Weekly Report from Washington, D.C.
During the week of January 7, the White House announced that the IRS would issue tax refunds during the 2019 tax filing season even if…
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Virginia Issues Guidance on REIT Income Subtraction
Guidelines have been established for the subtraction for income attributable to an investment in a Virginia real estate investment trust (REIT). The investment must be…
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Colorado Governor Proposes Income Tax Reduction, Vendor Fee Cap
Colorado Gov. Jared Polis has proposed amending the state’s tax code in order to reduce income tax rates for families and small business. The proposal…
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Arkansas Tax Rate for Food and Food Ingredients Decreased
The Arkansas sales tax rate for food and food ingredients has decreased from 1.5% to 0.125% effective January 1, 2019. The notice can be viewed…
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Tax Lien Enforceable Against Estate’s Property (Mengedoht, DC Neb.)
A tax lien for unpaid estate tax was enforceable against an estate’s property. The estate did not file a federal estate tax return, but a…
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U.S. Tax, Federal Courts Impacted by Partial Government Shutdown
The U.S. Tax Court remains closed as the partial government shutdown, which began on December 22, 2018, becomes the longest in U.S. history. The U.S.…
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California’s Keep Groceries Affordable Act Prohibits New Local Taxes or Fees on Groceries
The Keep Groceries Affordable Act of 2018 prohibits any new local California sales or use tax, fee, or other assessment on groceries. Application of Prohibition…
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West Virginia Governor Proposes Social Security, Business Tax Cuts
West Virginia Gov. Jim Justice delivered his 2019 State of the State Address proposing to: – exempt Social Security benefits from state income tax; and…
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Texas Franchise Tax Imposed on Parking Reservation Service Receipts
A company that sells reserved airport parking spaces will be liable for Texas franchise tax if it moves its headquarters to Texas. When calculating its…
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South Dakota Introduces Federal Tax Conformity Legislation
Legislation updating Internal Revenue Code conformity for South Dakota’s income tax, known as the bank franchise tax, was introduced. The new conformity date would be…
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