CCH Tax Day Report New Jersey has enacted a new gross (personal) income tax credit for family caregivers of certain former armed service members with service-connected disabilities. The credit applies to tax years beginning on or after January 1, 2018 and is the lessor amount of: (a) 100% of the federal veteran disability compensation of […]

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CCH Tax Day Report An Arkansas manufacturer’s purchase of calibration services did not qualify for a manufacturing machinery and equipment exemption from sales tax because these services constituted a machinery repair service rather than replacement. Under Arkansas law, an exemption is available for the purchases of machinery or equipment that result in a substantial replacement […]

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CCH Tax Day Report Declining audit rates reflect budget cuts, Tammy Ripperda, deputy commissioner, Small Business/Self Employed Division, IRS, told practitioners at the May Meeting of the American Bar Association (ABA) Section of Taxation on May 12 in Washington, D.C. In response, the Service is working to improve efficiencies in operations and reduce taxpayer burdens, […]

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CCH Tax Day Report President Trump announced a nominee for a key Treasury Department tax post. The IRS reminded taxpayers about safeguarding documents and exempt organizations to file returns. White House President Trump nominated David J. Kautter to be the Treasury Department’s next assistant secretary for tax policy (TAXDAY, 2017/05/12, W.1). Congress Senate. The Senate […]

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Attracting and retaining clients is consistently a top concern for accounting firms. A steady churn of clients means that even firms looking to maintain the status quo must make an effort to keep clients satisfied and find new business. In a recent webinar, Wolters Kluwer product manager Samantha Grovenstein-Deal and Charlie Burns of Reid, Hanna, Johnson & […]

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CCH Tax Day Report Recently, enacted South Carolina legislation creates new income tax credits for preventive vehicle maintenance and for earned income. The legislation also increases the existing individual income tax credits for in-state college tuition and for filers with two wage earners. Additional changes to the motor vehicle user fee (TAXDAY, 2017/05/12, S.27) and […]

The post South Carolina ~ Personal Income Tax: New Credits Enacted for Vehicle Maintenance and Earned Income; Credit Amounts Increased for In-State College Tuition and Two Wage Earners appeared first on Tax & Accounting Blog.