S Corporation to C Corporation Conversion: Opportunity Available, but Perils Remain
Does it make sense for an S corporation to convert to a C corporation in light of last year’s Tax Cuts and Jobs Act? The…
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New Jersey Announces Forthcoming Combined Reporting Forms
The New Jersey Division of Taxation has announced that it is working to develop a Unitary Business Questionnaire and Combined Group Index to assist with…
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Minnesota Proposes Amendments to Combined Group Rule
Amendments have been proposed to the rule governing Minnesota combined group corporate income tax returns. The amendments would update the current rule to reflect statutory…
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Delivering RVs Outside Indiana was a Tax Sham
An Indiana recreational vehicle (RV) retailer was liable for Indiana sales tax where it delivered RVs to out-of-state customers at a gas station in Michigan.…
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Retirees Reminded of RMDs (IR-2018-248)
The IRS has reminded retirees about Required Minimum Distributions (RMDs). RMDs are normally made by the end of the year and retirees born before July…
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Senate Confirms Key Tax Reform Architect for Top Treasury Role
A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy…
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Auto Dealers Urge IRS to Allow 100% Bonus Depreciation in Lieu of Like-Kind Exchanges
A trade organization for auto dealerships has asked the IRS to allow certain franchises to receive the benefit of tax reform’s expanded bonus depreciation deduction.…
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IRS Provides Guidance on the Determination of the Nondeductible Portion of Parking Fringe Expenses and Unrelated Business Taxable Income (Notice 2018-99; Notice 2018-100; IR-2018-247)
The IRS has provided guidance and examples for calculating the nondeductible portion of parking expenses. In addition, the IRS has provided guidance to tax-exempt organizations…
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Brady Introduces Revised Tax, IRS Reform Package
The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS…
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Hawaii County Grants Property Tax Relief for Disaster Areas
The Mayor of the County of Hawaii has issued a Sixth Supplementary Emergency Proclamation declaring the continuance of a state of emergency, and extending the…
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