FASB to Discuss Tax Cuts and Jobs Act
The Financial Accounting Standards Board (FASB) will discuss the Tax Cuts and Jobs Act (P.L. 115-97) at its January 10 meeting. Since enactment of the tax law, questions have arisen about its impact on...
View ArticleCalifornia Responds to SALT Deduction Limit
A bill introduced in the California Senate responds to the new limit on the federal deduction for state and local taxes (see P.L. 115-97, Sec. 11042). The bill would effectively permit taxpayers make...
View ArticleRemote Retailers to Give Louisiana Use Tax Notice
Remote retailers must notify Louisiana customers when their online purchase is subject to Louisiana use tax. In addition, remote retailers must send notices to customers annually that detail their...
View ArticlePennsylvania Requires Addback for Federal Bonus Depreciation
Pennsylvania is requiring taxpayers to add back 100% of the federal bonus depreciation deduction. The federal Tax Cuts and Jobs Act allows taxpayers to deduct the full cost of certain property placed...
View ArticleWolters Kluwer Offers New Tax Cuts and Jobs Act Webinar to Help Professionals...
(NEW YORK, NY, January 9, 2018) – Wolters Kluwer Tax & Accounting is offering a timely new webinar, Tax Cuts and Jobs Act Deep Dive, on Friday, January 19, 2018 at 10:00 a.m. Eastern. This full-day...
View ArticleMedical Device Tax Returns; Repeal Draws Bipartisan Support
Revival of the medical device tax and the health insurance provider fee have lawmakers from both parties calling for repeal or further delay of the taxes. Temporary suspensions of both taxes expired...
View ArticleWhistleblower’s Award Claim Properly Rejected (Kasper, TC)
The IRS Whistleblower Office (WO) properly rejected a whistleblower’s award claim. The record showed that the IRS did not take any action that resulted in the collection of proceeds using the...
View ArticleCalifornia Announces New Amended Return
The California Franchise Tax Board (FTB) provides guidance on a variety of corporation franchise and income and personal income tax issues, including: California Competes Credit; Enhancements to the...
View ArticleOhio Issues Aviation Fuel Dealer Rule
A new Ohio Department of Taxation rule addresses monthly aviation fuel dealer reports. Under the rule, such reports must contain: the seller’s name and address; the seller’s tax identification number...
View ArticlePennsylvania Assesses Penalties on Unpaid Amnesty-Eligible Taxes
The Pennsylvania Department of Revenue will start mailing penalty assessments to taxpayers who were eligible for the 2017 tax amnesty program but failed to participate. Nonparticipants Subject to 5%...
View ArticleSo you thought you were done with your Fixed Assets?
Well, think again… The end of the year brought a whirl-wind of change. And for corporate tax and accounting professionals it may have created more changes than were bargained for. There are some key...
View ArticleExtenders Could Move Soon
Tax extenders and the state and local sales tax deduction continue to drive discussions on Capitol Hill. Lawmakers from both sides of the aisle have expressed support for extending the expired tax...
View ArticleTaxpayer Advocate Releases NTA 2017 Annual Report to Congress (IR-2018-3)
National Taxpayer Advocate (NTA) Nina E. Olson on January 10 released the NTA 2017 Annual Report to Congress. In the report, Olson described the challenges the IRS would face while implementing the...
View ArticleAlabama Governor Issues State of the State Address
In her State of the State address, Alabama Gov. Kay Ivey supports extending tax credits to small businesses that hire veterans. Subscribers can read the full text of the speech on the governor’s...
View ArticleGovernor Wants Tax Vote in Florida Constitution
Florida Gov. Rick Scott reiterated proposals to cut taxes in his final 2018 State-of-the-State (SOS) address. In addition, the governor proposed a constitutional amendment that would make it harder to...
View ArticleHawaii Taxes Ridesharing Companies and Drivers
Rideshare services are subject to Hawaii general excise tax. The tax is collected by the person who is in contract with the rider, either: the ridesharing company, also known as the transportation...
View ArticleNebraska Governor Proposes Tax Relief
Nebraska Gov. Pete Ricketts proposes income tax and property tax relief in his State of the State Address. Under the governor’s proposal, existing tax credits will be used to achieve a permanent...
View ArticleBipartisan Multiemployer Pension Bill Takes Shape
A bipartisan proposal for changes to multiemployer pensions is taking shape on Capitol Hill. Rep. Donald Norcross, D-N.J., and Rep. Phil Roe, R-Tenn., said this week that they plan to roll-out a bill...
View ArticleUpdated 2018 Withholding Tables Issued (IR-2018-5; TDNR SM-249; FAQs; Notice...
The IRS has issued updated 2018 withholding tables that reflect the changes made by the Tax Cuts and Jobs Act (P.L. 115-97). The new law makes numerous changes affecting individual taxpayers in 2018....
View ArticleMissouri Governor Intends to Cut Taxes
Missouri Governor Eric Greitens announced his plan to cut taxes in his 2018 State of the State Address. He noted that his administration will lay out a plan to lower taxes for Missouri families. In...
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