Change of Accounting Method Procedures UpdatedThe IRS has released the list of specific changes in accounting method to which the automatic change procedures in Rev. Proc. 2015-13, I.R.B. 2015-5, 419, apply. This guidance updates and superse...
Exception to U.S. Property of CFCs ModifiedThe Treasury Department and the IRS intend to publish regulations that will provide an exception from the definition of U.S. property under Code Sec. 956 for certain obligations of a United ...
GA - Guidance for diplomats revisedA Georgia DOR policy bulletin on diplomats’ use of sales and use tax exemption cards has been revised. Information has been added on how foreign missions can obtain an exemption from sales and u...
HI - Hawaii use tax held ConstitutionalThe Hawaii Supreme Court held the state’s use tax satisfied the Commerce and Equal Protection clauses of the U.S. Constitution.Commerce ClauseThe use tax served a legitimate local purpose. The p...
IA - Capital gain deductions properly deniedIowa personal income taxpayers were properly denied capital gain deductions for the 2012 tax year on the sale of their ownership interest in a limited liability company (LLC). In this matter, the Depa...
ME - Electricity, gas, water sales discussedThe application of Maine sales and use tax to electricity, gas, and water is explained in an instructional bulletin that was published in 1952 and has been revised for the first time since then. Taxab...
MD - Film production credit amendedMaryland legislation made a number of changes to the income tax credit for film production activity. Among other things, the legislation:adjusts certain definitions and eligibility requirements;requir...
MO - Lawmakers approve tax cut for individualsMissouri’s top individual income tax rate may decrease from 5.9% to 5.5% beginning in 2019. State lawmakers approved a bill containing the tax cut.Further ReductionsThe top rate could drop furth...
NY - Protest denied as untimelyIn a New York personal income tax case, a taxpayer’s exception seeking a review of the Administrative Law Judge’s (ALJ) determination was dismissed because the exception was untimely filed...
SC - Marketing fees taxableCharges for destination or hotel marketing fees are subject to South Carolina sales tax on accommodations. Marketing fees are generally a flat amount or a percentage of the charges and are separate li...
WY - Transfer of title not a taxable vehicle saleWhen the taxpayer transferred title to his motor vehicle, no sale occurred for purposes of the Wyoming sales tax because there was no transfer of possession. The taxpayer transferred title to the moto...
