North Dakota Remote Seller Thresholds Take Effect With Quill Overturn
Out-of-state sellers with no physical presence in North Dakota are now subject to sales and use tax if they meet certain thresholds. Thresholds for Remote…
read more
Supreme Court Says Railroad Stock Options Are Not Money Remuneration
Nonqualified employee stock options are not taxable compensation under the Railroad Retirement Tax Act. The Supreme Court concluded that the term “money remuneration” in the…
read more
Ways and Means Approves IRS Hiring, Agriculture Tax Reform Bills
House tax writers have moved two bills through committee. The bills focus on IRS hiring and the tax treatment of mutual ditch irrigation companies. The…
read more
Connecticut Explains Estimated Tax Requirements for Pass-Through Entities
Guidance on the Connecticut pass-through entity tax is issued to help taxpayers determine their 2018 estimated tax requirements. Pass-through entities are required to make estimated…
read more
Mnuchin: New IRS Form 1040 Expected Next Week
The new IRS Form 1040 is expected to be released next week, Treasury Secretary Steven Mnuchin has said. The new individual income tax form will…
read more
Senate Appropriators Propose Less IRS Funding Than House
A Senate Appropriations subcommittee has approved an $11.26 billion IRS budget for fiscal year (FY) 2019. The Senate bill provides over $300 million less in IRS base…
read more
Missouri Authorizes Motor Fuel Tax Increase
Subject to voter approval, enacted Missouri legislation authorizes the following: – an increase in the motor fuel tax by 2.5 cents per gallon annually for…
read more
Massachusetts Supreme Court Throws Out Millionaire Tax Initiative
The Massachusetts Supreme Judicial Court threw out the 2018 ballot initiative to: – impose an additional personal income tax rate of 4% on millionaires; and…
read more
Connecticut Adopts Sales Threshold Nexus and Tax Notice Rules
Connecticut legislation includes a sales/economic threshold test for nexus. The definitions of “retailer” and “engaged in business in the state” regarding Connecticut sales and use…
read more
IRS Gives Automatic Consent for Citrus Investors to Change UNICAP Accounting Method
The IRS will grant automatic consent for citrus investors to change accounting methods to opt out of UNICAP. An investor who makes the change can…
read more