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2018 Year-End Tax PlanningTax Reform 2.02018 Post-Filing Season UpdateCongress Approves Sweeping Tax Overhaul
Some Individuals Get 2018 Estimated Tax Penalty Waiver
The IRS announced that it is waiving the estimated tax penalty in certain circumstances. The waiver applies to certain individual taxpayers whose 2018 estimated tax payments did not meet the penalty&r...
The IRS announced that it is waiving the estimated tax penalty in certain circumstances. The waiver applies to certain individual taxpayers whose 2018 estimated tax payments did not meet the penalty&r...
IRS Will Process Tax Returns, Refunds Despite Government Shutdown
The IRS has announced that it will begin processing tax returns on January 28, 2019, despite the partial federal government shutdown. Taxpayer refunds will also be processed as scheduled."We are commi...
The IRS has announced that it will begin processing tax returns on January 28, 2019, despite the partial federal government shutdown. Taxpayer refunds will also be processed as scheduled."We are commi...
IRS Updates 2019 Tax Filing Season Shutdown Plan
The IRS released its much anticipated revised Fiscal Year (FY) 2019 Lapsed Appropriations Contingency Plan on January 15. The IRS’s updated plan for agency operations during the 2019 t...
The IRS released its much anticipated revised Fiscal Year (FY) 2019 Lapsed Appropriations Contingency Plan on January 15. The IRS’s updated plan for agency operations during the 2019 t...
IRS Reopens Backlogged Income Verification Service
The IRS has reopened its Income Verification Express Service (IVES) program during the partial federal government shutdown. IVES is a user fee-based program that enables mortgage lenders and others wi...
The IRS has reopened its Income Verification Express Service (IVES) program during the partial federal government shutdown. IVES is a user fee-based program that enables mortgage lenders and others wi...
Proposed Regs Provided for Code Sec. 163(j) Limit
The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has is...
The IRS has proposed regulations on the limitation on the business interest expense deduction under Code Sec. 163(j), as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97). The IRS also has is...
Brady Introduces Revised Tax, IRS Reform Package
The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS reform...
The House’s top Republican tax writer has introduced a revised tax and IRS oversight package. The “tweaked” 253-page package addresses retirement savings, disaster relief, IRS reform...
New Tax Reform-Related Regs May Appear Soon
A top Senate tax writer has said additional proposed regulations for the new tax code are expected to be released soon. Treasury Secretary Steven Mnuchin provided Republican senators with an update on...
A top Senate tax writer has said additional proposed regulations for the new tax code are expected to be released soon. Treasury Secretary Steven Mnuchin provided Republican senators with an update on...
Tax Court Adopts Amended, New Practice Rules
The Tax Court adopted amendments to its electronic filing and paying rule. The adopted rules cover petitions and other documents that are currently not filed electronically. These rules were first pro...
The Tax Court adopted amendments to its electronic filing and paying rule. The adopted rules cover petitions and other documents that are currently not filed electronically. These rules were first pro...
Senate Confirms Key Tax Reform Architect for Top Treasury Role
A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy Treasury secretary on De...
A key figure in shaping last year’s tax reform has been confirmed as the Treasury’s second-highest ranking official. The Senate confirmed Justin Muzinich as deputy Treasury secretary on De...
TIGTA Presents Semiannual Report to Congress
The Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes ...
The Treasury Inspector General for Tax Administration (TIGTA) has released its semiannual report to Congress, highlighting its audits, investigations, inspections and evaluations. The report includes ...
Proposed Regulations Intend to Reduce FATCA Withholding Compliance Burden
Proposed regulations address and intend to reduce taxpayer burden in complying with certain withholding requirements under the Foreign Account Tax Compliance Act (FATCA), Chapter 4 ( Code Secs. 1471 -...
Proposed regulations address and intend to reduce taxpayer burden in complying with certain withholding requirements under the Foreign Account Tax Compliance Act (FATCA), Chapter 4 ( Code Secs. 1471 -...
Regulations to be Issued on Controlled Foreign Corporations’ Previously Taxed Earnings and Profits
The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to cha...
The IRS and the Treasury intend to provide regulations that will address issues affecting foreign corporations with previously taxed earnings and profits (PTEP). The regulations are in response to cha...
IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Em...
Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Em...
Eligibility for Allocation of Deduction for Energy Efficient Commercial Building Property Clarified
The IRS has issued a memo that sets forth guidelines for determining various factual scenarios such as whether a taxpayer may qualify as a designer of energy efficient commercial building property und...
