With the Illinois House’s vote to override Gov. Bruce Rauner’s veto of budget legislation, sales and use tax law changes were enacted including an exemption for graphic arts machinery and equipment, an immediate increase of tax on gasohol sales, and an extension of exemptions for certain ethanol and biodiesel fuel sales. Graphic Arts Machinery and […]

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Delaware Gov. John Carney has signed legislation that increases the maximum corporation franchise tax computed using either the authorized shares method or the assumed capital value method from $180,000 to $200,000 each taxable year. A new maximum tax of $250,000 applies to certain large, publicly-traded corporations identified by the Secretary of State. These franchise tax […]

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Congress continued its Independence Day recess. The IRS posted a memorandum on the centralized partnership audit regime and cautioned tax professionals to be on guard for phishing and other scams. Congress House. A pending fiscal year (FY) 2018 funding bill for the IRS would limit enforcement of the health care law’s individual mandate (TAXDAY, 2017/07/06, […]

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The Treasury Department has released an interim report identifying tax regulations that impose undue burdens on U.S. taxpayers. The report was prompted by Executive Order (EO) 13789, which was issued on April 21, 2017. Of the 105 temporary, proposed and final regulations issued between January 1, 2016, and April 27, 2017, the Treasury found that […]

The post Report Required by EO 13789 Identifying Tax Regulatory Burdens Released (Notice 2017-38) appeared first on Tax & Accounting Blog.

As Senate Republicans continue work on revising the stalled Better Care Reconciliation Act of 2017 (BCRA) (TAXDAY, 2017/06/23, C.1), there is talk on Capitol Hill that intraparty consensus on the measure may not be obtained. The BCRA, as currently written, would repeal and replace, in part, the Patient Protection and Affordable Care Act (ACA) (P.L. […]

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A taxpayer that was an out-of-state online retailer of brand name apparel and accessories was not liable for retailing business and occupation (B&O) and retail sales tax because its activities were insufficient to establish a nexus with Washington. The taxpayer asserted that the Washington activities of its wholesaling affiliate were insufficient to establish taxable nexus. […]

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