Tennessee Decouples From Business Interest Deduction Limit
Tennessee will not follow the business interest deduction or the capital contributions changes in the federal Tax Cuts and Jobs Act (TCJA). Business Interest Deduction…
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Sole Proprietorships Eligible for Reduced Oregon Rate
Oregon sole proprietors can now elect a reduced personal income tax rate for some pass-through income. Oregon adopted the legislation in a one day special…
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Missouri Lawmakers Approve Rate Cut, Apportionment Changes
The Missouri corporate tax rate may decrease from 6.25% to 4.0% beginning in 2020. State lawmakers approved a bill containing the tax cut. The bill…
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Minnesota Governor Vetoes Omnibus Tax Legislation
On May 23, 2018, Minnesota Gov. Mark Dayton vetoed an omnibus tax bill that proposed numerous corporate and personal income tax changes. According to Gov.…
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Louisiana Governor Proposes Tax Cuts, Elimination of Deductions
In his opening remarks for the 2018 Second Special Session, Louisiana Governor John Bel Edwards proposed the following tax changes: – cutting the current sales…
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IRS to Propose Rules on Transfers Made to Avoid New Limit on SALT Deductions (Notice 2018-54)
The IRS will issue rules addressing voluntary payments to state and local governments instead of taxes. The SALT deduction limit regulations will assist taxpayers in…
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House Lawmakers Examine Tax Reform’s Impact on Small Businesses
The House Ways and Means Tax Policy Subcommittee heard from small business owners in a May 23 hearing on tax reform and small businesses. The…
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AICPA Issues New Statement on Standards for Accounting and Review Services
AICPA Issues SSARS No. 24 The AICPA’s Accounting and Review Services Committee (ARSC) has issued Statements on Standards for Accounting and Review Services (SSARSs) No. 24,…
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Business development strategies for accounting firms
Business development has a unique place in accounting firms. While it’s not usually central to an accountant’s core skills, it is an essential part of…
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Missouri Lawmakers Approve Tax Cut for Individuals
Missouri’s top individual income tax rate may decrease from 5.9% to 5.5% beginning in 2019. State lawmakers approved a bill containing the tax cut. Further…
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