There are 246 specialists at the IRS who focus specifically on employment tax audits, and penalties on employment tax are some of the harshest in the Internal Revenue Code, observed Martin Rule, senior manager at Deloitte Tax LLP. Rule and others discussed the state of employment tax enforcement and compliance during Deloitte’s latest Dbriefs webcast […]

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Oregon Gov. Kate Brown has signed legislation that replaces the cost of performance standard with a market-based sourcing standard for purposes of determining the sales factor applicable to intangible property and services, as used in the corporate excise (income) tax apportionment calculation. The change is applicable to tax years beginning on or after January 1, […]

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Maine Gov. Paul LePage has signed a budget bill makes various changes to personal income tax, property tax, hospital tax, real estate transfer tax, and tax administration provisions. Personal Income Tax The budget bill repeals the 3% personal income tax surcharge imposed on taxable income in excess of $200,000 that was approved by a statewide […]

The post Maine ~ Multiple Taxes: Budget Bill Repeals Surcharge, Makes Other Tax Law Changes appeared first on Tax & Accounting Blog.

The budget battle continued over the July 4th holiday as the Illinois Senate approved and Gov. Bruce Rauner quickly vetoed legislation that would raise the corporate income tax rate from 5.25% to 7% and the personal income tax rate from 3.75% to 4.95% beginning July 1, 2017. The tax legislation would also, among other changes, […]

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The California Department of Tax and Fee Administration (DTFA) announces that most taxes and fees previously administered by the Board of Equalization (BOE) have been transferred to the DTFA as of July 1, 2017. Those moves are a result of legislation recently enacted, as reported previously. (TAXDAY, 2017/06/28, S.5) The BOE will continue to perform […]

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While Senate Republicans try to find common ground on a Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) repeal and replace bill (TAXDAY, 2017/07/03, C.1), House Republicans are also looking to limit IRS enforcement of the ACA individual mandate provision through the budget process. The House Appropriations Financial Services and General Government Subcommittee approved […]

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