State & local tax advisor: October 2018
What’s new in state and local tax? Here are a few updates on activities within Colorado, Kentucky, North Carolina, and more.
Arkansas
- Arkansas issues IRC §965 guidance
Georgia
- Collection from certain remote sellers begins January 1
Illinois
- Illinois adds regulation on subtraction for federal recovery items
Louisiana
- Guidance provided on changes to IRC §965 repatriation income
Maine
- Guidance on conformity legislation released
- Guidance provided on IRC §965 repatriation income
Maryland
- Economic nexus thresholds set
- Guidance provided on IRC §965 repatriation income
Massachusetts
- Massachusetts issues final guidance on IRC §965 income
Michigan
- Successor liability explained
- New consumer refund procedure explained
Nevada
- Sales and use tax economic nexus thresholds set
- Sales and use tax economic nexus rules in effect
New Jersey
- Economic nexus for remote sellers established; marketplace facilitators must collect tax
- Deduction for foreign income enacted, combined reporting and alternative surtax provisions amended
New York City
- Treatment of IRC §965 repatriation amounts for 2017 explained
Oklahoma
- Simplified remote seller registration open
South Carolina
- Sellers with nexus have local nexus
- IRC conformity updated, dependent exemption created
Texas
- Receipts from sale of SMLLC sourced to location of payor
- Physical presence required for franchise tax nexus
West Virginia
- Sales and use tax economic nexus thresholds announced for remote sellers
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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