FASB addresses financial reporting impacts of new tax law
FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act, on Wednesday in an effort to provide financial statement…
US Supreme Court will revisit ruling on collecting internet sales tax
The United States Supreme Court has agreed to hear the state of South Dakota’s argument that a 26-year-old tax-related ruling be overturned, which could free…
Tax Alert For Tax-Exempt Organizations
The Tax Cuts and Job Act of 2017, which was enacted on December 22, 2017 (the “Act”), contains several provisions that impact tax-exempt organizations (“EOs”).…
Michigan ~ Corporate Income Tax: Unitary Decision in LaBelle Applies to Both MBT and CIT and Amended Returns May be Required
The Michigan Department of Treasury has issued a notice to taxpayers regarding the Michigan Court of Appeals’ decision in LaBelle Management, Inc. v Department of Treasury,…
The great debate: Will corporate tax cuts trickle up or down?
The new tax plan, enacted by one party over the other’s strenuous objections, has started the United States on an economic experiment. How much of…
Here’s Who Got the Biggest Tax Rate Break From Corporate Tax Reform
The tax reform law passed at the end of 2017 made massive changes to the way the U.S. government collects taxes. One of its biggest elements affected…
California’s Plan To Dodge Tax Reform Is A Shell Game
When the Democrats were railing against the tax cut package which was passed before Christmas, one of their major rallying cries was to say that…
Ramp up your tax savings in 2018 with this strategy
This year, if you want to boost your tax savings beyond the new standard deduction, consider giving away some of your wealth. The Tax Cuts and…
United States: State Tax Impacts Of Federal Tax Reform—Pennsylvania Asserts That No Pennsylvania Depreciation Is Allowed for 100% Bonus Depreciation Property
As states begin to grapple with the implications of federal tax reform, the Reed Smith State Tax Group will be authoring a series of alerts…
IRS announces when filing season will start
The IRS announced that this year’s filing season will begin Jan. 29, a little later than last year’s filing season, which began Jan. 23. The…