News & Analysis as of

Federal Taxes

New South Carolina Bill Would Centralize Tax Lien Filings – A Good Start But Additional Changes Need to Be Made

by McNair Law Firm, P.A. on

On April 11, 2018, the South Carolina House of Representatives passed House Bill 3684, which will allow the South Carolina Department of Revenue (SCDOR or DOR) to centralize state tax lien filings. State tax lien filings are...more

New Mexico Administrative Hearings Office Issues Timely Opinion Regarding State Taxation of Subpart F Income and Dividends from...

by McDermott Will & Emery on

Earlier this month, the New Mexico Administrative Hearings Office issued an opinion that addressed the questions on the minds of many state tax professionals in the wake of federal tax reform: under what circumstances can a...more

Draft North Carolina Tax Legislation Released

by Smith Anderson on

On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more

IRS Computer Problems Give Taxpayers Extra Day to File 2017 Tax Returns and to Pay Taxes

by McNair Law Firm, P.A. on

The IRS announced on April 17, 2018 that, due to IRS computer problems, all taxpayers are being given an extra day to file their 2017 tax returns and to pay any taxes owed (see IR-2018-100, April 17, 2018). The IRS apparently...more

New York’s Response to Federal Tax Reform: Optional Payroll Tax

by McDermott Will & Emery on

In an effort to mitigate the effects of the elimination of the individual SALT deduction as part of federal tax reform, New York has enacted an optional payroll tax that would allow employees to receive a personal income tax...more

New York’s Response to Federal Tax Reform: Charitable Contributions Credit

by McDermott Will & Emery on

In an effort to mitigate the effects of the elimination of the individual SALT deduction as part of federal tax reform, New York has enacted a charitable contribution regime under which individuals may contribute to state or...more

Much ado about nothing - IRS provides advance payments guidance with release of Notice 2018-35

On April 12, 2018, the Treasury Department and the Internal Revenue Service (IRS) issued Notice 2018-35 (Notice) that provides transitional guidance relating to advance payments under Rev. Proc. 2004-34. Despite the...more

Notice 2018-28 Regarding Limitations on Interest Deductions under Amended Section 163(j)

by McDermott Will & Emery on

Section 163(j), as recently amended, may limit a taxpayer’s interest expense deduction. Notice 2018-28, in very general terms, provides interim guidance on the application of Section 163(j). Importantly, the Notice...more

New York State Responds to Federal Tax Reform

On March 30, 2018, the New York Legislature passed the 2018–2019 Budget Bill (SB. 7509-C/A 9509-C) (Budget Bill), which addresses several provisions of the newly enacted Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and...more

Overview of Minnesota’s Response to Federal Tax Reform

by McDermott Will & Emery on

Minnesota has several bills pending that would address the Minnesota state tax implications of various provisions of the federal tax reform legislation (commonly referred to as the Tax Cuts and Jobs Act)....more

Taxation of Foreign Branches after Tax Reform

by McDermott Will & Emery on

The US tax treatment of a foreign branch owned by a domestic corporation remains fundamentally the same following the 2017 tax reform legislation. However, the establishment of a new foreign tax credit basket for branch...more

Illinois Confirms Treatment of Deemed Repatriated Foreign Earnings Provisions

by McDermott Will & Emery on

On Wednesday, the Illinois Department of Revenue (Department) issued additional guidance concerning its treatment of the new deemed repatriated foreign earnings provisions found in Internal Revenue Code Section 965, enacted...more

Illinois Weighs In on Federal Tax Reform

by Morgan Lewis on

The Illinois Department of Revenue has published guidance on the impact of federal tax reform on Illinois taxpayers, including with respect to the repatriation transition tax, prepaid property tax, and small business...more

Federal Income Tax Consequences of State Economic Development Incentives After Passage of Tax Cuts and Jobs Act

by Nexsen Pruet, PLLC on

South Carolina has a rich mix of economic development incentives. These include income tax credits, sales tax exemptions, property tax exemptions and credits as well as withholding tax credits. Incentives also include cash...more

Pa. PUC Converts Commission-Approved Rates into Temporary Rates in Wake of Tax Act

by Cozen O'Connor on

On March 15, 2018, the Pennsylvania Public Utility Commission (PUC) entered a temporary rates order that converted commission-approved rates of most large Pennsylvania public utilities into “temporary rates” for a period of...more

More States Respond to Federal Tax Reform

by McDermott Will & Emery on

It’s been nearly three months since the federal tax reform bill (commonly referred to as the Tax Cuts and Jobs Act, or “TCJA”) was enacted and states continue to respond to the various provisions of the TCJA. Recently, there...more

Understanding Back-Up Tax Withholding

by McNair Law Firm, P.A. on

The IRS requires businesses to obtain a Form W-4 from each employee, and also a Form W-9 from contractors and others who may receive payments for services. If a business does not receive these forms, the business must deduct...more

State Tax Implications of Federal Tax Changes to Section 162(m)

by Morgan Lewis on

Due to the varying methods of state conformity to the Internal Revenue Code, both the prior and current versions of Section 162(m) continue to be a consideration for state taxes....more

Southeast States Respond to Federal Tax Reform and NJ Senate Leader Talks Tax Surcharge to Limit Corporate “Windfall”

by McDermott Will & Emery on

Virginia and Georgia are two of the latest states to pass laws responding to the federal tax reform passed in December 2017, known as the Tax Cuts and Jobs Act (TCJA). Both states updated their codes to conform to the current...more

Update on State Responses to Federal Tax Reform: Illinois and Oregon

by McDermott Will & Emery on

States are moving to advance different solutions in their efforts to address federal tax reform. Illinois recently introduced legislation to addback the new deduction for foreign-derived intangible income (a topic we’ve...more

Tax Law Alert: Pending Oregon Legislation Would Decouple Oregon from Federal Tax Reforms

by Stoel Rives LLP on

SB 1528 provides, in part, that in calculating Oregon taxable income a taxpayer must add back any IRC § 199A deduction taken for federal purposes. An earlier version of SB 1528 also would have modified Oregon’s preferential...more

Illinois Responds to Federal Tax Reform Bill by Proposing Legislation to Decouple from the FDII Deduction

by McDermott Will & Emery on

The 2017 federal tax reform bill, known as the Tax Cuts and Jobs Act (Act), made a number of significant changes to the law, particularly to the international tax provisions of the Internal Revenue Code (IRC). Last month,...more

Governor Cuomo’s Amended Budget Bill Would Address the Deemed Repatriation Dividend Provisions

by McDermott Will & Emery on

New York is the latest state to address certain state tax implications of the 2017 federal tax reform bill, the Tax Cuts and Jobs Act. Governor Andrew Cuomo’s 30-day amendments to the Governor’s Budget Bill were released on...more

Connecticut Responds to the Federal Repatriation Tax

by McDermott Will & Emery on

Earlier this month, Connecticut Governor Dan Malloy released his Governor’s Bill addressing the various state tax implications of the federal tax reform bill enacted by Congress in December 2017, commonly referred to as the...more

Dramatic Change to Federal Estate, Gift and Generation-Skipping Tax Exemptions

• Each individual’s exemptions from federal estate, gift and GST taxes have roughly doubled to approximately $11,200,000 • The increased exemptions are available only temporarily, through 2025 • We recommend that you...more

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