For taxable years beginning after December 31, 2018, the Hawaii corporate income and personal income tax provisions allowing a credit for a percentage of the motion picture, digital media, and television film production costs incurred in Hawaii have been amended to: — extend the sunset date for the current version of the credit provisions to […]

The post Hawaii ~ Corporate, Personal Income Taxes: Motion Picture, Digital Media, and Film Production Credit Provisions Amended appeared first on Tax & Accounting Blog.

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.

Have you ever returned from a conference, nearly bursting with ideas about changes you want to make in your life, your work or your firm? Our consultants attend conferences all over the country, and when they return, the idea spill is enormous. But everyone has limited time and resources. We can’t possibly implement every idea, no […]

The post Evaluating Technology Initiatives: A Simple Idea-Vetting Framework 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.