Wyoming Enacts Broadband Internet Service Exemption
A Wyoming sales and use tax exemption has been authorized for broadband internet service infrastructure. Broadband Internet Service Exemption Sales of equipment to a telecommunications…
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New Mexico Bill Would Require Combined Reporting, Broaden Personal Tax Brackets
New Mexico legislation has been introduced that would, among other changes: – require corporate income tax combined reporting and implement market-based sourcing; and – broaden…
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Michigan Fiduciary Return E-filing Available for Tax Year 2018
Beginning with tax year 2018, Michigan allows electronic filing of fiduciary income tax returns. However, Michigan will not accept electronic payments of fiduciary income tax…
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IRS Satisfied Supervisory Approval Requirement While Asserting Multiple Penalties (Palmolive Building Investors, LLC, TC)
The IRS satisfied the supervisory approval requirement while asserting multiple penalties in connection with a limited liability company (LLC), even though the initial determination of…
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Estimated Tax Penalty Waived for Farmers and Fisherman for Returns Filed by April 15 (IR-2019-24; Notice 2019-17)
The IRS will waive the estimated tax penalty for any qualifying farmer or fisherman who files their 2018 federal income tax return and pays any…
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Tax Refunds Rebound, Gain Traction on Last Year’s Numbers; Neal Wants Form 1040 Answers
Tax refunds this filing season have rebounded after a slow start, now averaging higher than last year’s figures. The average tax refund this year through…
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Utah Enacts Repatriation Tax Amendments
Utah has amended its IRC §965 repatriation tax provisions. It has changed: the definition of “unadjusted income”; and the schedule for a corporation to pay…
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ITFA Did Not Exempt Internet Provider’s Equipment Purchases From Kansas Tax
The Kansas BOTA ruled that an Internet service provider was correctly assessed sales and use tax on its equipment purchases. The equipment was used to…
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Low-Income Housing Credit Regs Detail Treatment of Submetered Utility Charges for Renewable Resource Energy (T.D. 9850)
Final regulations cover the treatment of submetered utility costs paid by a low-income housing tenant in situations where the building owner sells tenants energy produced…
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Senate Confirms Trump’s Pick for IRS Chief Counsel; Grassley Talks 2019 Tax Filing Season
The Senate confirmed President Donald Trump’s pick for IRS Chief Counsel on February 27. Michael J. Desmond was confirmed for the presidentially appointed position, one…
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