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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Idaho Might Eliminate Grocery Tax
Idaho Gov. Brad Little has proposed to eliminate the sales tax on groceries in 2020. The proposal came in the governor’s State of the State…
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Grassley Outlines Focus on Tax Reform Permanence
Making permanent tax reform’s individual and small business tax cuts is a priority for the Senate’s top tax writer. Senate Finance Committee (SFC) Chairman Chuck…
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Oregon Clarifies Qualified Business Income Reduced Rate Filing
Oregon’s Qualified Business Income Reduced Tax Rate can only be claimed on an original return. An original return now includes amended returns filed within the…
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North Dakota Might Exempt Military Retirement Pay
North Dakota Gov. Doug Burgum indicated in his State of the State address that: – his budget proposes a 100% personal income tax exemption for…
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New York Allows Itemized Deductions, Decoupling from Federal Tax Changes
New York will let taxpayers itemize deductions on income tax returns, differing from federal tax treatment in several areas. The Department of Taxation issued a…
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Michigan Makes Changes to Tax Base Calculation for Banks
Michigan legislation changes the way banks calculate their tax base for tax years beginning after 2018. The legislation clarifies existing law and reflects departmental policy,…
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House Approves Treasury, IRS Funding Bill; Considered Dead on Arrival in Senate
The House has approved a standalone bill to fully reopen Treasury and the IRS as the partial government shutdown heads toward record-breaking numbers. However, the…
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State Tax Burden Study Compiles Business Taxes Collected in 2017
In 2017, state business taxes increased 2% on average, but corporate income tax revenue collected by states was down by 0.7%, according to a state…
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2018 Form 1065 Reflects Audit and Tax Law Changes
Form 1065, U.S. Return of Partnership Income, contains significant changes for the 2018 tax year. The changes reflect: the new centralized partnership audit regime; and…
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