Cuts and Jobs Bill (HR 1)-by a vote of 227 to 205, moving the GOP one-step closer to achieving a signature legislative victory....
View ArticleNew York Denied Deduction for Rental Losses
New York denied a deduction for rental losses taken by a married couple. Under New York tax law, a taxpayer can take a deduction for rental losses if the taxpayer qualifies as a real estate...
View ArticleSenate Finance Committee Approves Tax Reform Bill; Full Senate Next
The Senate Finance Committee (SFC) late on November 16 completed work on its tax reform package. The Senate committee approved the Senate GOP’s version of the Tax Cuts and Jobs Bill by a 14-12...
View ArticleWeekly Report from Washington, D.C.
Tax reform legislation took a giant step forward when the full House approved its Tax Cuts and Jobs Bill (HR 1) on November 16, moving the spotlight over to the Senate. Meanwhile, the Senate Finance...
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