The IRS has issued a memo that sets forth guidelines for determining various factual scenarios such as whether a taxpayer may qualify as a designer of energy efficient commercial building property und...
AL - Forest products severance, manufacturers tax rule and rate adjustment discussed
The Alabama Department of Revenue has issued a notice providing the severance tax rate and application information to taxpayers liable for forest products severance tax and forest products manufacture...
The Alabama Department of Revenue has issued a notice providing the severance tax rate and application information to taxpayers liable for forest products severance tax and forest products manufacture...
AZ - Governor vetoes tax conformity bill
Arizona Gov. Doug Ducey has vetoed a bill that would have:updated Arizona’s conformity to the Internal Revenue Code (IRC) for income tax purposes; andcut individual income tax rates to offset th...
Arizona Gov. Doug Ducey has vetoed a bill that would have:updated Arizona’s conformity to the Internal Revenue Code (IRC) for income tax purposes; andcut individual income tax rates to offset th...
AR - Senate passes bill that would modify tax brackets, decrease top rate
The Arkansas Senate has passed a bill that would modify tax brackets to provide reductions for individual, trust, and estate taxpayers. In addition, the bill would repeal a provision that contains a t...
The Arkansas Senate has passed a bill that would modify tax brackets to provide reductions for individual, trust, and estate taxpayers. In addition, the bill would repeal a provision that contains a t...
CA - Tax news discusses filing of form FTB 3840, application periods for California competes tax credit and other matters
In its January 2019 issue of tax news, the California Franchise Tax Board (FTB) provides information on a variety of corporation franchise and income and personal income tax issues, including the foll...
In its January 2019 issue of tax news, the California Franchise Tax Board (FTB) provides information on a variety of corporation franchise and income and personal income tax issues, including the foll...
CO - Governor proposes income tax reduction, vendor fee cap
Colorado Gov. Jared Polis has proposed amending the state’s tax code in order to reduce income tax rates for families and small business. The proposal came in the governor’s State of ...
Colorado Gov. Jared Polis has proposed amending the state’s tax code in order to reduce income tax rates for families and small business. The proposal came in the governor’s State of ...
DC - DC passes permanent sales tax nexus bill
District of Columbia passed a permanent sales tax nexus bill that requires remote sellers to collect DC sales tax if they have economic nexus, effective January 1, 2019. The Act includes sales thresho...
District of Columbia passed a permanent sales tax nexus bill that requires remote sellers to collect DC sales tax if they have economic nexus, effective January 1, 2019. The Act includes sales thresho...
FL - Florida governor proposes two tax holidays and reduction in millage rate
Florida Gov. Ron DeSantis has proposed the following in his 2019-2020 budget:a three-day back to school sales tax holiday on clothing up to $60, school supplies up to $15, and the first $1,000 on comp...
Florida Gov. Ron DeSantis has proposed the following in his 2019-2020 budget:a three-day back to school sales tax holiday on clothing up to $60, school supplies up to $15, and the first $1,000 on comp...
GA - Georgia bill would lower economic nexus threshold
Introduced Georgia sales tax legislation would lower the monetary economic nexus threshold and eliminate the notice and reporting election.Potential Threshold ChangeCurrently, a "dealer" req...
Introduced Georgia sales tax legislation would lower the monetary economic nexus threshold and eliminate the notice and reporting election.Potential Threshold ChangeCurrently, a "dealer" req...
ID - Idaho updates internal revenue conformity date
Idaho Gov. Brad Little has signed legislation updating the state’s Internal Revenue Code conformity date from January 1, 2018, to January 1, 2019. The update applies to personal and corporate in...
Idaho Gov. Brad Little has signed legislation updating the state’s Internal Revenue Code conformity date from January 1, 2018, to January 1, 2019. The update applies to personal and corporate in...
IL - Illinois supreme court upholds nonprofit hospital exemption
The Illinois Supreme Court upheld the constitutionality of the state’s property tax exemption for nonprofit hospitals. Lower courts also concluded that the exemption was constitutional.Backgroun...
The Illinois Supreme Court upheld the constitutionality of the state’s property tax exemption for nonprofit hospitals. Lower courts also concluded that the exemption was constitutional.Backgroun...
IN - Guidance on heavy equipment rental tax issued
The Indiana heavy equipment rental excise tax of 2.25% applies to retail rentals as of January 1, 2019. Heavy equipment rentals subject to the new tax are exempt from personal property tax. The Depart...
