Press Room: Tax Releases

Short-Term Spending Bill Retroactively Suspends Medical Device Excise Tax

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Congress Approves Budget Deal Containing Disaster Area Tax Relief and Tax Extenders

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Seattle Approves Income Tax on High-Income Individuals and Trusts

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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

March 09, 2018

Federal Tax Reform: Amended Sec. 163(j) Interest Expense Limitation and State Tax Conformity Issues

Recent federal tax reform legislation amended Internal Revenue Code (the Code) Sec. 163(j), effective for tax years beginning after 2017. Amended Sec. 163(j) generally limits a business’s annual interest expense deduction to 30%  Read More

March 09, 2018

The Impact of Federal Tax Reform on State and Local Taxes

In December 2017, President Trump signed into law the Tax Reform Act of 2017 (the Act) which made extensive changes to the Internal Revenue Code (the Code). Many of these changes will also have a  Read More

March 09, 2018

Supreme Court to Reconsider Internet Seller Sales Tax

The United States Supreme Court (the Court) has announced that it will hear a case that would allow states to require all remote sellers to collect sales taxes if they meet an economic  Read More

March 02, 2018

IRS and Treasury Issue Formal Guidance on New Carried Interest Provision

IRS and Treasury recently issued Notice 2018-18 (the Notice) to close uncertainty in the Tax Reform Act of 2017 (the Act) related to carried interest that could have allowed private equity and hedge fund  Read More

February 09, 2018

Congress Approves Budget Deal Containing Disaster Area Tax Relief and Tax Extenders

Following a second brief government shutdown in the last several weeks, Congress approved the Bipartisan Budget Act of 2018 to fund the federal government through March 23, 2018. The bill resolves many looming non-tax issues for  Read More

January 23, 2018

Short-Term Spending Bill Retroactively Suspends Medical Device Excise Tax

After a weekend-long government shutdown, Congress approved the Extension of Continuing Appropriations Act of 2018 (ECAA). The stopgap spending measure was approved by the Senate with 81 voting in favor and 18 voting against, and then  Read More

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