Governor Sununu of New Hampshire has approved legislation that reduces the tax rates of the business profits tax and the business enterprise tax, updates the state’s conformity with the Internal Revenue Code, increases the IRC Sec. 179 deduction limit, and repeals the electricity consumption tax. The legislation reduces in two steps the business profits tax […]

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Beginning July 1, 2017, sales and purchases of medical devices used by patients under the supervision of a physician are exempt from all Louisiana state sales and use taxes. Formerly, this exemption was partially suspended, resulting in the application of a 3% tax rate on these items. Act 426 (S.B. 180), Laws 2017, effective as […]

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An emergency rule regarding the Florida back-to-school sales and use tax holiday is adopted. The holiday periods runs from 12:01 a.m., August 4, 2017, through 11:59 p.m., August 6, 2017. The rule describes the items that are included in the holiday exemption and explains how various transactions should be handled for purposes of the exemption, […]

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The IRS has released the cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans for 2017 (2017 cumulative list). The cumulative list identifies changes that are required to be taken into account in a pre-approved plan document submitted under the pre-approved plan program and that will be considered by the IRS […]

The post 2017 Cumulative List of Changes in Plan Qualification Requirements Issued (Notice 2017-37) appeared first on Tax & Accounting Blog.

The IRS has issued new procedures for issuing opinion letters regarding the qualification in form of pre-approved plans. The new procedure modifies the IRS’s historic approach to pre-approved plans in order to expand the provider market and encourage employers that currently maintain individually designed plans to convert to the pre-approved format. The pre-approved program has […]

The post New Pre-Approved Plan Opinion Letter Procedures Issued (Rev. Proc. 2017-41) appeared first on Tax & Accounting Blog.

Lawmakers have left Washington for the start of their July 4 holiday recess without releasing an updated draft of Senate Republicans’ Better Care Reconciliation Act of 2017 (BCRA) (TAXDAY, 2017/06/23, C.1). The measure would repeal and replace, in part, the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) and related taxes. An updated draft […]

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