Brady Asks IRS to Issue Updated Virtual Currency Guidance
The House’s top tax writer has urged the IRS to issue updated guidance on virtual currencies. House Ways and Means Committee Chairman Kevin Brady, R-Tex.,…
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Louisiana Adopts e-Filing Regulations
Louisiana regulations require electronic filing for income tax returns when taxpayers meet certain thresholds. Mandatory e-filing applies to: corporate income tax returns; corporation franchise tax…
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Alabama Provides Tax Relief to Victims of Hurricane Florence
Tax relief is offered to Alabama taxpayers who have been affected by damage caused by Hurricane Florence. The tax relief will mirror IRS measures in…
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Indirect Owners Received Actual and Constructive Dividends from CFCs
Controlled foreign corporations (CFCs) in Hong Kong and Cyprus paid actual and constructive dividends to the taxpayers who indirectly owned them. The distributions from the…
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IRS Updates 402(f) Notice Safe Harbor Language
The IRS has updated its safe harbor Code Sec. 402(f) notice explanations for recipients of eligible rollover distributions. The updates reflect legislative changes and guidance…
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Nebraska Offers 2018 Property Tax Relief
Nebraska property owners will receive property tax relief in 2018. Property Tax Credit Act The Property Tax Credit Act provides a real property tax credit…
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North Carolina Victims of Hurricane Florence Granted Tax Relief
The president has declared a federal disaster area in North Carolina due to Hurricane Florence, which began on September 7, 2018. The disaster area includes…
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Massachusetts Issues Draft IRC Sec. 965 Guidance for Corporations
Massachusetts issued draft guidance that explains the impact on corporate excise taxpayers of IRC Sec. 965 income. The guidance includes a chart that shows where…
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MTC Establishes Marketplace Facilitator and Wayfair Work Group
The Multistate Tax Commission (MTC) has established a work group to help states discuss marketplace facilitator ideas and implement Wayfair. Weekly Conference Calls Public call-in meetings…
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Weekly Report from Washington, D.C.
During the week of September 10, 2018, House Republican tax writers advanced a “Tax Reform 2.0” legislative package. The Treasury Inspector General for Tax Administration…
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