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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Lawmakers have started their Independence Day recess. The IRS released guidance for tax-exempt organizations and cautioned taxpayers and tax professionals about scams. Congress House. A House subcommittee approved an IRS budget for fiscal year (FY) 2018 (TAXDAY, 2017/06/30, C.1). Senate. Senate GOP leaders delayed a vote on health care legislation (TAXDAY, 2017/06/28, C.1; TAXDAY, 2017/06/30, […]

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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 […]

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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 […]

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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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