Large Employers Subject to Seattle Head Tax
Seattle has enacted an annual $275 employee tax on large employers. The head tax is on full-time employees and full-time equivalent employees. Seattle intends to…
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Minnesota Legislature Passes IRC Conformity, Rate Reductions
The Minnesota State Legislature has sent an omnibus tax to Gov. Mark Dayton. The legislation would make numerous changes to state corporate and personal income…
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California Requires Return Adjustments for Sec. 965 Repatriation
Taxpayers that reported repatriated income under IRC Sec. 965 on their 2017 federal return must adjust their 2017 California return. Taxpayers who have already filed…
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NOL Deductions Denied; Addition to Tax Imposed (Barker, TCM)
A music producer could not take a net operating loss deduction that flowed through to him from an LLC. He could not substantiate the LLC’s…
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Utah Might Expand Manufacturing Exemption
Utah has plans to expand its machinery and equipment exemption for sales tax if federal law gives states the ability to collect sales taxes from…
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Pennsylvania Clarifies Caps for NOL Calculations
A Pennsylvania corporate taxpayer can calculate its 2007 through 2016 net operating loss (NOL) using the greater of: the flat dollar cap; or the percentage…
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Maryland Enacts Small Business Credit
A new, refundable income tax credit is available for Maryland small businesses that have 14 or fewer employees. The business must employ at least one…
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Weekly Report from Washington, D.C.
During the week of May 14, congressional lawmakers on Capitol Hill remained focused on tax reform. In other news, Acting IRS Commissioner David Kautter has…
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Massachusetts Provides Local Marijuana Tax Information
Massachusetts updated its municipal databank to provide information on new local marijuana sales taxes and tax rates. What are the tax rates? All the municipalities…
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Maryland Retains Personal Exemptions
Maryland will continue to allow personal exemptions, despite their elimination for federal income tax purposes. New Maryland Law The legislation enacted by Maryland eliminates…
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