- The application period for the 2020 Compliance Assurance Process (CAP) program begins 16 September 2019 and ends 31 October 2019. An IRS announcement includes instructions for large corporate taxpayers that may wish to apply for the 2020 CAP program.
- Proposed regulations concern the treatment of built-in gains and losses under section 382(h) and reflect legislative changes made by the 2017 U.S. tax law (Pub. L. No. 115-97), the law that is often referred to as the “Tax Cuts and Jobs Act."
- OMB’s Office of Information and Regulatory Affairs (OIRA) completed its review of regulations under section 168(k)—the “bonus depreciation” provision added to the Code by the 2017 U.S. tax law.
- The Alabama Department of Revenue will provide relief from late-filing penalties for corporate taxpayers facing challenges meeting the 15 October2019 due date for their state corporate tax returns because of the added complexity of federal tax law measures.
- An order of the Florida Department of Revenue allows more time—until 27 October 2019—for corporate taxpayers to comply with the filing requirements for new information reports.
- A Georgia tax tribunal held that the taxpayer (an accrual method used car dealer) was not entitled to bad debt deductions for sales tax purposes on loans written off by an affiliated financing entity.
- An administrative law judge in Utah, in a case of first impression, concluded that foreign corporations were not required to be included in a Utah water’s-edge combined group.
- More states—Arizona, Arkansas, Iowa, Ohio, and South Carolina—responded to a U.S. Supreme Court case (Wayfair) and addressed the state sales tax implications of remote or online sales. In addition:
- Remote seller and marketplace laws in Arizona, California, Colorado, Massachusetts, Maryland, Maine, Nevada, North Dakota, Tennessee, Texas, and Utah are effective 1 October 2019.
- The Kansas Department of Revenue will begin enforcing sales tax collection requirements for remote sellers effective 1 October 2019.
- Tax authorities in Arizona, Arkansas, California, Iowa, Minnesota, Ohio, Oklahoma, and South Carolina have all issued guidance in the past few weeks.
- The tax authority in New Hampshire issued guidance with regard to the so-called “anti-Wayfair” law.
- The City Council in Nome, Alaska adopted an ordinance (effective 1 September 2019) providing that a seller will be required to collect Nome local tax if it satisfies certain conditions.
Read TaxNewsFlash-United States
- U.S. Senator Ron Wyden (D-OR)—the ranking member of the Senate Finance Committee—released a report describing a proposal for a “mark-to-market” system for taxing capital income of certain individual taxpayers who satisfy income or asset thresholds.
- A KPMG report examines the possible tax agenda now that U.S. Congress is back in session. The big questions are: (1) whether tax provisions might be attached to “must pass” legislation (such as a continuing resolution) or otherwise make it through the legislative process and become law; and (2) if so, what those tax provisions might be.
Read TaxNewsFlash-Legislative Updates