Press Room: Tax Releases

Supreme Court Overturns Quill – Sales Tax Physical Presence Standard Is No More

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Connecticut Enacts New Pass-Through Entity Income Tax

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Washington Offers Marketplace Fairness Penalty Reduction Program

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August 08, 2018

Guidance Released on New 20% Pass-Through Deduction; Includes Aggregation Election

IRS and Treasury have released the first set of proposed regulations related to the new 20% deduction for qualified business income under Sec. 199A, enacted as part of the Tax Cuts and Jobs Act  Read More

August 02, 2018

Treasury Issues Regulations on Transition Tax on Foreign Earnings

Treasury and IRS have issued proposed regulations related to the new mandatory deemed repatriation under Sec. 965 (the Transition Tax). The proposed rules include additional guidance and definitions that are useful for many taxpayers.  Read More

August 01, 2018

IRS Issues Final Regulations Providing Substantiation Rules for Charitable Contributions

IRS and Treasury have released final regulations (T.D. 9836) regarding substantiation and reporting requirements for cash and non-cash charitable contributions. The final regulations, which were originally proposed in 2008, provide guidance to individuals, partnerships  Read More

July 30, 2018

IRS Clarifies Effect of Suspended Miscellaneous Itemized Deductions on Trusts and Estates

IRS has announced in Notice 2018-61 (the Notice) that it will issue regulations to clarify that trusts and estates will be allowed to take deductions for expenses that are unique to trust and  Read More

July 19, 2018

Planning for State and Local Incentives Post Tax Reform

Prior to enactment of the Tax Cuts and Jobs Act (TCJA), Sec. 118 of the Internal Revenue Code exempted most non-shareholder contributions to capital that were made to a corporation from taxable income. Historically,  Read More

July 19, 2018

New Jersey Enacts Legislation to Overhaul Corporation Business Tax

New Jersey Governor Phil Murphy signed a new state budget into law on July 1, 2018. The final budget makes sweeping changes to New Jersey’s Corporation Business Tax (CBT) regime and is generally  Read More

June 21, 2018

Supreme Court Overturns Quill – Sales Tax Physical Presence Standard Is No More

On June 21, 2018, the United States Supreme Court (the Court), in a 5-4 vote, issued its decision in South Dakota v. Wayfair, Inc. (Wayfair). The Court ruled in favor of overturning a 1992 precedent, Quill  Read More

June 12, 2018

Connecticut Enacts New Pass-Through Entity Income Tax

Connecticut recently passed legislation (S.B. 11) that imposes a new tax on any entity treated as an S corporation or partnership for federal tax purposes. The motivation behind the new entity-level tax is  Read More

June 12, 2018

Washington Offers Marketplace Fairness Penalty Reduction Program

For a limited time, until June 30, 2018, Washington’s Marketplace Fairness Penalty Reduction Program will allow applicants who meet program requirements to receive certain benefits, including penalty abatement and a limited look back  Read More

March 23, 2018

Congress Passes Spending Bill With Limited Tax Provisions

Congress has passed the $1.3 trillion spending bill that not only averts another government shutdown, but also fixes a technical glitch in the new tax reform legislation and provides funding necessary for Internal Revenue  Read More

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