- Rev. Proc. 2017-37 provides the inflation adjusted amounts for health savings accounts (HSAs) for calendar year 2018.
- Notice 2017-30 provides 180-day emergency relief for taxable fuel removals from Milwaukee terminals due to the shutdown of the West Shore Pipeline.
- Rev. Rul. 2017-09 provides guidance regarding the federal tax treatment of certain transactions referred to as “north-south” transactions. The ruling removes “north-south transactions” from the list of issues under study, meaning that the IRS is open to ruling on the integration of steps in such a transaction.
- An IRS release announced that “eligible small business startups” can elect to apply part or all of their research credit against their payroll tax liability—instead of having to apply the research credit against their income tax liability.
- The U.S. Court of Appeals for the Tenth Circuit held that lawsuits challenging “activities leading up to and culminating in” a U.S. federal tax assessment are barred by the Anti-Injunction Act, Code section 7421.
- The U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) released a notice of allocation availability for the 2017 round of the New Markets Tax Credit (NMTC) program totaling $3.5 billion.
- A KPMG report examines how companies may be overpaying federal excise tax on purchases and long-term leases of heavy vehicles such as highway trucks, trailers, or tractors.
- Montana House Bill 550, which is pending enactment, would increase the net operating loss (NOL) carryover period from seven years to 10 years, but limit the amount that may be carried back to $500,000 per year, for NOLs generated in a tax period beginning after 31 December 2017.
- The New York Department of Taxation and Finance concluded that a taxpayer—in the process of developing a mobile phone application or "app" that would match users with bathrooms—would not have any sales tax consequences associated with an innovative business idea.
- The Pennsylvania Department of Revenue issued guidelines and FAQ documents that outline the steps and requirements for participation in a tax amnesty program.
- Tennessee House Bill 534 was signed into law by the governor, and decreases the state sales tax rate on the retail sale of food and food ingredients from 5% to 4% effective July 2017. Concerning franchise and excise taxes, House Bill 534 allows taxpayers whose primary business activity in Tennessee is manufacturing to elect to use a single-receipts apportionment formula.
- The Virginia Supreme Court heard oral arguments in the Kohl case—a dispute addressing the deductibility of royalties paid by a retailer to a related party.
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- The House of Representatives passed H.R. 1628, the American Health Care Act of 2017 (AHCA), which repeals and modifies a number of provisions of the Affordable Care Act, was previously reported by the Ways and Means Committee on a party-line vote on 9 March 2017.
- Senate Finance Committee ranking member Ron Wyden (D-OR) released proposed legislation to modify the taxation of financial derivatives.
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