The Indiana heavy equipment rental excise tax of 2.25% applies to retail rentals as of January 1, 2019. Heavy equipment rentals subject to the new tax are exempt from personal property tax. The Depart...
KS - Q2 local rate changes announced, rate history released
The Kansas DOR has announced the local sales and use tax rate changes below for the quarter beginning April 1, 2019. The DOR has also updated its historical chart listing state and local sales and use...
The Kansas DOR has announced the local sales and use tax rate changes below for the quarter beginning April 1, 2019. The DOR has also updated its historical chart listing state and local sales and use...
KY - New tax filing form launched
Kentucky reminds employers that the Department of Revenue (department) has a new streamlined process that replaces the mailing of paper Forms W-2, W-2G, and 1099s. The employers will now need to submi...
Kentucky reminds employers that the Department of Revenue (department) has a new streamlined process that replaces the mailing of paper Forms W-2, W-2G, and 1099s. The employers will now need to submi...
LA - Updated calculation methods for form 1099-G discussed
The Louisiana Department of Revenue (department) issued an information bulletin informing corporate and personal income taxpayers about the updated calculation methods for preparing Form 1099-G, ...
The Louisiana Department of Revenue (department) issued an information bulletin informing corporate and personal income taxpayers about the updated calculation methods for preparing Form 1099-G, ...
ME - 2019 tax filing season update issued
The Maine Revenue Services (MRS) has issued a tax alert informing corporate and personal income taxpayers that the state filing season for both electronic and paper filing opened January 28, 2019. MRS...
The Maine Revenue Services (MRS) has issued a tax alert informing corporate and personal income taxpayers that the state filing season for both electronic and paper filing opened January 28, 2019. MRS...
MD - Maryland governor proposes various tax cuts, business incentives
In his 2019 State of the State address, Maryland Gov. Larry Hogan outlined several proposals for corporate and personal income tax relief, including:tax cuts for retirees;incentives for businesses to ...
In his 2019 State of the State address, Maryland Gov. Larry Hogan outlined several proposals for corporate and personal income tax relief, including:tax cuts for retirees;incentives for businesses to ...
MA - Massachusetts releases draft guidance on international TCJA provisions
Massachusetts released draft guidance on its treatment of selected international provisions in the Tax Cuts and Jobs Act (TCJA). The guidance applies to:corporate excise taxpayers; andpersonal income ...
Massachusetts released draft guidance on its treatment of selected international provisions in the Tax Cuts and Jobs Act (TCJA). The guidance applies to:corporate excise taxpayers; andpersonal income ...
MI - Notice on calculation and payment of amounts due under repealed HICAA issued
The Michigan Department of Treasury issued a notice informing personal income taxpayers about the determination of the final amounts due under the repealed Health Insurance Claims Assessment Act (HICA...
The Michigan Department of Treasury issued a notice informing personal income taxpayers about the determination of the final amounts due under the repealed Health Insurance Claims Assessment Act (HICA...
MN - Filing tips for tax professionals discussed
For corporate and personal income tax purposes, the Minnesota Department of Revenue (department) has issued a bulletin containing tips for tax professionals on how to prepare for the 2019 filing seaso...
For corporate and personal income tax purposes, the Minnesota Department of Revenue (department) has issued a bulletin containing tips for tax professionals on how to prepare for the 2019 filing seaso...
MO - Missouri provides guidance on global intangible low-taxed income
Missouri provides guidance on how to report global intangible low-taxed income (GILTI) for Missouri tax purposes. The federal GILTI provision (IRC Sec. 951A) may affect Missouri taxes for both:corpora...
Missouri provides guidance on how to report global intangible low-taxed income (GILTI) for Missouri tax purposes. The federal GILTI provision (IRC Sec. 951A) may affect Missouri taxes for both:corpora...
NJ - Opportunity zone guidance issued
New Jersey follows IRC Sec. 1400Z-2 for both corporation and gross income taxpayers.What is the Federal Law?The Opportunity Zone Program was enacted as part of the 2017 federal Tax Cuts and Jobs Act. ...
New Jersey follows IRC Sec. 1400Z-2 for both corporation and gross income taxpayers.What is the Federal Law?The Opportunity Zone Program was enacted as part of the 2017 federal Tax Cuts and Jobs Act. ...
