A portion of a foreign corporation’s capital gain on the redemption of its interest in a U.S. limited liability company (LLC), which was treated as a partnership for U.S. income tax purposes, was not taxable for U.S. purposes because it was not U.S.-source income and was not effectively connected with a U.S. trade or business. […]

The post Redemption of U.S. LLC Interest Not Taxable to Foreign Corp. (Grecian Magnesite Mining, Industrial & Shipping Co., SA, TC) appeared first on Tax & Accounting Blog.

The net investment income (NII) tax and the additional Medicare tax would survive repeal of the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) under a just-introduced, revised Senate GOP proposal. In June, Senate Republicans proposed to abolish both taxes (TAXDAY, 2017/06/23, C.1). The revised Senate GOP plan would repeal or delay other ACA […]

The post Senate GOP Redrafts ACA Repeal Bill; Keeps NII and Additional Medicare Taxes – Vote Planned Next Week appeared first on Tax & Accounting Blog.

Gov. Jay Inslee has signed excise tax legislation, including new sections covering business and occupation tax (B&O) exemption for agricultural fertilizer and seed, as well as tax relief for silicon smelters. Other highlights include: Tax credits provided to businesses in main street communities to promote contributions to main street programs and enhance community and economic […]

The post Washington ~ Multiple Taxes: Governor Signs Revenue Legislation appeared first on Tax & Accounting Blog.

Beginning on July 1, 2017, the Motor Fuel Tax Law, 35 ILCS 505/1, et seq., requires liquefied natural gas (LNG) to be reported using diesel gallon equivalents (DGEs). Fuel distributors are required to sell LNG used as motor fuel in DGEs and to sell compressed natural gas (CNG) used as motor fuel in gasoline gallon […]

The post Illinois ~ Motor Fuel Tax: Motor Fuel Reporting Requirements Changed appeared first on Tax & Accounting Blog.

Hawaii legislation has been enacted that changes the personal income tax rates, establishes a state earned income tax credit, and repeals the sunset date for prior amendments made to the food/excise tax credit. Tax Rates For taxable years beginning after 2017, 9%, 10%, and 11% tax brackets will return for married taxpayers filing jointly and […]

The post Hawaii ~ Personal Income Tax: Tax Rate Changes, New Earned Income Tax Credit, and Food/Excise Tax Credit Changes Enacted appeared first on Tax & Accounting Blog.

The Connecticut Department of Revenue Services advises that the 2017 back-to-school sales tax holiday will be held from August 20 to August 26, 2017. During the holiday, many items of clothing and footwear sold for less than $100 are exempt from Connecticut sales and use tax. The one-week exclusion applies to clothing sales made by […]

The post Connecticut ~ Sales and Use Tax: 2017 Back-to-School Holiday Will Be Held August 20-26 appeared first on Tax & Accounting Blog.