Missouri Governor Proposes Personal, Corporate Income Tax Rate Reductions
Gov. Eric Greitens announced details of his plan to cut taxes for working families and win jobs for Missouri. To offset revenue losses from the tax cuts, the plan includes recommendations for...
View ArticleMnuchin Defends IRS Position on Prepaid Property Taxes
Treasury Secretary Steven Mnuchin defended the IRS’s position on the deductibility of prepaid 2018 property taxes before lawmakers on January 30. Mnuchin testified before the Senate Committee on...
View ArticleNew Alabama Electronic ID App Fights Fraudulent Returns
The Alabama Department of Revenue (department) has announced the full-scale deployment of the electronic ID app (Alabama eID) to protect personal income taxpayers against state income tax refund theft....
View ArticleIRS Supplements Proposed Regulations Implementing the Centralized Partnership...
The IRS has issued proposed regulations that supplement the regulations proposed in June 2017 (NPRM REG-136118-15), which implemented the new centralized partnership audit regime under the Bipartisan...
View ArticleCalifornia Senate Passes Bill to Counter Federal SALT Deduction Limit
The California Senate passed a bill that would create a personal income tax credit for 85% of contributions to the California Excellence Fund. The credit would be nonrefundable, but taxpayers would be...
View ArticleConnecticut Governor Proposes Gas Tax Increase
Connecticut Gov. Dannel P. Malloy has released a proposal to stabilize the Special Transportation Fund for gas tax and sales and use tax purposes. Among other provisions, the plan calls for a 7%...
View ArticleIowa Imposes New Water Service Excise Tax
Iowa Governor Kim Reynolds has signed legislation that relates to improving water quality in the state. The law, which is the first signed by the new governor: -amends the wastewater treatment...
View ArticleNew Hampshire Joins Internet Sales Tax Fight
New Hampshire Governor Chris Sununu and Attorney General Gordon MacDonald have announced that New Hampshire is joining the fight against internet sales tax. The state will argue to the U.S. Supreme...
View ArticleIRS Alerts Taxpayers About Corrected Forms 1095-A
Taxpayers who receive corrected 2017 Forms 1095-A, Health Insurance Marketplace Statement, may need to file an amended return, if they have already filed, the IRS has reported. The Service highlighted...
View ArticleNew PTE Tax Proposed
Connecticut Gov. Dannel P. Malloy announced 2019 fiscal year budget adjustments that include proposals to: -create a new pass-through entity tax and a corresponding personal income credit for...
View ArticleGovernor Takes Steps to Address SALT Deduction Cap
Governor Dannel P. Malloy’s FY19 budget adjustment proposals include steps to address: -the $10,000 cap beginning in 2018 on the federal itemized deduction individuals may claim for state and local...
View ArticleWhat’s New with the Tax Cuts and Jobs Act?
Wolters Kluwer Reviews Critical Changes Taxpayers Need to Know (NEW YORK, NY, February 7, 2018) — With the most significant piece of tax legislation in perhaps the last 30 years enacted in December of...
View ArticleTrump Announces IRS Commissioner Nominee
President Trump on February 8 announced his nomination of Charles P. Rettig for IRS Commissioner. Rettig is currently a tax attorney in California. “During his 35+ year professional career with...
View ArticleCertain Tax Extenders Included in Senate Budget Bill; House Approval Remains...
The Senate on February 8 was gearing up for a vote on the Bipartisan Budget Bill, which would provide funding for the federal government through March 23 (TAXDAY, 2018/02/08, C.1). At press time, the...
View ArticleCertain Restructuring of Exempt Organizations Will No Longer Require New...
In order to reduce the compliance burden on certain exempt organizations, the IRS has provided guidance that will generally allow domestic organizations exempt under Code Sec. 501(c) to change their...
View ArticleIRS Provides Qualified Opportunity Zones Nomination Procedures (Rev. Proc....
The IRS has provided procedures for designating population census tracts as Qualified Opportunity Zones for purposes of Code Secs. 1400Z-1 and 1400Z-2, as added by the Tax Cuts and Jobs Act of 2017...
View ArticleVermont Personal Income Tax Reform Plan Announced
Vermont has announced a personal income tax reform plan in response to the federal Tax Cuts and Jobs Act (TCJA). The TCJA revised parts of the federal personal income tax structure that flow through to...
View ArticleCompany Not Required to Collect Virginia Sales Tax
A company with no physical presence in Virginia is not required to register as a dealer or collect sales tax on sales for resale to its subsidiary. The company is a business that owns a subsidiary that...
View ArticleTrump Signs Bipartisan Budget Act; Tax Extenders Included
President Trump on February 9 signed the Bipartisan Budget Act (P.L. 115-123) into law after a brief government shutdown occurred overnight. The House approved the legislation, which contains a...
View ArticleWeekly Report from Washington, D.C.
Congress passed and the president signed the Bipartisan Budget Act of 2018 (P.L. 115-123), which, in addition of extending government spending, included extenders and other tax provisions. The White...
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