NC - Corporate income, franchise, and insurance tax bulletin published
The North Carolina Department of Revenue has published a corporate income, franchise, and insurance tax bulletin reflecting the changes made in the 2018 regular session of the North Carolina General A...
The North Carolina Department of Revenue has published a corporate income, franchise, and insurance tax bulletin reflecting the changes made in the 2018 regular session of the North Carolina General A...
ND - North Dakota senate passes bill to impose sales and use tax duties on marketplace facilitators
The North Dakota Senate passed a bill that would impose sales and use tax duties on marketplace facilitators. S.B. 2338, as passed by the North Dakota Senate on February 1, 2019...
The North Dakota Senate passed a bill that would impose sales and use tax duties on marketplace facilitators. S.B. 2338, as passed by the North Dakota Senate on February 1, 2019...
OH - Georgia wholesaler subject to commercial activity tax
A Georgia based wholesaler of lawn and garden products did have nexus with Ohio and had to pay the commercial activity tax (CAT).What was the Taxpayer’s Business?The taxpayer received revenue fr...
A Georgia based wholesaler of lawn and garden products did have nexus with Ohio and had to pay the commercial activity tax (CAT).What was the Taxpayer’s Business?The taxpayer received revenue fr...
OK - Economic nexus bills introduced
An Oklahoma sales tax economic nexus bill, H.B. 2352, has been introduced in the Oklahoma House. Details of the bill’s contents were previously reported. A second economic nexus bill, H.B. 2033,...
An Oklahoma sales tax economic nexus bill, H.B. 2352, has been introduced in the Oklahoma House. Details of the bill’s contents were previously reported. A second economic nexus bill, H.B. 2033,...
PA - New online system mypath launched
The Pennsylvania Department of Revenue has issued a release informing the launch of a new, easy-to-use online system myPATH, which stands for My Pennsylvania Tax Hub. myPATH is an intuitive online sys...
The Pennsylvania Department of Revenue has issued a release informing the launch of a new, easy-to-use online system myPATH, which stands for My Pennsylvania Tax Hub. myPATH is an intuitive online sys...
RI - Guidance on retirement income deduction reissued
The Rhode Island Division of Taxation revised its guidance on the personal income tax deduction for income from 401(k) plans, 403(b) plans, private-sector pensions, government pensions, military retir...
The Rhode Island Division of Taxation revised its guidance on the personal income tax deduction for income from 401(k) plans, 403(b) plans, private-sector pensions, government pensions, military retir...
WA - Food service operations taxed as service
A taxpayer that provided dining services to several Washington universities and colleges was subject to the services and other activities business and occupation (B&O) tax.Food Service ContractorT...
A taxpayer that provided dining services to several Washington universities and colleges was subject to the services and other activities business and occupation (B&O) tax.Food Service ContractorT...
WV - West Virginia legislature passes IRC conformity update
The West Virginia legislature passed a bill that would update IRC conformity for determining corporation net income tax liability.IRC Conformity UpdateWest Virginia would adopt all changes to the IRC ...
The West Virginia legislature passed a bill that would update IRC conformity for determining corporation net income tax liability.IRC Conformity UpdateWest Virginia would adopt all changes to the IRC ...
WI - Transportation fringe benefits and moving expenses for 2018 and 2019 discussed
For corporate and personal income tax purposes, the Wisconsin Department of Revenue (department) published information regarding the transportation fringe benefits and moving expenses for tax years 20...
For corporate and personal income tax purposes, the Wisconsin Department of Revenue (department) published information regarding the transportation fringe benefits and moving expenses for tax years 20...
WY - Interest rate announced
The interest rate for the underpayment of sales and use taxes in Wyoming for 2019 is 8.47%. Sales and Use Tax Rate Charts, Wyoming Department of Revenue, February 1, 2019...
The interest rate for the underpayment of sales and use taxes in Wyoming for 2019 is 8.47%. Sales and Use Tax Rate Charts, Wyoming Department of Revenue, February 1, 2019...
Lam, Po & Xu, CPA's is a regional public accounting firm with four offices in the Dallas/Fort Worth area since 1988. Servicing both businesses and individuals, we have a reputation for offering solid accounting solutions and for building long-lasting relationships with our clients. We believe the success of clients is the greatest measure of our own. The differentiating quality of LPX is our commitment to assisting our clients in achieving goals and objectives in a professional and timely manner. Our strengths are in our people and our ability to provide both practical advice and innovative solutions to complex business and financial challenges.
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