State & local tax advisor: May 2018
What’s new in state and local tax? Here are a few updates on activities within Alabama, Florida, Kentucky, Michigan, and more.
- Guidance provided on IRC §965 repatriation income
- Repatriation income adjustment required for fiduciary return filers
- Return adjustments required for IRC §965 amounts
- Corporate income tax guidance provided on repatriation income
- IRC conformity bill enacted
- Remote retailers encouraged to file taxes; limited time voluntary disclosure program
- Kentucky requires IRC §199A addback, restores credits
- Kentucky enacts combined reporting
- Phase-in of single-sales factor formula enacted
- Small business exemption for industrial and commercial personal property amended
- Withholding reporting deadline changed, e-filing requirement enacted
- Nonresident partner’s treatment of gain or loss on certain sales or transfers of interest discussed
New York City
- Guidance issued on IRC §965 deemed repatriation income
- Stock options properly subject to municipal income tax
- Oklahoma allows transition tax installment payment election
- Treatment of IRC §965 income for fiduciaries discussed
- Wisconsin issues chart of TCJA provisions adopted by state
The information provided in this alert is only a general summary and is being distributed with the understanding that Plante & Moran, PLLC, is not rendering legal, tax, accounting, or other professional advice, position, or opinions on specific facts or matters and, accordingly, assumes no liability whatsoever in connection with its use.
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