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Indiana to Implement Heavy Equipment Excise Tax in 2019

Posted 6:40 PM by
Effective Jan. 1, 2019, Indiana will implement a new excise tax on the rental of heavy equipment from a location in Indiana. The rental excise tax is 2.25 percent of the gross retail rental income. The renter is liable for the tax, and it will be collected by the retail merchant and sourced to the location from which the equipment is rented. The tax may be reported in the same manner used to report the retail merchant’s Indiana sales and use tax (INTax).
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State & Local Tax Update: Connecticut’s Response to Tax Reform

Posted 5:40 PM by
The Connecticut General Assembly recently passed legislation which made changes to the state’s taxing system effective for tax years beginning on or after Jan. 1, 2018. Most significant is the imposition of tax on pass-through entities that are doing business in Connecticut.
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Litigation Activity Keeps Spotlight on Reporting of Foreign Financial Accounts

Posted 12:00 PM by
With penalties including monetary fines and possible jail time, the Internal Revenue Service (IRS) and Department of the Treasury have shown how seriously they treat violations related to foreign financial account reporting. Considering such tough penalties, it is critical to understand who is required to file, what information is needed, and how recent cases could impact you.
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Supreme Court Rules States Can Collect Online Sales Tax

Posted 6:01 PM by
In a 5-4 decision today, the Supreme Court turned the sales tax world on its head by overturning South Dakota v. Wayfair. The decision reverses decades of history related to sales tax nexus and a retailer’s obligation to collect and remit tax when it sold its products across state lines. Disavowing the old physical presence standard established by Quill, the high court’s ruling now opens the door for states to impose an economic nexus standard when it comes to sales tax collection responsibilities.
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2018 Indiana Legislative Update: Take 2

Posted 1:00 PM by
As the clock struck midnight Wednesday, March 14, chaos ensued at the Indiana Statehouse. Having not addressed several important topics – such as school safety, school finance, and tax reform – during the 2018 Indiana legislative session, Gov. Holcomb called the Indiana General Assembly back for a one-day special legislative session. This special session ended May 14 with the passage of only five bills. These bills included several tax implications for Indiana taxpayers, the most important of which are the tax provisions relevant to the recent federal tax overhaul under the Tax Cuts and Jobs Act.
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State & Local Tax Update: New York’s Response to Tax Reform

Posted 5:29 PM by
The 2018 New York State legislative session is well underway. The New York State Assembly’s biggest accomplishment thus far is the March 30 passage of the state’s 2018-19 budget bill (S07509C), which was then signed into law April 12, 2018, by Gov. Cuomo. While this budget bill provides some guidance on New York’s stance relating to the changes made by the Tax Cuts and Jobs Act (TCJA) (Public Law 115-97, 12/22/2017), the assembly’s budget bill ultimately came short in responding to several TCJA issues.
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Contractors: Maximize Your Research Investment

Posted 1:00 PM by
Many taxpayers have heard of the research tax credit (also known as the R&D credit), which may conjure up images of scientists in an experimental laboratory. However, the research tax credit (research credit) casts a much wider net. There are many other activities that may qualify for the credit, including those commonly performed in the construction industry.
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Valuing Closely Held Businesses: What You Need to Know

Posted 5:45 PM by
The valuation of closely held companies is a large and growing practice. However, most people are not aware of this valuation activity since the companies being valued are closely held and, thus, private in nature. Additionally, since closely held entities are typically smaller than publicly traded entities, fewer investors are affected by the results of such valuations.
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State & Local Tax Update: 5/25/18

Posted 4:00 AM by
The Kentucky legislature recently passed significant tax law changes with House Bill 366 and House Bill 487, including an overhaul to much of Kentucky’s corporate tax system and addressing the state’s conformity to the Tax Cuts and Jobs Act. These bills broaden Kentucky’s tax base through various income and sales tax provisions and introduce a flat income tax rate.
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U.S. Partnerships With Foreign Partners: A Look at Withholding and Reporting Obligations

Posted 12:28 PM by
U.S. partnerships with foreign partners are subject to very complex tax laws. The main source of that complexity stems from additional withholding and reporting obligations imposed on the partnership.
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