North Carolina Provides Storm Tax Relief
North Carolina will provide tax relief for taxpayers affected by severe thunderstorms that occurred on April 15, 2018. The Department of Revenue will waive penalties…
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Nebraska Enacts Personal Exemption, Standard Deduction
Nebraska changes the state’s individual income tax laws in new legislation. The legislation: creates a personal exemption credit, establishes a standard deduction, and adjusts personal…
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Unsubstantiated Deductions Disallowed; Penalties Proper (Main, CA-9)
The Tax Court properly determined that an attorney carried out his automobile activity with the intent to make a profit. Therefore, he could deduct substantiated business…
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Rhode Island Discusses Treatment of IRC Sec. 965 Income
Rhode Island provided guidance on its tax treatment of IRC Sec. 965 income for individuals and pass-through entities. Federal Treatment Under the federal Tax Cuts…
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South Dakota v. Wayfair: Will the Court do Anything with Quill?
The U.S. Supreme Court heard oral arguments in South Dakota v. Wayfair, Inc., Docket No. 17-494, on April 17, 2018. In the course of the arguments,…
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House Approved Bipartisan IRS Reform Package
The House on April 18 approved the two largest bills of a bipartisan IRS reform package. The bills aim to restructure the IRS for the…
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Wisconsin Enacts Back-to-School Sales Tax Holiday, Rebate
Wisconsin will a back-to-school sales tax holiday from August 1 through 5, 2018. In addition, taxpayers may qualify for a one-time sales and use tax…
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Oregon Enacts Qualified Business Income Addition, Grant Credit
Oregon has enacted income tax legislation creating: an addition to federal taxable income for the amount of deductions allowed under IRC Sec. 199A(a); and a…
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California Addresses Cannabis Excise Tax for Microbusinesses
California provides details on collecting and reporting the cannabis excise tax for cannabis retailers who are also distributors. The collection and reporting requirements for independent…
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2017 Filing Deadline Extended One Day; IRS Processing Systems Back Online
The IRS extended the 2017 filing deadline one day. The IRS provided the additional day for taxpayers to file and pay their taxes following system issues that surfaced…
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