News & Analysis as of

State Taxes Income Taxes

For Consideration: Possible Early Payment of State and Local Income Taxes

by Ballard Spahr LLP on

The House and Senate each have passed a version of the Tax Cuts and Jobs Act. Both the House bill and the Senate bill eliminate the deduction for state and local income taxes after December 31, 2017....more

Year-End Tax Planning Tips

by Bowditch & Dewey on

If Congress is successful in lowering tax rates for at least some taxpayers in 2018, there are several year-end taxing-saving tips to consider prior to December 31st....more

New Seattle Personal Income Tax Ruled Illegal

by Perkins Coie on

The King County Superior Court held on November 17, 2017, that Seattle’s recently adopted city income tax is illegal under Washington law. The case was resolved on two alternative statutory grounds....more

Senate Passes GOP Tax Cuts Package; House and Senate Bills Now Move to Conference Committee

by Baker Donelson on

After a week of frenzied debate and last minute deal making, the Senate approved a sweeping package of tax cuts by a vote of 51 to 49 with Senator Bob Corker (R-TN) and all Democrats voting in opposition. It remained unclear...more

NJ Tax Court: Extraterritorial Income Not Subject to Corporation Business Tax

by Reed Smith on

In a decision released today, the New Jersey Tax Court determined in Infosys Limited of India Inc. that a foreign corporation was not subject to New Jersey corporation business tax (“CBT”) on its income from sources outside...more

The Tax Cuts And Jobs Act: Trust & Estate Planning Considerations

by Lewitt Hackman on

This week was supposed to be the week Republicans passed a tax bill. It’s unclear what exactly will happen in the immediate future, or if we’ll have to wait for the New Year to see any type of tax reform. If or when we do get...more

How Proposed Tax Reform Will Impact Private Equity

by Foley & Lardner LLP on

Both the House of Representatives and the Senate have proposed their own versions of tax reform (the “House Proposal” and “Senate Proposal”, respectively, and together, the “Proposals”) which will drastically change the...more

House Passes and Senate Considers GOP Tax Proposals, Leadership Target End of Year for Passage

by Baker Donelson on

On November 16, House Republicans approved H.R. 1, the Tax Cuts and Jobs Act, on a party-line vote of 227 to 205, with 13 Republicans and all Democrats voting against passage. Senate Republicans are also moving toward passing...more

A Look At The Senate Tax Reform Bill

by Fraser Trebilcock on

Fraser Trebilcock continues to monitor the tax reform plans moving through the House and Senate. As we mentioned in our last post, the various proposals are a bit of a moving target and are in at state of flux. On November...more

Federal Tax Reform May Affect Estate Planning

On November 2, the House Ways and Means Committee released a draft tax reform bill known as the Tax Cuts and Jobs Act. The Senate Finance Committee followed on November 9 with its own outline for tax reform legislation. Both...more

Pa. 2017 Tax Bill Changes Withholding Requirements, Sales Tax, Corporate Income Tax, and Tax Appeal Procedure

by Ballard Spahr LLP on

The Tax Bill signed by Governor Tom Wolf on October 30, 2017 made several significant changes to Pennsylvania tax laws that are estimated to generate additional revenue for the Commonwealth. Notable changes under the new law...more

House Tax Reform Bill: A Look At How It Breaks Down

by Fraser Trebilcock on

On November 2, 2017, House Ways and Means Committee introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act. The bill is 429 pages, so it will take some time to completely digest and analyze all of...more

Republican Tax Plan Unveiled – Elimination of Death Tax (Estate Tax)

by McNair Law Firm, P.A. on

After much discussion, build up and suspense, House Republicans have officially released key details behind their proposed tax bill. The bill would repeal the estate tax (‘death tax’) in 2024. After much back and forth over...more

Federal Tax Reform: The House Tax Bill—Summary and Where Do We Go From Here?

by Ballard Spahr LLP on

House Republicans released their tax bill—the Tax Cuts and Jobs Act—last Thursday. Although its provisions are generally in line with the House Republican Blueprint for Tax Reform released in June 2016 by House Speaker Paul...more

House Ways and Means Committee Releases Proposed “Tax Cuts & Jobs Act”

by Hodgson Russ LLP on

On November 2, Rep. Kevin Brady (R-TX), Chairman of the House Ways and Means Committee, released a proposed bill, titled the “Tax Cuts and Jobs Act”, which is designed to create “more jobs, fairer taxes, and bigger paychecks”...more

Year-End Tax Planning in Light of Republican Tax Proposal

by Baker Donelson on

No one knows which provisions in the House tax bill, released on November 2, 2017, will change before enactment or if any major tax bill will actually be enacted. To offset lower rates and higher standard deductions, many...more

The Path to Tax Reform 2017: Long-Awaited Tax Cuts and Jobs Act Released by House Ways & Means Committee For Potential Passage...

by BakerHostetler on

With the release yesterday by the House Ways and Means Committee of draft statutory text of the Tax Cuts and Jobs Act (“Chairman’s Mark”), and with GOP majorities in both chambers of Congress proceeding under budget...more

Potential New Tax Changes: The Tax Cuts And Jobs Act

by Roetzel & Andress on

The new tax bill, The Tax Cuts and Jobs Act (“Bill”), is estimated to add $1.5 trillion to the national debt over the next 10 years. The House Ways and Means Committee begins reviewing the Bill on Monday, November 6, 2017....more

House Republicans Release (Simplified?) Tax Reform Bill

The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released yesterday. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform. ...more

House Releases Tax Bill: Talking Points and Takeaways

by Polsinelli on

On November 2, 2017, the House Ways and Means Committee released the “Tax Cuts and Jobs Act” (H.R. 1). Key elements include reducing the tax rate on corporations to 20%, and reducing the tax rate paid on income earned by...more

House Tax Reform Bill Released

Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act. The bill is 429 pages, so it will take a little time to digest all the key provisions. ...more

The Proposed Tax Plan: What Public Agencies Should Know

by Best Best & Krieger LLP on

Earlier yesterday, we presented a webinar, “Tax Reform: What D.C.’s Actions Could Mean for Public Agencies,” that looked at how Congress’ actions in the next couple of months will impact such things as municipal bonds and...more

New Jersey Update: Reed Smith Wins Toyota Credit Case at Appellate Division

by Reed Smith on

Today, in a corporation business tax case handled by Reed Smith, the Appellate Division affirmed a 2014 Tax Court decision finding that Toyota Motor Credit Corporation (“Toyota Credit”) was entitled to recompute its tax by...more

New Jersey Tax Court: Limited Partner has Nexus with New Jersey

by Reed Smith on

In a decision released today, the Tax Court of New Jersey ruled in Preserve II, Inc. v. Division of Taxation that a limited partner’s interest in a partnership doing business in New Jersey created nexus for corporation...more

California Expands Voluntary Disclosure Program for Out-of-State Trusts

by Reed Smith on

On September 25, Governor Brown signed into law Senate Bill No. 813, which updated the California Voluntary Disclosure Program (VDP) to include out-of-state trusts with California beneficiaries and non-resident partners of...more

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