Treasury Department Issues Guidance on Key Provisions of the Tax Cuts and Jobs Act
August 2018 In December 2017, Congress passed the "Tax Cuts and Jobs Act" ("TCJA"), the most significant federal tax legislation enacted in over 30 years
IRS Adds Five New Issues to Audit Campaign
July 2018 Last week, the IRS Large Business and International division (LB&I) announced five additional audit campaigns.
U.S. Supreme Court Overturns the Physical Presence Standard for Sales Tax Nexus
June 2018 Last week, the United States Supreme Court issued its decision in South Dakota v. Wayfair (“Wayfair”). In a 5-4 ruling, the majority of the court held that the standard established in Quill v. North Dakota requiring a taxpayer to have a physical presence in a state before the state can require it to charge, collect, and remit sales tax was “unsound and incorrect”.
U.S. Supreme Court to Hear Challenge to Long-Standing Sales Tax Physical Presence Requirement
March 2018 The United States Supreme Court has announced that it will hear oral arguments in the case of South Dakota v. Wayfair ( "Wayfair") on April 17, 2018. The case will challenge the long-standing U.S. Supreme Court precedent requiring that a taxpayer must have a physical presence in a state before that state can impose a duty on the taxpayer to charge, collect, and remit sales tax.
International Tax Alert: Deemed Repatriation Tax
February 2018 As part of the major tax overhaul passed in December 2017 (See Whitley Penn Tax Alert: Major Tax Reform Legislation Passed by Congress – December 20, 2017), Congress made several major changes to the taxation of income from investments in foreign corporations.
Major Tax Reform Legislation Passed by Congress
December 2017 The United States House of Representatives and the United States Senate have passed the "Tax Cuts and Jobs Act (H.R. 1)". President Trump is expected to sign it into law as early as this week. The "Tax Cuts and Jobs Act" is the most significant federal tax legislation enacted since 1986. The new tax law makes major changes to the Internal Revenue Code that will impact both individual and business taxpayers. An overview of some of the key individual and business tax provisions follows. The new provisions are effective for tax years after 2017 unless otherwise noted.
U.S. Senate Passes Tax Bill
December 2017 The House and Senate will now begin a reconciliation process to work out the remaining differences between their respective bills. The final reconciled version of the bill then would have to be passed by both chambers of Congress before it can be presented to President Trump to sign it into law.
U.S House of Representative Passes Tax Bill
November 2017 The House of Representatives passed the final version of its tax bill (H.R. 1) by a 227-205 vote. The Senate Finance Committee is scheduled to vote this week on its version of a tax reform bill. The current Senate version differs significantly from the House bill on several key items. Once the Senate version of the bill is finalized, a conference committee reconciliation of the differences between the two bills likely will be necessary before a final bill is presented to the entire Congress for voting.
House Ways and Means Committee Releases Comprehensive Tax Reform Bill
November 2017 The House Ways and Means Committee released its comprehensive tax bill, the "Tax Cuts and Jobs Act". The bill incorporates many of the provisions that were introduced in the Republican Tax Framework released in September
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