Senate, House Head to Conference on Tax Reform Bills
The Senate on December 6 voted 51-to-47 to go to conference committee with the House, thus setting the stage for tax reform negotiations between the two chambers. The House on the evening of December 4...
View ArticleYear-End Planning in Light of Pending Tax Reform — Businesses
As Congress’s tax reform package, the Tax Cuts and Jobs Bill (HR 1), moves forward to likely passage, taxpayers need to consider what advantages might be gained by getting certain year-end tax...
View ArticleOnline Data Compilation Service Not Taxable in Indiana
A professional association was not liable for Indiana sales tax on fees paid to display its real estate listings in an online database. The vendor that sold use of the database provided the association...
View ArticleJCT Releases Comparison of House and Senate Versions of Tax Reform
The Joint Committee on Taxation (JCT) released its comparison of the House and Senate versions of tax reform on December 7. The 51-page report outlines which provisions are “in” and “out” of the...
View ArticleHouse, Senate Approve Stopgap Funding Bill, Avoid Government Shutdown
The House and Senate on December 7 approved a two-week stopgap spending bill (HConRes 123) that will keep the government funded through December 22. The House approved the measure by a 235-to-193 vote....
View ArticleArkansas Consolidated Return Filers Must Report Excess Inclusion Income on...
Excess inclusion income (EII) must be included and reported for Arkansas corporate income tax purposes. Arkansas has adopted Subchapter M of the Internal Revenue Code, which includes the federal...
View ArticleMichigan Prepaid Fuel Rates Announced
The Michigan Department of Treasury has announced that from January 1, 2018 through January 31, 2018, the prepaid sales tax rate for gasoline is increased from 12.7 cents per gallon to 13.5 cents per...
View ArticleWholesale Prices for Ohio Petroleum Activity Tax Calculations Released
Ohio issued a release with the statewide average wholesale prices used to calculate gross receipts subject to the petroleum activity tax (PAT). The average prices per gallon are: -$1.582 (previously,...
View ArticleGOP Looks to Finalize Tax Bill Before Holidays
House Majority Leader Kevin McCarthy, R-Calif., has said that the House will be in session the week of December 18, planning to pass the Tax Cuts and Jobs Bill (HR 1) after the measure is finalized....
View ArticleWeekly Report from Washington, D.C.
The House and Senate versions of sweeping tax reform legislation have gone to a conference committee to iron-out differences between the two bills. The IRS announced that interest rates will be...
View ArticleMaine Introduces IRC Conformity Bill
A bill has been introduced in the Maine Senate that would, if enacted, update Maine’s corporate income and personal income tax federal Internal Revenue Code (IRC) conformity date to December 31, 2017...
View ArticleJCT Provides Comparison of Revenue Provisions in House, Senate Versions of...
The Joint Committee on Taxation (JCT) on December 11 provided a comparison of the revenue provisions contained in the House and Senate versions of the Tax Cuts And Jobs Act (HR 1). The JCT also...
View ArticleConnecticut Requires Withholding on Pension, Other Retirement Distributions...
The Connecticut Department of Revenue Services has revised its employer’s tax guide, Circular CT, providing guidance for employers who withhold Connecticut personal income tax from their employees’...
View ArticleSmartphone App for Export Verification Did Not Meet Texas Sales Refund...
The Texas Comptroller has issued a private letter ruling stating that a taxpayer’s proposed electronic export verification system used to claim a refund of sales and use tax through a smartphone...
View ArticleWashington Adopts Business and Occupation Tax Rule for Apportioning Financial...
The Washington Department of Revenue is required to adopt a rule for apportioning the income of financial institutions engaged in business both in and outside Washington. This is done for B&O...
View ArticleHouse, Senate GOP Nearing Unified Tax Reform Bill
House and Senate Republicans may be on the cusp of reaching a deal on tax reform, according to Sen. John Cornyn, R-Tex. GOP lawmakers involved in tax reform discussions are “getting closer” to reaching...
View ArticleArkansas Tax on Candy, Soft Drink Increases January 1
Candy and soft drinks will be subject to the full 6.5% Arkansas state sales and use tax rate beginning January 1, 2018. A 2017 law removed candy and soft drinks from the definitions of “food” and “food...
View ArticleWolters Kluwer Tax & Accounting Captures Two Wins in 2017 Best in Biz Awards
(NEW YORK, NY, December 13, 2017) — Wolters Kluwer Tax & Accounting has been honored with two awards in the seventh annual 2017 Best in Biz Awards. Wolters Kluwer’s CCH AnswerConnect solution...
View ArticleSenate, House GOP Reach Agreement on Tax Reform, Hatch Says
Senate and House Republicans have reached agreement on a unified tax reform proposal, according to Senate Finance Committee (SFC) Chairman Orrin G. Hatch, R-Utah. “We reached the agreement,” Hatch told...
View ArticleHouse Lawmakers Examine Taxpayer Experience with IRS
The House Ways and Means Oversight Subcommittee held a December 13 hearing examining the taxpayer experience with the IRS. The hearing served as an important part of lawmakers’ efforts to reform the...
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