Proposed Regs Provided for Code Sec. 163(j) LimitThe IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has is...
New Tax Reform-Related Regs May Appear SoonA top Senate tax writer has said additional proposed regulations for the new tax code are expected to be released soon. Treasury Secretary Steven Mnuchin provided Republican senators with an update on...
Tax Court Adopts Amended, New Practice RulesThe Tax Court adopted amendments to its electronic filing and paying rule. The adopted rules cover petitions and other documents that are currently not filed electronically. These rules were first pro...
TIGTA Presents Semiannual Report to CongressThe Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes ...
AL - Town of Oakman increased local ratesThe town of Oakman increased the local Alabama sales and use tax rates for the following from 3% to 4%, effective December 1, 2018:general items;admissions to places of amusement and entertainment;ret...
CT - Guidance issued on purchases of vesselsConnecticut provides answers regarding the application of sales and use tax to the purchases of vessels.Topics DiscussedThe information provided includes discussions of:the reduced tax rate for sales ...
GA - 2019 interest rate announcedFor 2019, the interest rate applied to Georgia tax overpayments and underpayments is 8.5% (accruing monthly), up from 7.5% for 2018. Policy Bulletin ADMIN-2019-01, Georgia Department of Revenue, ...
KS - 2019 interest rates announcedFor 2019, the interest rate applied to Kansas tax overpayments and underpayments is 6% (0.500% per month), up from 5% (0.417% per month) for 2018. The new rate can be viewed at ksrevenue.org/pdf/...
KY - Kentucky proposes market-based sourcing rulesKentucky proposed changes to a sales factor regulation to incorporate 2018 legislation that adopted:a single receipts factor corporate income tax apportionment formula; andmarket-based sourcing rules ...
ME - 2019 personal income tax rates discussedThe Maine revenue services issued a tax alerts discussing 2019 tax year Maine personal income tax rate. For 2019 tax year, the tax rate is unchanged; however, the income brackets have been changed.For...
MD - Changes for 2019 tax filing season announcedFor income tax purposes, several changes will take effect for the 2019 tax filing season.Exemptions and DeductionsFor tax year 2018, the standard deduction is increased to a maximum value of $2,250 fo...
MI - Exemption authorized for stillbirthsLegislation has enacted that impacts how income is calculated for purposes of the Michigan income tax act.Still Birth ExemptionA taxpayer may claim an exemption in the tax year in which the taxpayer h...
MS - Vaiden imposes new tax On January 1, 2019, the city of Vaiden, Mississippi, begins imposing a tourism, parks, and recreation tax. Authorization of the levy was previously reported.Tax RateThe new tax is imposed at a rate of...
MT - Forms 2EZ and 2EC no longer availableCertain Montana personal income tax forms have been revised or discontinued.Individual Income Tax FormsThe Montana Individual Income Tax Return (Form 2EZ) has been discontinued. In addition, Form 2EC ...
NH - Electricity consumption tax repealedThe New Hampshire Department of Revenue Administration has issued a technical information release for electricity consumers, electricity providers, and tax practitioners related to the repeal of secti...
NY - MTA surcharge rate increased for 2019The New York corporate franchise tax MTA surcharge rate will increase from 28.6% to 28.9% for tax year 2019. The rate will remain the same in later tax years, unless the Commissioner of Taxation and F...
OK - 2019 employer’s withholding guide updatedThe Oklahoma Tax Commission has updated its withholding guide for employers withholding personal income tax from their employees’ wages in 2019. The guide contains general information regarding ...
RI - Gas tax increasesThe Rhode Island Division of Taxation has announced that based on the required inflation index, the gasoline tax rate will increase from 33 cents per gallon to 34 cents per gallon for the period begin...
WA - Interest rate announcedThe interest rate for Washington excise taxes for both assessments and refunds is 4%. The notice can be viewed on the department’s website at https://dor.wa.gov/sites/default/files/legacy/D...
