CCH Tax Day Report Effective January 1, 2018, the Texas gasoline tax will apply to the sale of certain usually tax-free fuel if the gasoline is sold to an unlicensed purchaser. If the fuel was subsequently exported, the unlicensed purchaser can submit a refund claim to the state within one year of the purchase. Reporting […]

The post Texas ~ Motor Fuel Tax: Sales to Unlicensed Purchasers May Be Subject To Tax appeared first on Tax & Accounting Blog.

CCH Tax Day Report The Minnesota Department of Revenue has updated guidance on personal income withholding tax responsibilities related to the classification of wages and employees. Minnesota follows the federal provisions for determining taxable wages. Wages subject to federal and Minnesota income tax withholding include all pay given to an employee for services performed. The […]

The post Minnesota ~ Corporate, Personal Income Taxes: Withholding Responsibilities Related to Classification of Wages and Employees Updated appeared first on Tax & Accounting Blog.

CCH Tax Day Report The Michigan Department of Treasury (Department) has issued a notice to taxpayers regarding its revised interpretation of “materials and supplies” under the Michigan Business Tax (MBT). The Department states that its revised interpretation of “materials and supplies” is “tangible personal property purchased in the tax year that are ordinary and necessary […]

The post Michigan ~ Corporate Income Tax: Revised Interpretation of “Materials and Supplies” Issued appeared first on Tax & Accounting Blog.

CCH Tax Day Report An individual, who sold insurance as an independent contractor, was liable for self-employment tax on termination payments he received from his employer. The taxpayer did not meet the requirements of Code Sec. 1402(k) because the termination payments he received were based on his length of service at the company. Therefore, he […]

The post Insurance Agent Liable for Self-Employment Tax on Termination Payment; Penalties Imposed (Geneser, TCM) appeared first on Tax & Accounting Blog.

CCH Tax Day Report Treasury Secretary Steven Mnuchin testified on June 12 before the House Appropriations Financial Services and General Government Subcommittee. Mnuchin discussed with lawmakers the Trump administration’s fiscal year (FY) 2018 budget request for the Treasury Department. “A budget should not be an end in itself but a means of improving the lives […]

The post Mnuchin Testifies on IRS Budget Before House Appropriations Subcommittee appeared first on Tax & Accounting Blog.

CCH Tax Day Report As previously reported (TAXDAY, 2017/01/05, S.32), Sevier County residents whose primary and/or secondary residence was damaged or destroyed as a result of the wildfires that occurred during November 28 through December 9, 2017, can receive a refund for Tennessee sales tax paid on certain items for their residences. The maximum refund […]

The post Tennessee ~ Sales and Use Tax: Refunds Available on Certain Items for Sevier County Residents Affected by Wildfires appeared first on Tax & Accounting Blog.