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2018 Year-End Tax Planning Tax Reform 2.0 2018 Post-Filing Season Update Congress Approves Sweeping Tax Overhaul

Proposed Regs Provided for Code Sec. 163(j) Limit
The 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...

Brady Introduces Revised Tax, IRS Reform Package
The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS reform...

New Tax Reform-Related Regs May Appear Soon
A 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 Rules
The 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...

Senate Confirms Key Tax Reform Architect for Top Treasury Role
A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy Treasury secretary on De...

TIGTA Presents Semiannual Report to Congress
The Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes ...

Proposed Regulations Intend to Reduce FATCA Withholding Compliance Burden
Proposed regulations address and intend to reduce taxpayer burden in complying with certain withholding requirements under the Foreign Account Tax Compliance Act (FATCA), Chapter 4 ( Code Secs. 1471 -...

Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits
The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to cha...

IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Em...

Eligibility for Allocation of Deduction for Energy Efficient Commercial Building Property Clarified
The IRS has issued a memo that sets forth guidelines for determining various factual scenarios such as whether a taxpayer may qualify as a designer of energy efficient commercial building property und...

AZ - High Court will not review assessments based on IRS information
The U.S. Supreme Court declined to review Arizona income tax assessments imposed on a taxpayer based on IRS information.Arizona Department of Revenue AssessmentsThe Department of Revenue determined th...

CA - Procedure for appealing denial of request for abatement of interest
For corporate and personal income tax purposes, the California Franchise Tax Board (FTB) provides the procedure for appealing a denial or a partial denial of a request for abatement of interest. If a ...

CO - Colorado adopts emergency market-based sourcing regulations
Colorado has adopted temporary emergency regulations to provide guidance on 2018 legislation. The legislation implemented revised corporate income tax apportionment methods, including market-based sou...

FL - St. Lucie County adds 0.5% local government infrastructure surtax
The combined Florida state and local sales and use tax rate for St. Lucie County will be 7% effective January 1, 2019.St. Lucie County Ordinance Adopting SurtaxVoters approved a St. Lucie County Ordin...

GA - Comments sought on land value rule amendments
The Georgia DOR proposes to amend property tax Reg. §560-11-6-.09 ("Table of Conservation Use Land Values") and Reg §560-11-11-.12 ("Table of Forest Land Protection Act Land Use Values"). Th...

HI - Taxpayers advised to obtain IRS transcripts electronically
The County of Maui Department of Finance has issued a press release informing taxpayers that the federal government shut down is affecting some circuit breaker property tax credit applications. As a r...

ID - Taxpayers alerted to imposter tax scams
The Idaho State Tax Commission has issued a news release alerting corporate and personal income taxpayers about imposter tax scams. The alert was issued after a taxpayer contacted the Attorney General...

IL - Illinois sets “part b” rates for 2019
Illinois motor fuel use tax rates are increased for 2019. The new Part B rates are:diesel fuel, 16.1¢ (formerly, 13.4¢) per gallon;gasoline, 15.2¢ per gallon (formerly, 13.4¢);liqu...

IA - Iowa provides itemized deduction guidance
Iowa’s itemized deduction guidance highlights and summarizes the major differences between federal and Iowa itemized deductions. The federal Tax Cuts and Jobs Act (TCJA) made numerous changes to...

MD - Shell recycling credit rule amended
A Maryland income tax rule governing the shell recycling tax credit is amended to reflect current law. The amendments as proposed and subsequently adopted can be viewed at dsd.state.md.us/MDR/452...

MA - Massachusetts updates directive on exemptions for federal employees
Massachusetts updated a directive on:the sales and use tax exemption for purchases by federal employees; andthe room occupancy excise tax exemption for room rentals by federal employees.Sales Tax Exem...

NV - Regulation for retailers claiming bad debt deduction issued
The Nevada Tax Commission has issued a sales tax regulation for retailers claiming a deduction for a bad debt. The regulation provides under section 3 that a retailer is only authorized to make a clai...

NM - Certain guaranteed payments were not taxable in New Mexico
A partner was not liable for New Mexico gross receipts tax on "guaranteed payments" from a partnership. Before the partner’s administrative hearing on his tax liability, the Taxation a...

NY - Retroactive application of empire zone program amendments did not violate taxpayer’s due process rights
For New York State corporate income tax purposes, the Division of Tax Appeals (DTA) held that a retroactive application of Empire Zone Program amendments to tax year 2009 did not violate a power compa...

NC - Motor fuels tax rate increased for 2019
The North Carolina motor fuels tax rate for gasoline, diesel, and alternative fuels is increased from 35.1 cents per gallon to 36.2 cents per gallon.When is the New Rate Applicable?The new rate applie...

ND - 2019 withholding tables released
North Dakota has released its 2019 withholding tables for employers. Income Tax Withholding Instructions and Tables, North Dakota State Tax Commissioner’s Office, December 2018...

OH - Modernized e-file to be available for pass-through entity tax returns
The Ohio Department of Taxation (department) has issued a press release stating that it will be offering Modernized e-File (MeF) for corporate income taxpayers and tax practitioners filing Form IT 114...

OR - Daycare property partially entitled to exemption
The Oregon Tax Court held that a daycare facility was entitled to property tax exemption on its leased property only for those parts used exclusively for educational purposes. The taxpayer, an exempt&...

PA - Notice regarding hotel occupancy tax issued for booking agents
For hotel occupancy (sales and use) tax purposes, the Pennsylvania Department of Revenue has issued a notice informing booking agents that effective January 22, 2019, a booking agent that facilitates ...

TN - Taxpayer allowed to apportion tax liability as it was incorporated in another state
A corporate income taxpayer was entitled to apportion its Tennessee tax liability for the 2006 and 2007 tax years because the taxpayer established "substantial nexus" with another state (Flo...

TX - November 2018 certification of average closing price of gas and oil released
The Texas Comptroller of Public Accounts has determined the average taxable price of crude oil for the reporting period November 2018 is $49.28 per barrel for the three-month period beginning on Augus...

UT - Adjustment allowed to avoid double taxation of foreign business income
Taxpayers could adjust their Utah income to avoid double taxation of foreign business income. The tax court ruled in their favor on that issue, but rejected their other claim. They challenged Utah&rsq...

VA - Interest rates increased for first quarter of 2019
The Virginia interest rates for the first quarter of 2018 that begins on January 1, 2019, will be 8% for tax underpayments (assessments) and 8% for tax overpayments (refunds). For the purpose of compu...

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