Change of Accounting Method Procedures UpdatedThe IRS has released the list of specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and superse...
Exception to U.S. Property of CFCs ModifiedThe Treasury Department and the IRS intend to publish regulations that will provide an exception from the definition of U.S. property under Code Sec. 956 for certain obligations of a United ...
AR - Sale of hearing aid exemptThe Arkansas Department of Finance and Administration has issued a Revenue Legal Counsel Opinion determining that a taxpayer’s sale of a hearing aid was exempt from Arkansas gross receipts (sale...
DE - Delaware creates angel investor creditThe Angel Investor Job Creation and Innovation Act creates a personal income tax credit for qualified angel investments in certain Delaware small businesses. Qualified investors and investment funds m...
DC - Payment plan agreement discussedThe District of Columbia Office of Tax and Revenue (OTR) issued a press release reminding corporate and personal income taxpayers who have an outstanding District tax balance that they may be eligible...
GA - Additional high-technology exemption createdGeorgia legislation adds a temporary state sales and use tax exemption for high-technology data centers. The exemption applies to transactions occurring on or after July 1, 2018, and through December ...
ID - Idaho releases 2018 tax rate scheduleThe Idaho rate schedule for computing personal income tax liability has been released for tax year 2018. The rate schedule reflects the personal income tax rate reduction enacted during the 2018 legis...
KS - BTA relied on taxpayer’s appraisal evidenceThe Kansas Board of Tax Appeal (BTA) determined the appraised values for retail stores because the county’s property tax valuation was not reliable. Both the parties relied on the income approac...
KY - 2018 legislative developments discussedThe latest issue of Kentucky Sales Tax Facts discusses 2018 legislative developments affecting retailers. Unless otherwise noted, these changes become effective July 1, 2018. Kentucky Sales Tax F...
LA - Lafourche parish may increase lodging taxThe Lafourche Parish, Louisiana, Tourist Commission may increase the tax upon the occupancy of hotel rooms, motel rooms, and overnight camping facilities from 3% to 4%. Act 477 (S.B. 552), Laws 2018, ...
MD - Wynne Reimbursement Period ChangedThe period for local jurisdictions to reimburse the local income tax reserve account for specified refunds resulting from Maryland State Comptroller of the Treasury v. Brian Wynne, et ux., 431 Md...
NH - Regenerative manufacturing exemption enactedNew Hampshire enacted a 10 year exemption from the business profits tax (BPT) and business enterprise tax (BET) for regenerative manufacturing businesses.The business must:file an election stating it ...
NJ - Mandatory health insurance tax enactedNew Jersey legislation enacts a "shared responsibility tax" that requires most individuals to obtain health insurance or pay a penalty.Amount of TaxThe tax is generally equal to the federal ...
RI - Combined reporting regulations revisedRhode Island revised its income tax regulations on combined reporting to comply with new formatting requirements and remove the preamble.Current Regulation SupersededThe revised regulations supersede ...
SD - New municipal tax rate changes announcedThe South Dakota Department of Revenue has announced that effective July 1, 2018, the following municipal sales tax rate changes will be imposed:Rosholt is increasing its general sales and use tax rat...
VT - Vehicle transfers to siblings exemptMotor vehicles transferred to siblings are exempt from Vermont motor vehicle purchase and use tax.Exemption for Vehicle Transfers to Relatives ClarifiedThe purchase and use tax exemption for vehicles ...
WV - Tax sale notice requirements not satisfiedThe West Virginia Supreme Court of Appeals reversed a circuit court’s decision which granted summary judgment to a tax sale purchaser of property in an action to set aside the tax deed, because ...
