Indiana Issues IRC Conformity Guidance
Indiana has released a bulletin covering the most significant changes enacted in its IRC conformity law. The bulletin discusses: inclusion of IRC Sec. 965 income;…
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Alaska Enacts MTC Apportionment for Public Utilities
Alaska legislation will require public utilities to apportion their income in accordance with the Multistate Tax Compact. Three-Factor Apportionment Effective January 1, 2019, public utilities…
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Including Donor Information on Returns to End for Many Exempt Organizations
Many tax-exempt organizations will no longer have to report the names and addresses of their larger contributors, including: exempt organizations that are not public charities;…
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Trump, House GOP Lawmakers Discuss Tax Cuts 2.0
President Donald Trump and House GOP tax writers discussed “Tax Cuts 2.0” in a July 17 meeting at the White House. The next round of…
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Hawaii Increases Tax on Tourist Rental Cars
Hawaii is increasing the tax on rental cars for tourists to $5 a day. Tour vehicle operators will also see tax increases. Effective January 1,…
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California Taxpayer Cannot Force Retailer to Seek Sales Tax Refund
A customer could not sue to force a retailer to seek a refund of California sales tax. An appellate court found that the Board of…
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Individual Not Entitled to Deduct Business Expenses, No Business Purpose
A taxpayer who operated an online marketing business and engaged in construction and rental activities could not deduct unsubstantiated business expenses or charitable contributions. He…
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Missouri Reduces Top Individual Income Tax Rate
State revenue growth triggers a drop in Missouri’s top individual income tax rate from 5.9% to 5.8% for 2019. This follows a 2018 rate reduction…
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Louisiana Ends Sales Tax Holidays
Recent legislation did not include Louisiana sales tax holidays on the list of approved exemptions and exclusions. Retail purchases are taxed at 4.45% from July…
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Indiana Explains Income Taxes on Foreign Earnings
Indiana has provided guidance for corporate and personal income taxpayers regarding foreign earnings and profits. Under IRC Sec. 965, untaxed foreign earnings and profits are…
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